Joint Venturers Do Not Owe Each Other Fiduciary Duties of Loyalty

question 2

True/False

Joint venturers do not owe each other fiduciary duties of loyalty and care as they are not bound by a contract.

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Definitions:

Diffusion Of Responsibility

A psychological phenomenon where people are less likely to take action or feel a sense of responsibility in the presence of a large group of people.

Social Acceptance

The degree to which an individual is acknowledged or recognized as part of a social group, gaining approval or support.

Groupthink

A mental phenomenon where a group's need for consensus or uniformity leads to illogical or ineffective decision-making results.

Milgram's Experiment

A series of social psychology experiments conducted by Stanley Milgram, which measured the willingness of study participants to obey an authority figure who instructed them to perform acts conflicting with their personal conscience.