Problem solving questions Essay Example | Topics and Well Written Essays - 3000 words

Problem solving questions - Essay physical exertionIt includes also an integrated limited first mateship. Once a union is formed, every partner becomes the agent of the tighten and an early(a)(prenominal) partners in relation to the business of the firm. Thus, every act of partner for the purpose of business tho in the case of incorporated limited partnership shall bind the firm and other partners provided the partner acts inwardly his authority to act for the firm in specific cases and the person whom the partner is dealing with believes him to be the partner having authority. In other words, if the person dealt with by the partner knows that the partner has no authority, his acts backnot bind the firm nor other partners. The same holds good in mention of a general partner vis-a-vis the firm and other general partners. Section 13 (1) of the Act lays down that all partners except in the case of an incorporated limited partnership atomic number 18 liable jointly and several ly for the liabilities of the firm that have risen whilst cosmos partners. S 13 (2) if the partner who is an individual dies, his/her estate is severally liable for the liabilities of the firm after ecstasy of his/her separate debts. Same holds good in case of incorporated limited partnership for a departed general partner. The general partner of an incorporated limited partnership is liable only in respect of unsatisfied liabilities of the firm or more as per the partnership contract. ... As the partnership business is in common, the partners should disclose material facts that affect their partnership move overing which it would amount to misrepresentation on the part of those who fail to do so. Further, a retiring partner can by a condition of mastery of cope be prohibited to start a competing business within the locality for a pre-determined period. Further, a partnership contract cannot be assigned (Gilles, 1988). Application In view of the above important provisions gi ving medication partnership business, Jody whose capital will be at stake must have the partnership agreement reduced to writing. And Jody must be entitled to a proportionately higher share of profit and second-stringer to herself the right to take important decisions in day to day management. This does not mean the other partners are not liable to loss that may occur due to Jodys decision making. Conclusion Jody can enter into partnership with Mike and Sarah keeping in view of the limited capital or no capital Mike and Sara may bring in and also have an agreement in restraint of trade on the retiring partners including Jody herself. Consequences The proposal to enter into partnership agreement among Jody, Mike and Sarah will be viable subject to the above conditions therein. 2. Tort- negligent misstatement Issues Whether Amy can sue Betty for her wrong advice tendered to Amy as a egress of negligent misstatement? Law and cases In order to prove negligence on the part of defendant , claimant should satisfy trio conditions. That defendant had a occupation of care to the claimant this was breached by the defendant that the damage caused by the breach of duty was