State how the equitable principle of utmost good faith is manifested in the daily operations of a partnership

A partner may not engage in a competing business without the consent of other partners.

  • A partner who makes a secret profit without the consent of the other partners must account to the firm.
  • A partner who has a personal interest in a contract made by the firm is bound to disclose the same to the other partners.
  • A partner can only be expelled from the firm in good faith.

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