37-4. Partnership Formation. Patricia Garcia and Ber- nardo Lucero were in a rom

Question

37-4. Partnership Formation. Patricia Garcia and Ber- nardo Lucero were in a romantic relationship. While they were seeing each other, Garcia and Lucero acquired an elec- tronics service center, paying $30,000 apiece. Two years later in they purchased an apartment comples. The property nas payment. The couple considered both deeded to Lucero, but neither Garcia nor Lascero made ado properties to be owned u50/50," and they agreed to share profits, losses, and manage- ment rights. When the couples romantic relationship ended Garcia asked a court to declare that she had a partnership with d Lucero. In court, Lucero argued that the couple did not have en a written partnership agreement. Did they have a partnership rWhy or why not? [Garcia Lucero, 366 S.W.3d 275 (Tex p App. 2012) (See Formation and Operation)

Explanation / Answer

If we look closely, three essential requirements of forming the partnership were satisfied by Patricia Garcia and Bernardo Lucero. Both of them owned the property equally, there was an agreement to share both the profits and losses and both would have equal management rights. It is not required to have any kind of written document to support the formation of a partnership between Patricia Garcia and Bernardo Lucero. The written requirement i.e. Statute of Frauds does not apply in this case and there can be both the oral or written partnership agreement by the conduct of parties.

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