What Does a Partner's Duty to Exercise Loyalty and Good

question 3

Multiple Choice

What does a partner's duty to exercise loyalty and good faith mean?

• A)Even a trivial breach of the partnership agreement will justify dissolution.
• B)The partnership contract must be observed scrupulously.
• C)A partner may seize an opportunity that conflicts with the interests of the partnership only if he does not use assets of the partnership in the transaction.
• D)A partner must put the firm's interest above personal advantage until profits are made.

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Definitions:

Pleasant Stimulus

A stimulus that is enjoyable or pleasing to the senses.

Variable-interval Schedule

A reinforcement schedule where a response is rewarded after an unpredictable amount of time has passed.

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A method of exchanging messages digitally between people using electronic devices.

Reinforced

Strengthened or encouraged behavior as a result of receiving positive outcomes or avoiding negative consequences.