11. While acting for the partnership, A completes a business transaction that ne
ID: 375776 • Letter: 1
Question
11. While acting for the partnership, A completes a business transaction that nets the firm over S50,000. A demands payment for the work or an increase in the partnership profits. The other partners refuse. What result? Explain. Decision: Rule of Law Without authority from his co- a truck owned by the firm to Z, an individual creditor of A. Z demands the truck. The partners B and C refuse to relinquish it. Can the partnership be dissolved? Explain. B and C, and in breach of their partnership agreement, A assigns Decision: Rule of Law: 13. Without authority from her co-partners B and C. A assigns a truck owned by the firm to Z, a creditor of the partnership. Z demands the truck. The partners refuse to relinquish it. Who prevails? Explain. Decision Rule of Law: B is wrongfully excluded from the management of the partnership business. it against the partnership seeking damages. Is B entitled to this remedy? 14 A, B and C are B commences a Decision Rule of Law 15.A, B and C are partners. With A's and B's consent, C retires. Pursuant to their agreement, A and B agree to assume all the old debis and obligations of the firm and proceed with the accounting and dissolution X, a creditor of the firm before dissolution, has a debe that A and B cannot satisfy, so X sues C. C refuses to pay X, arguing the controlling influence of Cs agreement with A and B. Who prevails? Explain. Decision: Rule of Law 16, A, B and C are members of a limited uindissoe suibdinidie ip. A is the limited partner. They buy a large tract of land ad begin selling the lts at a generous profit If A dies, is the limited Decision: Rule of LawExplanation / Answer
Allowed to answer only 4 questions.
11 Decision The partners have the right not to share any additional profit as the terms of the partnership are already laid out Rule of Law The partnership contract is laid at the beginning of the venture and the changes can be brought only by all partners agreeing to it. 12 Decision The partnership is out of this individual credit debit relationship between A and Z, A does not fully own the truck and hence can not take the sole decision of the truck. Rule of Law The partnership remains as it is, if they do not wish to dissolve it 13 Decision Z can demand the truck and rightly so, here it is an agency issue. As an agent of the partnership A has taken the decision and it should be respected, or Z should be otherwise compensated Rule of Law An agent of the partnership can be any of the partner. 14 Decision Yes, B is a partner and should be given equal rights if not he can appeal for compensation Rule of Law So by this law states the partners should compensate B for the missing stake.Related Questions
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