It Remains Unclear Under the Law Whether a Limited Partner

question 1

True/False

It remains unclear under the law whether a limited partner has a fiduciary duty to his general partners or to the limited partnership.

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Definitions:

Local

Pertaining to or occurring in a particular area, community, or jurisdiction, not widespread or general.

Ordinance

A law or regulation made by a local government or authority.

Course of Dealing

The course of dealing refers to the pattern of behavior between parties that establishes a common basis for their understanding in a contractual relationship.

Uniform Commercial Code

A set of laws that provide legal rules and regulations governing commercial or business dealings and transactions in the United States.