Cases Decided in the Supreme Court of Appeals of Virginia (Volume 130) (Paperback)

Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: Syllabus. Britton and Kennedy, Inc., W. D. Hill And D. T. Kennedy v. E. M. Terry. June 16, 1921. 1. Real Estate Brokers?Partnership?Right to Commissions? Case at Bar.?K. H. and T. formed a partnership for the handling and sale of a certain tract of land of which K., under a contract with J., had the exclusive right of sale upon commission. The partnership offered the land at auction sale and T., who had in the meantime obtain ed a legal title, bought it in for the partnership under an agreement with his partners that if the partnership failed to dispose of the land at a satisfactory price within two years, ths partnership should be abandoned and the title to the land remain in T. The partnership agreement contained a provision that no one of the partners should charge ths partnership for his services in the sale of the property. It appeared that K. was entitled to commissions of $1,690.74 as against J. upon the purchase price obtained at the auction sale. K. and H. claimed on the abandonment of the partnership at the expiration of the two years one-third each of this $1,690.74 as against T. Held: That the paitncrship contract in substance provided that neither K. nor H. would be entitled to claim any commissions against T., unless the partnership should resell the land at a price in excess of the price at which it was bought in by T. It was in the partnership profits alone that K. and H. had any interest. 2. Contracts?Cancellation of Contracts?Consideration.?Where a contract is cancelled by mutual consent and agreement of both parties by an executed agreement, the cancellation avoids and puts an end to the contract, and no other consideration is required to support the cancellation. 3. Appeal And Error?Presumption in Favor of Decision of Lower Court?Credence G...