Schymanski and Conventz entered into an oral partnership agreement for the purpose of building and operating a
Question:
Schymanski and Conventz entered into an oral partnership agreement for the purpose of building and operating a fishing lodge. The partnership was on a 50–50 basis, with each to contribute equal shares of cash and equal shares of personal services according to their respective expertise. Conventz was to supervise the construction of the lodge and to handle the advertising in Alaska. Schymanski was to conduct a promotional campaign in Germany. After numerous delays and disagreements, Conventz expressed his desire to terminate the partnership. He claimed that he was entitled to compensation for his architectural efforts. Schymanski denied that there was ever an agreement for such compensation. In the absence of an agreement, is Conventz entitled to compensation for the architectural efforts?
PartnershipA legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
Step by Step Answer:
Law for Business
ISBN: 978-1259722325
13th edition
Authors: A. James Barnes, Terry M. Dworkin, Eric L. Richards