Mutual interests over lunch on several occasions

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Question

In Calgary in Alberta,Brad Pout, an avid horse enthusiast, met an experienced horse trader, Tom Craze. They discussed their mutual interests over lunch on several occasions and decided to go into partnership to carry on the business of buying horses. Brad contributed $100, 000 to the partnership and Tom was to buy the horses, but he contributed no money. They did buy and sell many horses and made a big profit, but they eventually had a falling out. Tom now wants to dissolve the partnership. There is $300,000 in the partnership bank account. Tom wants his half of the $300,000 because he says he has contributed all the work. Brad says Tom is only entitled to $100,000 which amounts to 50% of the profit after Brad deducts the money he put into the partnership in the beginning. Tom is relying on the Partnerships Act which allows a partner to make an application to the court for a dissolution of the partnership when circumstances have arisen that make it fair for the partnership to be dissolved. He wants the court to order that he receive $150,000 from the partnership's remaining assets.

Reference no: EM133855283

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