Business Law Essay Example | Topics and Well Written Essays - 750 words - 13

Business Law - Essay ExampleClearly, the absence of a written alliance agreement between Jamie and Joe/ dirt does not negate the fact that they both entered into a partnership agreement. Its existence may therefore be inferred from other grounds such as ingress into business contracts with third parties in the name of or in representation of the partnership.Having established the existence of a partnership agreement between Jamie and Joe/Jack, the latter is liable for the funds as well as the other assets of the partnership, with special mention (Last Name) 2 of Jamies trademark and special design processes which Joe/Jack sold to clients without the live with and/or knowledge of Jamie. Section 404 Paragraph b of the Uniform Partnership Act of 1997 clearly states that, (b) A partners duty of loyalty to the partnership and the other partners is limited to the following (1) to account to the partnership and hold as trustee for it any property, profit, or benefit derived by the partne r in the birth and winding up of the partnership business or derived from a use by the partner of partnership property, including the appropriation of a partnership opportunity (2) to intermit from dealing with the partnership in the conduct or winding up of the partnership business as or on behalf of a party having an provoke adverse to the partnership and (3) to refrain from competing with the partnership in the conduct of the partnership business before the dissolution of the partnership.