The plaintiff and defendant entered into an oral agreement to open a used car dealership, agreeing to split the costs and profits 50/50.
The defendant purchased a property for the business through his corporation and later sold it for a significant profit after the business venture ended.
The defendant argued the plaintiff repudiated the agreement by failing to contribute his share of the downpayment, thereby forfeiting any right to the profits.
The Superior Court of Justice found that the plaintiff had made his required contributions in cash and via cheques from a friend, corroborated by witness testimony and a bare trust declaration signed by the defendant.
The court awarded the plaintiff $555,493, representing his initial contribution and 50% of the net profit from the property sale, but dismissed his claim for renovation expenses due to lack of proof of payment.
