Davis

This litigation had its genesis in two joint ventures involving the sale of desert properties in San Bernardino County. In each instance plaintiff, who had found owners willing to sell to him, thereafter encountered difficulties in meeting the purchase price; he then contacted defendants, husband and wife (the latter being joined as the formers’ principal). In consideration of defendants’ financial assistance, it was orally agreed that plaintiff would nominate them as vestees under his written agreements of purchase with the owners and that, after purchase of the properties in the names of defendants, there would be an equal division of the net proceeds upon resale by defendants of any portions of such properties; as to the unsold portions, the parties would each retain a one-half interest therein. When defendants refused to divide the proceeds of the resales, this action was instituted. The complaint, sounding in fraud, alleged false representations by defendants and sought damages, both compensatory and punitive. After a court trial, judgment was rendered for plaintiff on each of the two causes of action alleged; in addition to actual damages against both defendants,…