Definition

Noun: - The responsibility of partners to act in one another's best interests: A fiduciary duty inherent in a partnership, where each partner is legally and ethically obligated to prioritize the welfare and success of the other partner(s) and the partnership itself.

Usage

This term is primarily used in legal, business, and professional contexts to describe the fundamental ethical and legal obligation between individuals in a formal partnership. - The term defines a specific type of fiduciary relationship. - It is a formal, compound noun. The core concept is the "relation" or duty, which is specifically of the type "partner."

Examples

• In a sentence:
  • The lawsuit centered on whether the executive had violated the partner relation by withholding critical information.
  • A foundation of any successful firm is a clear understanding of the partner relation and its associated duties.
• Contextual Note: The phrase is often used when discussing breaches of duty, such as "a breach of the partner relation."

Advanced Usage

• The partner relation is often implied in discussions of "fiduciary duty" within a partnership agreement.
• This legal concept is distinct from informal personal relationships, even if the word "partner" is used socially.

Variants and Related Words

• Fiduciary duty: A broader legal term encompassing the partner relation and other similar obligations of trust.
• Partnership duty: A near-synonymous phrase.
• Duty of loyalty / Duty of care: These are specific components that often constitute the partner relation.

Synonyms

• Fiduciary responsibility (within a partnership)
• Partnership obligation
• Duty between partners

Important Note

"Partner relation" is a fixed legal compound noun. In this entry, we explain the compound term itself. The individual words "partner" and "relation" have their own separate, broader meanings.

Noun

1. the responsibility of partners to act in one another's best interests