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Business Assoctiations Keyed to Gabalson, 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 purchase land, build a single-family residence, and sell it. Under the agreement, Kessler would provide all necessary funds while Antinora would serve as general contractor. The agreement specified that upon sale, after deducting all expenses and reimbursing Kessler, profits would be divided 60% to Kessler and 40% to Antinora. The agreement was silent about losses. The project took over three years to complete, and when the house sold for $420,000 in September 1991, the total costs were $498,917, resulting in a loss. Kessler sought to recover 40% of his financial losses from Antinora, amounting to $65,742.80, based on their profit-sharing ratio.
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