1.4.2 The Revised Uniform Partnership Act
The revised Uniform Partnership Act, on the other hand, has embraced a purely contractarian model that strips out fiduciary duty as the broad governing principle law of partnership. It limits the fiduciary duty owed among partners to a duty of loyalty and care as those terms are narrowly defined by the act. Instead of broad fiduciary duties as default provisions, the revised Uniform Partnership Act mandates that a partner exercise his or her duties and rights under the partnership agreement consistent “with the obligation of good faith and fair dealing” – a contract standard of conduct similar, but not exactly the same, to that of the Uniform Commercial Code.
 Rev. Unif. Partnership Act § 404, cmt.: “Section 404 begins by stating that the onlyfiduciary duties a partner owes to the partnership and the other partners are the duties of loyalty and care set forth in subsections (b) and (c) of the Act. Those duties may not be waived or eliminated in the partnership agreement, but the agreement may indentify activities and determine standards for measuring performance of the duties if not manifestly unreasonable. See Section 103(b)(3)-(5) … Arguably, the term ‘fiduciary’ is inappropriate when used to describe the duties of a partner because a partner may legitimately pursue self-interest (see Section 404(e)) and not solely the interest of the partnership and the other partners, as must a true trustee.” (Emphasis in original).