Explain the partnership agreement provided

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Reference no: EM1369669

Miller, Lovitt and Sims formed a partnership to breed and race horses. Miller and Lovitt each contributed $25,000 to the partnership. Sims contributed four horses valued at $25,000. The partnership agreement provided that the partners would share profits equally. When the horses failed to perform as expected, Miller and Lovitt decided to reduce Sims' share of the profits. Sims objected.

1. How will this case be decided?

2. Support your decision with applicable provisions of the UPA and/or RUPA.

Instructions:

Your typed response should be no longer than one(1) page, 1 and ½ line spaced with 1 and ¼ inch margins on each side, including top and bottom.

Answer all parts of the question and indicate by numbering as in the question.

Whenever possible refer to the specific sections of the any applicable code that apply to your answer.

Your complete answer should include a detailed explanation for a yes or a no response to any question of part of a question.

Reference no: EM1369669

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