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Corporations Keyed to Klein
Monin v. Monin
Facts
Appellant and Appellee were brothers who ran a milk-hauling business. A high percentage of the business’ value was comprised of an agreement with a third party, Dairymen Incorporated (“DI”) to haul their milk. After 17 years Appellee sought a dissolution of the business once the brothers’ relationship soured. The next day Appellee notified DI that the partnership was dissolving and he wanted to continue to haul milk for them. Both partners agreed to auction the assets of the company to the higher bidder between the two, with the results conditional upon DI’s approval. Appellant’s bid of $86,000 was successful, but DI decided to use Appellee’s newly formed business. The lower court then put the value of the business at $22,000 to equal the value of the milk-hauling equipment. The lower court reasoned that DI has no obligation to honor the partners’ auction results and therefore the business could not count the contract with DI as part of their assets. Appellant argued t hat Appellee was not acting in good faith when he bargained for DI’s business for himself.
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