Learning Objectives:

Explain the duties partners owe to the partnership and each other:

Describe the default rules regarding partners' management and compensation rights:

Examine potential problems created by the default rules regarding management and compensation rights:

Explain the liability of partners for contracts and torts of the partnership:

Essential Terminology:

Fiduciary duty:

Duty to serve:

Actual authority:

Express authority:

Implied authority:

Apparent authority:

Ratification