State how the equitable principle of utmost good faith is manifested in the daily operations of a partnership.

      

State how the equitable principle of utmost good faith is manifested in the daily
operations of a partnership.

  

Answers


Maurice
(i) A partner may not engage in a competing business without the consent of other partners.

(ii) A partner who makes a secret profit without the consent of the other partners must account
to the firm.


(iii) A partner who has a personal interest in a contract made by the firm is bound to disclose the
same to the other partners.

(iv) A partner can only be expelled from the firm in good faith.
maurice.mutuku answered the question on April 25, 2018 at 07:02


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