Max,Jenny,and Craig Are Partners

question 21

Multiple Choice

Max,Jenny,and Craig are partners.They have purchased an elegant Victorian home and converted it into an office for their partnership.Craig decides to use the partnership's office to host some evening parties.Craig has a sideline business of arranging expensive gatherings and charging each person a handsome price to attend these "elite" parties.When Max and Jenny find out what Craig is doing,they demand that he pay them for the use of the property.How much money,if any,is Craig required to pay the partnership?

• A)Nothing.He is free to use partnership property for his own uses.
• B)Nothing,but he will be removed from the partnership for violating his fiduciary duty.
• C)He must turn over any profits he earned from this activity.
• D)He must pay the fair market value for the use of the house.

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Definitions:

Individualism

A social and political philosophy that emphasizes the moral worth of the individual and the importance of individual autonomy and self-reliance.

Mormon Followers

Members of The Church of Jesus Christ of Latter-day Saints, a religious group known for their unique beliefs in Christianity, founded by Joseph Smith in the early 19th century.

Utah

A state in the western United States known for its vast expanses of desert, the Wasatch Range of mountains, and the Great Salt Lake, as well as its significant Mormon community.