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eBook details

• Title: Ewing v. Owens
• Author : Supreme Court of the State of Oklahoma
• Release Date : January 20, 1968
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 53 KB

Description

1 Owens (plaintiff) sought to recover judgment from two defendants named Ewing (father and son), alleging that the parties became partners in a retail furniture business as a result of their oral agreement of May 1, 1961; in accordance with this agreement, plaintiff, then a salesman in defendants furniture store, purchased 10 per cent interest in the business for the agreed price of $5,416.57; defendants undertook to pay plaintiffs capital contribution by annually crediting his capital account in the partnership with an amount equal to one per cent of the gross annual sales of the business; defendants were to continue so to do until the purchase price has been paid in full; plaintiffs capital account should have shown, on Jan. 31, 1964, an aggregate credit of $5,416.57; plaintiff was entitled to this credit in addition to his salary of $650.00 a month which has been paid him; defendants, in breach of their agreement, failed both to annually credit plaintiffs capital account with one per cent of the annual gross sales, and to pay him 10 per cent of the profits realized after Jan. 31, 1964; on April 15, 1964, plaintiff gave defendant-son oral notice of his intention to dissolve the partnership effective July 15, 1964; he stated that the partnership agreement had been breached by the sons diversion of partnership funds for payment of personal debts; "upon a settlement [of partnership accounts] there will be due * * * [plaintiff] a sum of money in the amount of $5,416.57 or ten per cent of the assets of the partnership, whichever amount is greater." Plaintiff sought judgment for "the amount due him."

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