COMM 393 Chapter Notes -Joint Venture, Promissory Note
Document Summary
Peter (60%), morris (30%), and louis (10%), enter into a joint venture agreement, for which morris paid a capital contribution of . 4m. They enter into a k with air products for land in exchange for a promissory note of . 8 million us due 1991. Peter buys the promissory note, but morris never paid back peter. Whether the joint venture agreement is enforceable by the appellants; if so, whether the respondents are in breach. Whether the respondents are required to reimburse the sums advanced by the appellants to acquire and maintain the property. & without fault by either party after the k is made & before completion that makes k impossible to perform or radically different than intended: breach of condition. The issue was whether a joint venture agreement had been discharged. Although none of the parties acted as though they were bound by the joint venture agreement after the note was called, this does not end obligations under the agreement.
