[Download] "Mlj Investments v. James S. Reid and James" by Eastern District Court of Appeals of Missouri * Book PDF Kindle ePub Free

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eBook details

• Title: Mlj Investments v. James S. Reid and James
• Author : Eastern District Court of Appeals of Missouri
• Release Date : January 12, 1995
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 62 KB

Description

The only issue which went to trial in this rather unusual lawsuit was the claim of James S. Reid and James I. Reid against MLJ Investments (MLJ) and Mark Michael (Michael), an officer of MLJ, for fraud and deceit. The Reids asked for a verdict of $1.00 actual damages and for punitive damages against both MLJ and Michael. The jury returned the requested $1.00 award for actual damages and assessed punitive damages of $35,000.00 against MLJ and $15,000.00 against Michael. MLJ and Michael appeal asserting that the Reids failed to prove any actual damages and that proof of actual damages is an essential part of the action for fraud and deceit. We agree with this contention and so reverse and remand with directions to enter judgment for the appellants. We find it unnecessary to consider a second ground for appeal, in which it is argued that further recovery is barred by an arbitration award. The Reids hired MLJ to build a building for them, under a cost-plus contract. It was agreed that MLJ would try to get lower bids from some of the subcontractors and that any ensuing savings would be divided 60 percent to the Reids and 40 percent to MLJ. MLJ was successful in getting two contractors to submit lower bids, resulting in a saving of $5,655 on a glazing contract and $5,316 on a contract for cement flatwork. Under the agreement, these reductions would produce a saving to the Reids of $3,390 on glazing work and $3,189.60 on the flatwork. MLJ, however, did not advise the Reids of the savings and submitted statements for the original amounts in its interim billings to them, which were paid to the contractors. The flatwork contractor refunded $5,316 to MLJ, which it deposited without notifying the Reids. The glazing contractor advised MLJ of the overpayment, and was directed to apply it on other MLJ jobs. Several months later James S. Reid discovered the overbillings, and, after he protested, the Reids were given credit on the next interim statement. The Reids and MLJ soon parted company, for reasons not here material, and another contractor finished the job.

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