Fiduciary Duties owed by Partners

Question 1

Duties Owed

Answer 1

Loyalty, Care, Obligation of Good Faith and Fair Dealing

Question 2

Duty of Loyalty

Answer 2

Promote best interests of the paternship, avoid secret profits, disclose business opporuntities in same line of business to other partners, and allow them to participate.

REMEDY FOR BREACH = CONSTRUCTIVE TRUST, DISGORGEMENT

Question 3

Duty of Care

Answer 3

Avoid intentional misconduct and knowing violation of law.

avoid grossly negligent or reckless conduct

Question 4

Obligation of Good Faith and Fair Dealing

Answer 4

Honesty in fact, Reasonable commercial standards of fair dealing.