Intent to Form a Joint Venture Case In Texas
In Maykus v. First City Realty & Fin. Corp., 518 S.W.2d 887 (Tex. App.-Dallas 1974, no writ) the court held that where the parties' intent to create a joint venture relationship is express within the four corners of a written agreement, a joint venture exists as a matter of law.
Appellants' reliance on Maykus is misplaced.
In Maykus, the court of appeals held a confidential relationship existed between the parties as a matter of law because their letter of intent contained a provision concerning formation of a partnership for acquiring and developing certain property and because Maykus agreed to act as trustee for First City in acquiring that property. Id. at 892.
Maykus, later purchased the subject land and failed to follow through with the remainder of the agreement. Id. at 889.
He then claimed he did not breach a fiduciary duty to First City because the partnership for the joint venture was never actually formed. Id. at 891.
The court disagreed and held that confidential relationship existed creating a fiduciary duty based on Maykus's agreement to form a partnership and undertaking to act as trustee in acquiring the property. Id. at 892.
Unlike the letter of intent in Maykus,