Asked by Christopher Danger on May 11, 2024
Verified
A partner's fiduciary duty under the UPA differs in some respects from that under the RUPA.
Fiduciary Duty
A legal obligation of one party to act in the best interest of another, typically within a trustee-beneficiary, advisor-client, or director-shareholder relationship.
UPA
The Uniform Partnership Act, a law in the United States that provides a basic framework for the operation of partnerships.
- Determine the functions and accountabilities of associates in a partnership, specifically focusing on fiduciary roles and the obligation of adherence.
Verified Answer
AW
Aniyah WeaverMay 17, 2024
Final Answer :
True
Explanation :
Under the Uniform Partnership Act (UPA) and the Revised Uniform Partnership Act (RUPA), the specifics of a partner's fiduciary duties, such as the duty of loyalty and the duty of care, can differ in terms of scope and application, reflecting updates and changes in partnership law.
Learning Objectives
- Determine the functions and accountabilities of associates in a partnership, specifically focusing on fiduciary roles and the obligation of adherence.