Question: Lerner and Holmes started a business to produce and market
Lerner and Holmes started a business to produce and market unique nail polishes with unusual names, with the idea of selling the business for a profit. They researched the market, obtained capital, hired employees, and advertised, but they never discussed or put in writing how they were to share profits. Due to disagreements, Lerner tried to get Holmes out of the company. Holmes sued, claiming a breach of the partnership agreement, but Lerner contended that there was no partnership agreement because an essential element— the
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