7. Fiduciary Duties Flashcards
1
Q
What duties do Partners owe to General Partnerships? Are they eliminable?
A
Duty of Care (Eliminable)
Duty of Disclosure (NOT eliminable - Statutory)
Duty of Loyalty (Eliminable)
2
Q
What is the duty of care?
A
NO gross negligent/reckless conduct
NO intentional misconduct
NO knowledge of violation of law
3
Q
What is duty of loyalty?
A
Account benefits derived
NO adverse party dealing
NOT compete with Partnership
4
Q
What is duty of disclosure?
A
Furnish info re Partnership reasonably required for proper exercise of Partner’s rights (on demand)
