Joint Ventures. Frank Hartman, Jr., and Robert Wiesner visited the site of a derailment of a Burlington Northern (BN) train to bid on lumber carried on the train. Hartman was to provide the salvage expertise, and Wiesner was to provide the know-how to sell the lumber. They submitted a bid of 113,663, which BN accepted. To make the payment, Hartman and Wiesner contacted Dave Anderson, who contacted Doug Feller, the managing partner of BBD Partnership. Hartman, Wiesner, Anderson, and Feller agreed to share profits from the sale of the lumber. BBD then borrowed the money to pay BN. BBD, through Feller, had promised to get involved only if it could own the lumber, however. Thus on the bill of sale, BN entered the names Hartman Construction and Feller Associates, a sole proprietorship owned by Feller. BBD later sold its interest in the deal to another party. Two years later, Hartman, Wiesner, BBD, and Feller became involved in a lawsuit over the funds that BBD had borrowed. Was the deal between the parties a joint venture or simply a loan from BBD to Hartman and the others? Discuss fully.
Question 2
In Bearden v. Wardley Corp, where real estate agent Gritton cheated Bearden on a house deal, the court held that his employer, Wardley, was liable for breach of fiduciary duty.
a. True
b. False
Indicate whether the statement is true or false
