Three Men Decided to Form a Partnership to Look for Buried

question 85

Multiple Choice

Three men decided to form a partnership to look for buried treasure.Luke and Mark had expensive equipment,experience,and expertise.The third partner,Cyrus,had an old treasure map.The three men agreed to meet on Monday on an island in the Caribbean.Cyrus had his holiday start a few days earlier so he went ahead "to set up camp." Before the others arrived Cyrus found the treasure.When they stepped off the plane,Cyrus handed them a dissolution of partnership notice and claimed the entire treasure for himself.Do Luke and Mark have any legal claim to the treasure?

• A)Yes,they have an equitable claim for specific performance to the treasure.
• B)No,Luke and Mark's assets and experience were not used to find the treasure.
• C)Yes,the treasure was found before the partnership was dissolved; therefore,Cyrus must account for the profit he made.
• D)No,the partnership was dissolved before the full value of the treasure was determined.
• E)No,but they can claim all of the out-of-pocket expenses associated with the aborted trip to the Caribbean.

---

Definitions:

Immediate Pay-offs

Benefits or profits that are quickly realized after the implementation of an action or investment, as opposed to long-term gains.

Institutional Investors

Entities such as pension funds, insurance companies, and mutual funds that make large-scale investments in securities and other financial assets.

Analysts on Wall Street

Professionals who research and analyze financial data and trends to give investment advice or recommendations to clients or their employing financial institution.

Sustainable Development

Development that meets the needs of the present without compromising the ability of future generations to meet their own needs, typically considering economic, social, and environmental dimensions.