Explore BrainMass
Share

Explore BrainMass

    Has a partnership been formed?

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    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
    https://brainmass.com/business/business-law/has-a-partnership-been-formed-362056

    Solution Preview

    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.
    Good Luck!!

    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 ...

    Solution Summary

    Discusses elements of partnership and under what circumstances a partnership can or cannot be formed, as well as the duties owed to other partners.

    $2.19