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July 31, 2014

Homework Help: Business Law

Posted by Suraj on Thursday, April 12, 2007 at 2:38am.

In each of following situtations. is there any violation of fiduciary relationship by a partner. In each case, indicate whether it would make difference if the partnership was informed of and/or approved the transaction.

1. Partner A sells land to his partnership without disclosing that he is the owner. He sells it for the market value of the land.
2. Partner B is offered a chance to earn some money performing a service, which either B personally, or his partnership, could perform. B accepts the offer personally.
3.Partner C is a partner in a dry cleaning partnership. C opens a dry cleaning store down the street from one owned by the partnership.
4.Partner D sells partnership inventory for more than the partnership's selling price and keeps the excess profits for himself.
5.Partner E uses partnership property for personal purposes. The property is returned to the partnership unharmed.

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