Question: Wall Street Technology Partners, LP, was a limited partnership, operating under a 2000 limited partnership agreement. Limited partners made capital contributions on joining the partnership.
Wall Street Technology Partners, LP, was a limited partnership, operating under a 2000 limited partnership agreement. Limited partners made capital contributions on joining the partnership. Under the agreement, they were obligated to make additional contributions as needed, when requested by the general partner. In December 2002, a capital call was sent to the limited partners, but they failed to respond. Wall Street brought an action to compel them to pay. They claimed that they had been promised that such contributions would not be required. Should they be compelled to pay? Why or why not? [Wall Street Technology Partners, LP, v. Kanders, ___ A.2d ___ (Conn.Super. 2010)]
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