Question: Demas Yan and Dong Fu made an agreement to build
Demas Yan and Dong Fu made an agreement to build condominiums on Yan's land in the Chinatown section of San Francisco. Their agreement provided that Yan would own 75 percent and Fu 25 percent of the property. Yan was responsible for the initial $300,000 construction cost, and Fu the remainder. They agreed to share the proceeds of the sale or rental of the condominiums according to the ownership percentage. Fu, however, had sole power to decide whether to sell or to rent the property. Afterward, Fu assigned his interest under the agreement to Wei Suen. Thereafter, the condominiums were sold for a combined price of $2.3 million. Was Suen entitled to a share of the condominium sale proceeds?
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