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Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
Edition 19ISBN: 978-1305654921Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
Edition 19ISBN: 978-1305654921 Exercise 8
Ronald Bendalin and Eldon Youngblood formed YB Partnership to provide loan preparation services to the mortgage banking industry. The partnership agreement contained a "service commitment" provision requiring Bendalin to provide his normal services to the partnership for ten years. The tenyear service commitment was required for Bendalin to receive his entire portion of the partnership's reserve fund. A separate paragraph of the partnership agreement stated that the partnership would continue until there was a bankruptcy and unanimous consent among the partners to dissolve the partnership. Bendalin withdrew from the partnership prior to fulfilling the ten-year service commitment. YB Partnership filed suit, claiming that Bendalin's withdrawal was wrongful, because it breached the ten year-term of the partnership. Did Bendalin wrongfully withdraw from the partnership?
Explanation
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Dissolution:
Dissolution of a partnersh...
Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
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