Ryan Bagley and William Sargent were long-time friends who served in the military together. Prior to July

Question:

Ryan Bagley and William Sargent were long-time friends who served in the military together. Prior to July 2014, they had discussed the possibility of forming a partnership to purchase, rent, and resell real estate. Prior to retiring from the military, Bagley began researching real estate and came across a “phenomenal deal” but did not have the money to back it. Bagley approached Sargent with the concept that Sargent would provide the money and Bagley would acquire and manage the properties, with proceeds from rent and sales being split 50/50 between the two. Bagley alleges that Sargent agreed to form a partnership. Sargent purchased the property in the names of him and his wife; Bagley then made improvements to the property, found a tenant, and eventually sold the property. However, Sargent refused to split the proceeds of the sale with Bagley, arguing that no partnership had ever been formed. Bagley moved to dissolve the partnership and receive an accounting. Can Bagley dissolve a partnership that supposedly does not exist? How did the court rule? 

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Dynamic Business Law

ISBN: 9781260733976

6th Edition

Authors: Nancy Kubasek, M. Neil Browne, Daniel Herron, Lucien Dhooge, Linda Barkacs

Question Posted: