1. Which of these statements is incorrect? The fiduciary obligations between partners may be varied by an agreement involving full disclosure between the partners.
   1. The fiduciary obligation only governs the relationship between the partners during the life of the partnership. The duty stops existing between partners during the dissolution of the partnership
2. 2. Partners cannot make secret profit. However, they will not be in breach of their fiduciary duty if they disclose the profit they are going to make to the partners and get their approval regarding this matter
   3. The fiduciary relationship between partners may exist between prospective partners who have embarked upon a business together before the precise terms of any partnership agreement have been settled
3. 4. The fiduciary obligations between partners may be varied by an agreement involving full disclosure between the partners