Problem
I. Dissolution of a general partnership is only wrongful if it violates the partnership agreement.
True or False
II. Joe, a real estate developer, buys a food truck and hires a manager to operate it. The food truck business fails after barely a year in business-it turns out people really missed eating indoors, abandoning food trucks once the pandemic subsides. One supplier sues for overdue bills. Assuming Joe is the sole owner, what forms of organization could Joe have used? What forms of organization would not have been available? What forms of organization would have met his needs and also shielded him from personal liability?
III. Bluestein, Krugman, and Olden form a partnership to own a building in New York City and collect rental income from leases on office space in the building. Olden operates Olden Camera and Lens Co., Inc. in the building.
Bluestein and Krugman notify Olden of their intent to dissolve the partnership (in accordance with the partnership agreement). Olden offers to buy them out for $9 million and a release of all claims against him and his business. A third party offers $15.4 million for the building (with no conditions other than a $200,000 reduction if Olden's business stays).
Is the dissolution by Bluestein and Krugman wrongful? Is the partnership obligated to take one of the offers? Explain.