Walter Levy and Henry Disharoon formed a partnership to purchase a jet and to operate a charter airline business. Disharoon located a jet and informed Levy that the price was $963,000. After Levy approved the purchase, Disharoon contracted to buy the jet for $863,000. The partnership borrowed $975,000 to pay for the jet. Disharoon paid the seller $863,000 and deposited $100,000 (the difference between the purchase price he represented to Levy and the actual purchase price) in his personal bank account. Has Disharoon breached one of his partnership duties? Advise him to a better way in which they can grow their business.

Answer rating: 100% (QA)

Yes Disharoon has breached one of his partnership duties by failing to disclose the full purchase pr... View the full answer