Patricia Garcia and Bernardo Lucero were in a romantic relationship. While they were seeing each other, Garcia

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Patricia Garcia and Bernardo Lucero were in a romantic relationship. While they were seeing each other, Garcia and Lucero acquired an electronics service center, paying $ 30,000 apiece. Two years later, they purchased an apartment complex. The property was deeded to Lucero, but neither Garcia nor Lucero made a down payment. The couple considered both properties to be owned “50/ 50,” and they agreed to share profits, losses, and management rights. When the couple’s romantic relationship ended, Garcia asked a court to declare that she had a partner-ship with Lucero. In court, Lucero argued that the couple did not have a written partnership agreement. Did they have a partnership? Why or why not?

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Business Law Text and Cases

ISBN: 978-1285185248

13th edition

Authors: Kenneth Clarkson, Roger LeRoy Miller, Frank Cross

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