Question
Bryan, who considers himself to be an expert in Australian art, hears of an exhibition by a well-known Australian artist.He attends the exhibition on Friday
Bryan, who considers himself to be an expert in Australian art, hears of an exhibition by a well-known Australian artist.He attends the exhibition on Friday night and sees a painting that looks like a real bargain at $50,000.He buys it on behalf of the firm saying to the seller that it will look great in the entry way to the nursery.Bryan does not mention the purchase to his other partners but several days later contacts a friend who deals in art and asks if he would like to buy the painting for $60,000.The friend agrees and Bryan makes the sale never mentioning it to Leanne and Jodi.He deposits the proceeds of sale - $10,000 into his own bank account.Leanne and Jodi learn about the deposits and wish to expel Bryan and to dissolve the partnership.
Advise Leanne and Jodi as to whether Bryan has breached any duties to the firm and if they can expel Bryan from the partnership.
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