Mike, James and Mary, Advertizing Consultants, Enter into a Partnership

question 41

True/False

Mike, James and Mary, advertizing consultants, enter into a partnership called "Sensational Adverts". About a year after the partnership is established, Mike and Mary have an argument and Mike tells the other partners that he will soon be leaving the partnership. A week later, "Sensational Adverts" is invited to submit a bid to produce an advert for a local beer company. Mike, who is the member of the partnership in charge of beer adverts, sees this as an opportunity to start his own business. Mike resigns from "Sensational Adverts" , starts his own company, and then submits a bid. Mike's bid is accepted. Mike's conduct is a breach of his fiduciary duties.

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Definitions:

Internal Force

Forces that act within the object or system whose motion is being investigated, often responsible for changes in the shape or state of the object.

Customers

Individuals or entities that purchase goods or services from a business, forming the basis of its revenue and market success.

Managerial Quality

The effectiveness and capability of managers in leading and making decisions that contribute to the success of an organization.

Vision

A statement or idea about what the future looks like, often used by organizations to guide long-term planning and decision-making.