George W. has developed a new fishing rod and needs $100,000…
George W. has developed a new fishing rod and needs $100,000 to build some inventory and cover the start-up costs for a new business. Jeb, a wealthy fishing nut who considers George W. his closest friend, transfers $100,000 to George W. and says “pay me back when you can.” George W. responds, “I will get you your money back, plus up to 10% of my gross receipts.” The parties are in a state that has adopted the Revised Uniform Partnership Act. Jeb has