Question
Sal and Vasu entered into an agreement to buy an apartment together, hold it for a year or so, and then resell it. They called
Sal and Vasu entered into an agreement to buy an apartment together, hold it for a year or so, and then resell it. They called their contract a "joint venture agreement." It provides that each will contribute half the price and be entitled to half the proceeds of the sale. During the time they own the apartment, they will hire a property manager to run it. They will each pay half of the expenses of the building, including the property manager's fee, and receive half of the rents. If Sal hired a landscaping service to maintain the gardens at the apartment, would Vasu be liable to the service for half the fees?
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