Howard and Jon’s case scenario Breach of fiduciary duty
This is an assignment that focuses on the breach of fiduciary duty on Howard and Jon’s case scenario. The paper also discusses if Howard has enough claims for a cause of action.
Breach of fiduciary duty on Howard and Jon’s case scenario
Breach of Fiduciary duty:
Discussion Prompt: Analyze the details of the following case and answer the questions. Howard and Jon make a deal that Howard will locate shopping centers for Jon, do all the due diligence, all the leasing, all the tenant improvements, and the property management. Jon will pay for the shopping centers and will pay Howard commissions for the due diligence, leasing, tenant improvements and property management. Jon will also give Howard a 12.5% interest in each shopping center. For the first five shopping centers Howard finds, Jon and Howard enter into Operating Agreements demonstrating Howard’s interest. Those Operating Agreements provide that Jon has fiduciary duties to Howard.
For the next 7 shopping centers Howard finds, Jon never sends over any Operating Agreements. Howard asks for them and Jon says “we all know what our deal is.” Jon continues to call Howard his partner for the next few years in various contexts. Eventually, Howard is reaching retirement age. He asks Jon to buy him out. Jon says he will buy Howard out of the five shopping centers that Howard has an ownership interest in. Howard is perplexed because he believes he owns 12 shopping centers. Does Howard have any claims against Jon? Additionally, does Howard have a cause of action for breach of fiduciary duty? Note. The above scenario is based on an actual case the instructor has worked on.
Lastly, the assignment paper should be in APA format and style. However, in case there are sources that you will use in the paper, ensure that you format and cite them according to the writing style format.