Fallon and Jeff knew each other since the High School and were associated before began dating. He proposed to her in a plot of revenge against the Carrington family, and in particular Blake Carrington, who framed his father Cecil Colby to jail. Jeff was hoping to enter in Carrington Atlantic by marrying its heiress.
Fallon learned about Jeff's plot of revenge before the wedding and turned the tables at her advantage.
Fallon and Jeff both signed contracts after the ceremony : he gave her 25% shares of ColbyCo and the full ownership of Morell Corp and she gave him 25% shares of Carrington Atlantic.
Fallon had married another man on the eve of the wedding, which annuled the wedding and her shares transfert agreement.
Fallon's Tom Carrington had a fatal heart attack in Blake's study after the ceremony.
As revealed in the season finale, Blake learned that Fallon and Jeff are actually half-cousins during the ceremony.