Reference no: EM133416707

Assignment:

1. Teresa, Peter, and Walker were partners under a written agreement made in 1981 and continue for 10 years. During 1988, Walker, being indebted to Rebecca, sold and conveyed his interest in the partnership to her. Teresa and Peter paid Rebecca $5,000 as Walker's share of the profits for 1988, but refused Rebecca permission to inspect the books, or come to partnership meetings.

Rebecca brought an action in equity for an accounting to force them to allow her to inspect the books and participate in management. Will she be successful? Explain.

2. James and Suzanne engaged in the grocery business as partners. In one year, they earned considerable money and at the end of the year, they invested part of the profits in some land.

The deed listed James and Suzanne as owners. During the next few years, the partnership paid the taxes on the land and the costs associated with oil exploration efforts. Eventually, oil was found on the property. A dispute arose over whether the profits from the oil business
belonged to the partnership or the partners individually. Is the land partnership property or the partner's individual property? Explain.