18 Guam Code Ann. § 25604
Terms Used In 18 Guam Code Ann. § 25604
- Contract: A legal written agreement that becomes binding when signed.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(a) A partner has been declared a lunatic in any judicial proceeding or is shown to be of unsound mind;
(b) A partner becomes in any other way incapable of performing his part in the partnership contract;
(c) A partner has been guilty of such conduct as tends to affect prejudicially the carrying on of the business;
(d) A partner willfully or persistently commits a breach of the partnership agreement, or otherwise so conducts himself in matters relating to the partnership business that it is not reasonably practicable to carry out the business in partnership with him;
(e) The business of the partnership can be carried on only at a
loss.
(f) Other circumstances render a dissolution equitable.
(2) On the application of a purchaser of a partner’s interest under ‘§ 25504 and 25505 of this Chapter:
COL070307
18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 25 PARTNERSHIPS IN GENERAL
(a) After the termination of the specified term or particular undertaking;
(b) At any time if the partnership was a partnership at will when the interest was assigned or when the charging order was issued.
SOURCE: CC § 2426.
COMMENT: In the 1970 Code, the punctuation of this and the preceding section differ, although the outline form does not, i.e., both sections use the form of a general statement under a numeral (1) followed by conditions on that statement under small lettered paragraphs (a). The Compiler can find no reason for the difference between the use of semi-colons, commas, or even periods after the lettered paragraphs. Therefore, the Compiler has followed the format of colon after the numbered subsections and semi-colons after the lettered paragraphs.