Where a partnership agreement confers an option on one partner to acquire the other's interest, the fiduciary relationship must accommodate itself to the contractual terms, and the exercise of the option cannot constitute a breach of fiduciary duty. A partner exercising such an option is entitled to pursue its own interests without being required to inform the other partner or advise it to seek independent legal advice. The TPA limitation period under s 82(2) runs from when loss or damage is actually suffered, not from the date of the contravening conduct alone, and cannot be extended.
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