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WHEN JOINT VENTURE
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Where a joint venture or copartnership is created for the exploitation of literary works, the loss of prestige in the business of one of the partners is a valid cause, it woukl seem, for a dissolution.214
The joint venturers are bound to use the utmost of good faith toward each other.215
be applied to his own uses and from the balance pay for insurance, taxes, cost of theatre license, advertising, labor employed and other incidental expenses necessary to the operation of the theatre and pay to R. a specified sum per year and at the end of the year pay to R. one-half of the surplus profits. If upon the termination of the lease the net receipts proved insufficient to make the above payments then the entire net receipts were to be paid to R., less a specified sum per month to be retained by E.
Held not to create a co-partnership. See also: Atchison-Ely v. Thomas (1905), 104 A. D. (N. Y.) 368; 93 N. Y. Supp. 693.
214 Waite v. Ahorn (1901), 60 A. D. (N. Y.) 521; 69 N. Y. Supp. 967. Plaintiff and defendant entered into a copartnership for a specified period to conduct the business of “making productions of operas, extravaganzas and for general amuse
ment purposes.” Plaintiff was to have charge of the business of the enterprise and defendant of the artistic branch. Held that a complaint asking for a dissolution of the partnership because the carrying on of the business had become impracticable on account of the bad reputation acquired by defendant in the theatrical world and that its continuance could not be effected save with loss, stated a cause of action.
215 Selwyn & Co. v. Waller et ano. (1914), 212 N. Y. 507; 106 N. E. 321. Under an agreement for the production of a play and the sharing of profits and losses including the payment of royalties to the authors, one of the parties to the enterprise was held bound to disclose to his associate the fact that he had previously acquired from the authors a onefourth interest in such royalties. Parties about to engage in a joint venture whether as partners inter sese or not owe to each