Justia Mississippi Supreme Court Opinion Summaries

Respondent Charles Gant possessed a letter of intent to purchase property. He offered to sell the property to Grant Legacy, LLP once he completed the purchase. Grand responded to the offer by agreeing to purchase the property through an unnamed partnership entity with Respondent to be formed at a later date. The new partnership was called "Grand Legacy of Mississippi, LP (Grand-MS). After the purchase, Grand and Grand-MS claimed that Respondent stated he would not profit from the purchase and resale. The two Grands argued that Respondent had a duty to disclose his intent to profit on the original property sale, and that in failing to disclose that information, Respondent committed fraud. The trial court concluded that the Grand-MS partnership agreement contained no clause prohibiting Respondent from making a profit on the land-purchase-transaction. The trial court granted summary judgment in favor of Respondent, finding he had no duty to disclose any profit made to the newly formed partnership. Upon review, the Supreme Court concluded that the essence of this case centered around the duties limited partners owe one another and the allegation of fraud stemming from an alleged breach of those duties. The Court found no basis by which it would disturb the trial court's findings. The Court affirmed the grant of summary judgment in favor of Respondent.