Business Associations Keyed to Hamilton
Smith v. Gross
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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