Which of the Following Is Not One of the Fiduciary

question 16

Multiple Choice

Which of the following is not one of the fiduciary obligations of a partner at common law?

• A)Not to profit personally from their position or from information gained from their position without consent.
• B)Not to allow themselves to be in a position where there may be a conflict of interest without keeping the other partners informed.
• C)To account for private profits made in the course of acting in the course of the partnership.
• D)To compete fairly with the partnership in any personal business they have and to comply with the consumer law.

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Definitions:

Fired

The termination of employment by an employer, often due to misconduct, poor performance, or economic constraints.

Apparent Authority

A situation where a person appears to have been given the power by another (such as an employer) to act on their behalf, leading others to reasonably believe they have such authority.

Gratuitously

Done without receiving any return or compensation; freely.

Principal

The original sum of money lent or invested, excluding any interest or dividends.