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31 March, 03:17

Lois made a secret profit on the sale of her inherited land to her partnership firm. what is the remedy available for such a breach of duty?

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Answers (1)
  1. 31 March, 04:26
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    The remedy is to return the profit to the partnership.

    Explanation:

    As a partner, Lois can only make profit personally if she:

    1. Made the deal in good faith

    2. Made complete disclosure of all of the facts as it affected this transaction

    3. If she had Obtained approval from other partners.

    The available Remedy for this breach is

    for Lois to return the profits she made secretly back to the partnership.
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