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Subject to a contract to the contrary between the
partners the following are the duties of a partner.
To carry on the business of the firm to the
greatest common advantage. Good faith requires that a
partner shall not obtain a private advantage at the expense
of the firm. Where a partner carries on a rival business in
competition with the partnership, the other partners are entitled
to restrain him.
To be just and faithful. Partnership
as a rule is presumed to be based on mutual trust and confidence
of each partner, not only in the skill and knowledge, but also
in the integrity, of each other partner
To render true accounts and full information
of all things done by them to their co-partners.
To indemnify for loss caused by fraud.
Every partner shall indemnify the firm for loss caused to it
by his fraud in the conduct of the business of the firm.
Not to carry on business competing with
the firm. If a partner carries on any business of the same
nature as and competing with that of the firm, he shall account
for and pay to the firm all profits made by him in that business.
To indemnify the firm for wilful neglect
of a partner. A partner shall indemnify the firm for any loss
caused to it by his wilful neglect in the conduct of the business
of the firm.
To carry out the duties created by the
contract. The partners are bound to perform all the duties created
by the agreement between the partners.
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