P & M Cattle Co. v. Holler
Wyoming Supreme Court
559 P.2d 1019 (1977)
- Written by Jose Espejo , JD
Facts
In 1971 Rudy Holler (defendant) sought someone to pasture cattle on his land. Holler met with one of the partners of P & M Cattle Co. (P & M) (plaintiff), and a written agreement was entered into on February 23, 1971. The agreement provided that P & M would pay Holler for the purchase, leasing, and sale of livestock, with profits to be split 50/50. The agreement was silent on how to treat losses, and P & M and Holler never agreed on this. The agreement was not labeled a partnership agreement, and neither P & M nor Holler identified the agreement as a partnership agreement. No partnership federal income-tax returns were prepared and filed during the term of the agreement. The agreement was orally renewed in 1972, 1973 and 1974. Profits were made in the first three years. In 1974 there was a loss, and P & M insisted that Holler pay $44,500, representing his one-half share of the loss. Holler refused to pay his share of the loss. P & M sued Holler for the recovery of losses for 1974, alleging an oral joint-venture agreement for 1974. The district court denied P & M’s claim of an oral joint-venture agreement and recovery of losses. P & M appealed.
Rule of Law
Issue
Holding and Reasoning (Raper, J.)
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