3. Liability to Partnership (Duties) Flashcards
1
Q
What is partner’s duty of care?
A
Not act with malice/negligence
Act in good faith
Act as reasonably prudent person in similar position
2
Q
What is partner’s duty of loyalty?
A
Account for profits
Not act adversely
Not act in competing ventures
Not usurp corporate opportunities
3
Q
What is partner’s duty of obedience?
A
Obey partnership’s reasonable directions
Act within scope of partnership
4
Q
What remedies are available to a partnership for a partner’s breach of duties?
A
Assert existing judgment
