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Business Organizations Keyed to Chasalow, 3rd Ed.
Kessler v. Antinora
Citation:
653 A.2d 579 (1995)Facts
On April 15, 1987, Kessler and Antinora executed a written agreement titled “JOINT VENTURE PARTNERSHIP AGREEMENT” to buy a lot in Wayne, build a residence, and sell it. Under the agreement, Kessler agreed to provide all necessary funds while Antinora agreed to serve as general contractor. The agreement specified that upon sale of the house, after deducting all expenses and repaying Kessler’s investment plus interest, the net profits would be divided 60% to Kessler and 40% to Antinora. The agreement was silent regarding losses. Both parties fulfilled their obligations, with the project taking over three years to complete. Unfortunately, the real estate market declined, and when the house sold on September 1, 1991, for $420,000, the total costs were $498,917, resulting in a loss of $78,917 plus claimed interest of $85,440.
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