Business Law Course Mike and Dave are partners in M&D Designs, an architectural

Question

Business Law Course

Mike and Dave are partners in M&D Designs, an architectural firm. When Dave dies, his widow claims that as Dave’s heir, she is entitled to take his place as Mike’s partner or to receive a share of the firm’s assets. Answer the following questions:

1. What are the essential elements of a partnership?

2. What fiduciary duties does a partner owe to the partnership and to the other partners?

3. Can the widow take Dave's place and be Mike's partner? Explain.

4. What should Mike do to terminate the partnership? ( Hint: Use terms from Chapter 19

Answer needs to use legal terms.

Explanation / Answer

5 Essential Elements of a Partnership Firm

Fiducaiary duty of loyalti

Fiducaiary duty of trust

fiducaiary duty of disclousre

3 YES

4

tate partnership laws are not all the same. However, in many states, in the absence of an agreement to the contrary, a partnership dissolves for any of the following reasons:

Related Questions

Navigate

• Browse (All)
• Browse B
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.