The parties participating in a joint venture owe each other a fiduciary duty of loyalty.

Question

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A fiduciary duty of loyalty is an obligation to act in the best interests of the other party or parties involved in the joint venture. This obligation includes avoiding conflicts of interest and disclosing any information that could be seen as advantageous to one party over another. Failing to uphold this duty can result in legal consequences for the parties involved.

The Parties Participating in a Joint Venture Owe Each Other