Miller, Lovitt and Sims formed a partnership to breed and race horses. Miller and Lovitt each contributed $25,000 to the partnership. Sims contributed four horses valued at $25,000. The partnership agreement provided that the partners would share profits equally. When the horses failed to perform as expected, Miller and Lovitt decided to reduce Sims' share of the profits. Sims objected.
1. How will this case be decided?
2. Support your decision with applicable provisions of the UPA and/or RUPA.
Instructions:
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Answer all parts of the question and indicate by numbering as in the question.
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