Asked by Jaimari Young on May 01, 2024
Verified
Ed, Vivian, and Pablo enter a partnership. Identify the source of the duties among the partners and whether these can be waived or varied. Name the principal duties Ed, Vivian, and Pablo have to each other and to the partnership.
Principal Duties
Principal Duties refer to the fundamental obligations or tasks that need to be fulfilled in a role or under a contract.
Waived
The act of voluntarily relinquishing or forgoing a right, claim, or privilege.
Varied
Marked by diversity or difference; not uniform or identical.
- Identify the principal duties and sources of duties among partners in a partnership.
Verified Answer
ZK
Zybrea KnightMay 05, 2024
Final Answer :
The partnership agreement and statutes are the sources of partners' duties. Except as otherwise provided by the RUPA, the partnership agreement governs relations among the partners and between the partners and the partnership. However, certain duties are mandatory under the RUPA and these cannot be waived or varied by the partnership agreement. The principal legal duties imposed on partners in relations with each other are:
(a) the fiduciary duty, or duty of loyalty;
(b) the duty of obedience; and
(c) the duty of care. Included in the partner's duty of loyalty under the RUPA is a duty to refrain from self-dealing and from competing with the partnership and also a duty to account to the partnership and hold as trustee for it any property, profit, or benefit derived by the partner in conducting or winding up the partnership business..
(a) the fiduciary duty, or duty of loyalty;
(b) the duty of obedience; and
(c) the duty of care. Included in the partner's duty of loyalty under the RUPA is a duty to refrain from self-dealing and from competing with the partnership and also a duty to account to the partnership and hold as trustee for it any property, profit, or benefit derived by the partner in conducting or winding up the partnership business..
Learning Objectives
- Identify the principal duties and sources of duties among partners in a partnership.
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