assignment 8.docx - Part 1#1 1 2 3 Partners as fiduciaries...

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Part 1 #1 1. Partners as fiduciaries. When you enter into a partnership you have obligation to the other part, duties to your partner, like honesty good faith and loyalty. Duty of honesty is the duty you have to your partner to be honesty with them up front about everything. Good faith this means that you will continue to show good faith towards your partner even when your personal relationship maybe strained. Loyalty maybe the most important duty towards your partner, this means that you will place the interest of the partnership above any personal interest. The partnership is more important than your personal gain. 2. Kenneth Hamilton and Vaughn Morrison created a partnership developing homes in northern San Diego. Later a new partnership was created between Morrison and Harrison were Hamilton had no interest in at all. Morrison and Harrison transferred the current properties within the first partnership between Hamilton and Morrison to their current partnership that did not involve Hamilton. Hamilton then sued Morrison for breach of partnership most likely for lack of loyalty since Morrison and Harrison had personally gained from the transaction. The attorney for both partnerships refused to release
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  • Fall '16
  • Charles Kaiser

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