Business Associations Keyed to Hamilton
Smith v. Gross
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- Topic: Identifies the topic of law and where this case fits within your course outline.
- Parties: Identifies the cast of characters involved in the case.
- Procedural Posture & History: Shares the case history with how lower courts have ruled on the matter.
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- Facts: What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case. Review the Facts of this case here:
The Smiths (P) entered into an agreement with Gross (D) in which buyer-investors raised earthworms that Gross (D) assured would double every 60 days. Gross would buy back all the worms at $2.25 a pound. The Smiths’ (P) suit was dismissed on the finding that no “security” was involved. In the appeal, The Smiths’ (P) argued there was an investment contract type security with their agreement. Their claim was that profit was unreachable because the worms did not multiply at the promised rate via and that Gross (D) would have to buy back the entire production at a higher price than the market value of $2.25. As it turned out, Gross (D) could only pay that price by selling the worms to new buyer-investors at inflated prices.
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