In the given case who owns the fifty percent interest

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Reference no: EM131471678

Question: Ed Jenkins and Lynn Jones contracted to acquire a Subway sandwich shop franchises. Jenkins agreed to put up the money, and Jones agreed to attend any training and manage the business. They formed a corporation, and once the business repaid Jenkins's investment, he would transfer 25 percent of the stock to Jones. They acquired franchises in Jones's name so Jenkins would not have to attend Subway's training school. After Jenkins died, his widow Rose inherited his share.

Jones used Rose's funds to purchase a 50 percent interest in a partnership running a Subway franchise in a hospital. The partnership agreement prohibited participation by Rose. Jones supplied Rose with monthly financial data on the hospital Subway. It was successful, and he repaid Rose's investment. Jones then claimed he and not the corporation owned the 50 percent interest in the hospital Subway. Rose sued Jones for breach of contract. Jones claimed impossibility of performance saying the partnership agreement made it impossible to perform his contract. Who owns the 50 percent interest?

Reference no: EM131471678

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