Toggle owns a controlling interest in the LMN Partnership. The partnership agreement allows sale of all, or substantially all, of the partnership's assets upon majority vote. Toggle votes his controlling interest in favor of selling an important LMN asset to a corporation that he controls at a price to be set by an independent third-party appraiser. There is notice to all partners of the proposed transaction and a partnership vote. Toggle votes using his controlling interest, in favor of the sale. Minority partners sue, alleging that Toggle has violated his obligation of good faith and fair dealing. Which of the following is true? A. Toggle has violated his obligation of good faith and fair dealing. B. Toggle has also violated his duty to avoid conflicts of interest. C. A and B. D. None of the above.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Toggle owns a controlling interest in the LMN Partnership. The partnership agreement allows sale of all, or substantially all, of the ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Identify three challenges bricks constructions may encounter when trying to implement their corporate social investment plan in the local community
Answers (1)
Winn Corp. currently sells 9,820 motor homes per year at $45,500 each, and 3,680 luxury motor coaches per year at $89,700 each. The company wants to introduce a new portable camper to fill out its product line.
Answers (1)
The purchasing function is one of the most value-enhancing functions in any organization, and therefore, it is not necessary to periodically monitor the purchasing function's performance against a set of standards or industry benchmarks A) True B)
Answers (1)
An owner of a property enters into a purchase money mortgage with a buyer whereby the buyer will make payments to the seller and the seller will continue making payments to the mortgagee.
Answers (1)
Which of the following statements is false regarding the risk assessment component of internal control? a. Risk assessment includes assessing fraud risk. b. Risk assessment includes assessing internal and external sources of risk. c.
Answers (1)
New Questions in Business
SL Energy has $500,000 invested in a 2-stock portfolio. $250,000 is invested in Potts Manufacturing and the remainder is invested in Stohs Corporation. Potts' beta is 2.0 and Stohs' beta is 0.8. What is the portfolio's beta? the portfolio's beta?
Answers (1)
Calculate the future value of an account after you've contributed $1 comma 050 at the end of each year for 40 years assuming you can earn 6.00 percent compounded annually, and that you don't make a withdrawal during the 40-year period.
Answers (1)
A nut store normally sells cashews for $4.00 per pound and peanuts for $1.50 per pound. But at the end of the month the peanuts had not sold well, so, in order to sell 40 pounds of peanuts, the manager decided to mix the 40 pounds of peanuts with
Answers (1)
The Bolen Company forecasts that total overhead for the current year will be $8,000,000 and that total machine hours will be 200,000 hours. Year to date, the actual overhead is $10,000,000 and the actual machine hours are 80,000 hours.
Answers (1)
Four trends in the past decade have significantly influenced the landscape of global marketing. one of them is
Answers (1)