Question

Tim and Dave are partners in Tim & Dave Partnership, a property investment business which they jointly founded ten years ago. Business is steadily growing and both works well with each other. However, recently Dave bought a property which he later sold to Tim & Dave Partnership at an over$-$valued prince, benefitting personally from the transaction. Dave also distributed $2/3$ of the profits of the business to himself and $1/3$ to Tim. According to Tim, the profits should be shared equally at $50-50$ since the partnership agreement is silent about the distribution of the profits. Dave has not been open about the business's financial concerns. Tim accused Dave of having hidden important financial information, making it difficult for him to determine the true financial health of the business. Dave is accused of making important decisions alone, without consulting or getting Tim's approval. This involves buying real estate, taking on debt, and signing contracts without seeking competent advice. Answer ALL the following questions related business law in ACT $135$ PARTNERSHIP ACT $1961$:

$($a$)$ Detect the FIVE $(5)$ legal issues found in this question and evaluate the relevant legal rules to resolve these legal issues. $(50$ marks$)$

$($b$)$ Assess the importance of ethics in a partnership business. $(50$ marks$)$