Rick and Roger entered into a partnership, but they did not write anything down or sign a contract with each other. They opened a store and begin selling goods. Rick contributed $80, 000 and Roger contributed $20, 000 to the business. Rick worked 10% of the time, and Roger worked 90% of the time. At the end of the first year they made $100,000 in profit. They can't agree on how to share the profit. According to the Partnership Act, how is the profit split in this situation?

80% to Rick and 20% to Roger because of the proportion of time they actually worked at the store

90% to Roger and 10% to Rick because of the proportion of time they actually worked at the store

50% to Roger and 50% to Rick because they didn't agree otherwise and no partnership agreement was signed.

It would depend on the outcome of arbitration that is mandated by the Partnership Act.