Kessler v. Antinora
Superior Court of New Jersey, Appellate Division
653 A.2d 579 (1995)
Kessler (plaintiff) and Antinora (defendant) entered into a partnership agreement to build and sell a house. The partnership agreement stated that Kessler would provide the money and Antinora would act as the general contractor for the project. The agreement also provided that, after the house was sold, Kessler would be refunded his contribution plus interest, after which Kessler would receive 60 percent of the profits of the sale and Antinora would receive 40 percent. The partnership agreement did not mention what would happen in the event of a loss. The house was sold at a loss. Kessler sued Antinora to recover 40 percent of his loss on the sale. The Law Division granted Kessler’s motion for summary judgment, and denied Antinora’s cross-motion for summary judgment.
Rule of Law
Holding and Reasoning (King, J.)