Pennsylvania Supreme Court
332 A.2d 443 (1975)
Anna Reid entered into a partnership on September 28, 1958 with Haley and others to lease real property for profit. On February 10, 1971, Reid sent a letter to the partners terminating the partnership. The partners could not agree on the liquidation of assets and partnership rights, and a suit was filed requesting the winding up of the partnership’s business. Reid died. The chancellor concluded that the partnership was terminated by Reid’s death, and the remaining partners were entitled to the option to purchase Reid’s interests under the terms of the partnership agreement. The chancellor found the other partners had exercised the option and entered a decree nisi requiring the surviving partners to pay Reid’s estate nearly $30,000 and 70 percent of the following year’s partnership income for Reid’s interest. The executors’ exceptions were dismissed. The executors appealed to the Pennsylvania Supreme Court.
Rule of Law
Holding and Reasoning (Pomeroy, J.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.
Here's why 204,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 14,000 briefs, keyed to 188 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.