Grant, Arthur, and David formed a partnership for the purpose of betting on boxing matches. Grant and Arthur would become friendly with various boxers and offer the bribes to lose certain bouts. David would then place large bets, using money contributed by all three, and would collect the winnings. After David had accumulated a large sum of money, Grant and Arthur demanded their share, but David refused to make any split. Can Grant and Arthur compel David to account for the profits of the partnership? Why?© BrainMass Inc. brainmass.com October 10, 2019, 2:05 am ad1c9bdddf
This is a similar question and response I had in law school. Below are my suggestions on the issues, rules, applications and conclusions in this case.
What are the duties of partners to one another? But before you determine the duties of partners in a partnership, you have to ensure that a partnership has in fact been formed. Where there is no partnership agreement, the Uniform Partnership Act governs.
UPA § 6 - (1) A partnership is:
1. an association
2. of two or more persons
3. to carry on as co-owners
4. a business ("every trade, occupation, or ...
Discusses elements of partnership and under what circumstances a partnership can or cannot be formed, as well as the duties owed to other partners.