Business Associations Keyed to Hamilton
Kessler v. Antinora
Facts
Kessler (P) and Antinora (D) formed a “joint venture partnership agreement”, to build a residence in which Antinora (D) would serve as general contractor and Kessler (P) would provide capital. Upon sale of the dwelling, Antinora (D) was to receive 40% of the net profits and Kessler (D) 60% as stated in their agreement. The agreement stated nothing about losses. Three years later, the building was sold at a loss. Kessler (P) incurred an estimated $79,000 loss and filed an action to recover 40% of that amount plus interest from his partner, amounting to about$85,000. No review on the value of Antinora’s (D) services was made over his three year tenure as general contractor. The trial court found in favor of Kessler (P), ruling that statutory partnership law governed and granted him an estimated $66,000. New Jersey’s intermediate appellant court granted the appeal.
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