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assignments and leases of partnership property. if a partnership leases or rents property to the partnership as its principal place of business, a partner who owns an interest in the property that is not “adjacent property” may be entitled to rent from a partner who owns an interest in the adjacent property.
however, if one partner leases the property as its principal place of business, then the other partner, who owns an interest in the property that is not “adjacent property,” cannot assign or rent the adjacent property to the partnership.
if partners orally agree to contracts or other transactions, such as the purchase of “adjacent property” from a “non-adjacent property” owner, that oral agreement can be raised as evidence that the oral agreement is an actual part of the partnership agreement.
debts assigned to partnerships are debt. thus, if a partner who owns “adjacent property” agrees in writing to contribute such adjacent property to the partnership, then a partner who owns “non-adjacent property” can recover on the liability arising from the assignment of the partner who owns “adjacent property” to the partnership.
moreover, the tool of corporate law differs in kind from other legal devices used to address workplace sexual harassment. promiscuity is not, by definition, a cognizable harm or a ground for liability in tort. 316 see del. code tit. 6, 109(3)(m) (defining “unlawful sexual harassment” as a form of unlawful employment practice). it is often alleged, in tort law, that the kinds of harms that accompany unreasonable demands for sexual favors are distinct from economic harm arising from wrongful appropriation or abuse of a plaintiffs property, and that the latter are subject to legal remedies aside from tort (or other non-tort remedies). the effective functioning of the market, however, depends on trust, not just the trust that market participants will be able to make immediate profit-maximizing decisions in the face of uncertainty about the future, but the trust that others will not commit fraudulent or immoral acts that harm or otherwise affect the economic value of the plaintiffs property. securities markets are even more dependent on trust, in that the viability of a financial exchange depends on confidence that counterparties will abide by the rules that govern the exchange or will honor the terms of the exchange once entered into. indeed, one of the fundamental duties of a corporation under delaware law is to promote the welfare of its stockholders. 317 see del. 8, 12(a)(1) (2018) (requiring a corporation to advance “such moral, social and economic welfare of its stockholders as will promote their confidence, prosperity, and efficiency and improve their position in life”). the stockholder owes to the corporation the duty to act in the corporations best interests, including the duty to act in a manner the corporation will be able to benefit from. as one legal scholar notes: corporate law also imposes a duty on stockholders to manage and direct the business of the corporation, and thus has a beneficial effect on society as a whole. this duty falls mainly to the shareholders, who bear a fiduciary responsibility to the corporation and its other stockholders. shareholders therefore are accountable for the corporate decisions they make, and are thus required to give those decisions due consideration. this duty to exercise their independent judgment is not an abstract principle. it is factored into the standard of care shareholders owe to the corporation, as well as to other stockholders. for instance, a stockholders duty to act independently of his or her directors is factored into the standard of care directors owe their fellow stockholders. this duty, that affects the interests of all stockholders, is factored into the standard of care imposed on directors by their fellow stockholders, and so forth. 318 del. 8, 100(b)(1) (2018). in addition to those duties asserted to be of beneficial effect on society as a whole, corporate law also imposes requirements to govern the internal conductof those who act on behalf of the corporation.
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