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Business law

Discuss the likely result of below lawsuit, be sure to discuss all of potential claims as well as each of potential defenses using definitions of the books and notes.
Define claims/issues and do with Ida format (identify the issues, define the rule of law and analyze the rules and application)
Jane, Sally and Marc, who have all been friends since high school, form a partnership called Living Easy to develop two apartment complexes in their home town. Because they have been friends for so long and trust each other, they do not enter into a written partnership agreement. Instead, they simply agree that they will equally share in the profits and losses of the partnership. Marc soon discovers that Jane and Sally are extremely capable and hard workers and begins cutting down the time that he devotes to the partnership. Soon, Marc is coming into the office only one day a week. He spends the other days at the country club. Marc brags at the country club what an accomplished apartment complex developer he is, and attracts the attention of two other country club members, Violet and Eddie, who also want to get into the business of developing apartment complexes. Marc convinces Violet and Eddie to hire him as a consultant, and Violet and Eddie agree to pay him $3,000/week for his consulting services, which money Marc keeps for himself. During the course of his consulting, Marc provides Violet and Eddie with plans for an apartment complex marked “SECRET” that were created by Living Easy, in order that Violet and Eddie can use them as a basis for their development. Eventually, at the urging of Violet and Eddie, Marc leaves Living Easy before the two apartment complexes have been completed and becomes partners with Violet and Eddie in developing apartment complexes that will directly compete with Living Easy.
Has Marc breached any fiduciary duties to Living Easy and Jane and Sally? Which ones? What specific facts support the breach of each duty that you identify?
Is Marc entitled to be paid for his partnership interest in Living Easy? If so, how will the buyout price for his interest be calculated? When is Marc entitled to receive payment?

Sample Solution

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