Three men decided to form a partnership to look for buried treasure. Luke and Mark had expensive equipment, experience, and expertise. The third partner, Cyrus, had an old treasure map. The three men agreed to meet on Monday on an island in the Caribbean. Cyrus had his holiday start a few days earlier so he went ahead "to set up camp." Before the others arrived Cyrus found the treasure. When they stepped off the plane, Cyrus handed them a dissolution of partnership notice and claimed the entire treasure for himself. Do Luke and Mark have any legal claim to the treasure?
◦ No, Luke and Mark's assets and experience were not used to find the treasure.
◦ No, but they can claim all of the out-of-pocket expenses associated with the aborted trip to the Caribbean.
◦ No, the partnership was dissolved before the full value of the treasure was determined.
◦ Yes, the treasure was found before the partnership was dissolved; therefore, Cyrus must account for the profit he made.
◦ Yes, they have an equitable claim for specific performance to the treasure.
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Instructions for Completing the CMS-1500 (02/12) Claim Form Continued