Eckhart brought suit to rescind the sale

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Reference no: EM132142451

Bedford and Eckhart formed a partnership and built a shopping center. Three years later, Bedford, the managing partner, informed Eckhart that the business was in deep financial trouble and that he had tried to sell the complex but had failed. Bedford said that the best thing to do would be for one to buy the other out and that their equity in the business was not worth more than $3 million. Eckhart sold his half interest in the partnership to Bedford for $1.5 million. Later he discovered that their equity in the business amounted to over $10 million and that Bedford had received several offers to purchase the business. Eckhart brought suit to rescind the sale, to have the partnership dissolved, and for accounting. Should Eckhart succeed? Why or why not?

Reference no: EM132142451

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