Three Men Decided to Form a Partnership to Look for Buried

question 24

Multiple Choice

Three men decided to form a partnership to look for buried treasure.Luke and Mark had expensive equipment,experience,and expertise,but the third partner,Cyrus,had a treasure map.Cyrus had his holidays start a few days earlier than the other two,so he went ahead "to set up camp." Lo and behold,before the others arrived,Cyrus found the treasure.So when Luke and Mark arrived,he immediately dissolved the partnership and claimed the entire treasure for himself.Do Luke and Mark have any legal claim to the treasure?

• A)Yes,they have a fiduciary duty to take their share.
• B)No,they don't,because Luke and Mark's assets were not used to find the treasure.
• C)Yes,they do,because the treasure was found before the partnership was dissolved.
• D)No,they don't,because the partnership was dissolved before the treasure was made known.
• E)Yes,they do,because Cyrus has both possession and the upper hand.

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Definitions:

Price Discrimination

A pricing strategy where a seller charges different prices for the same product or service to different customers, based on their willingness to pay.

Demand

The willingness and ability of consumers to purchase goods or services at different prices.

Price

The expected fiscal outlay, necessitated, or expended in compensation for an item.

Demand

The quantity of a product or service that consumers are willing and able to purchase at various prices during a certain period of time.