Auld v. Estridge

Implicit in the resolution of disputes between partners must be the special responsibilities partners bear to . each other. In connection with their partnership affairs, they bear a fiduciary relationship to each other. This means in their intramural dealings they cannot fall back on the morals of the marketplace. (Meinhard v Salmon, 249 NY 458, 463.) This means there is no place for misguided paternalism. This means that one cannot act too quickly to protect his own financial position at the expense of his partners, even if the actor is without malice. There must be full disclosure of…