Discuss the rights and liabilities of the partners and lemon

Assignment Help Business Law and Ethics
Reference no: EM13944988 , Length: 1000 Words

Question 1

Mark, Sophia and Ben are partners in a small book selling business called TWB Book. They have no written agreement. When they decided to open their business, it was agreed that each partner could purchase goods on behalf of the partnership up to a value of $5,000.00. Purchases above this amount were to be agreed to by all partners.In the beginning of this year, Mark attended a trade fair in Sydney. There, he met representatives from Lemon International Ltd, a company dealing in children's entertainment films who was eager to do business with TWB Book. Believing that this would be a good line of business to diversify into, Mark placed an order for several films worth $8,000.00.

Sophia and Ben did not know about this order until the films were delivered at their shop, with a bill for $8,000.00. Sophia and Ben were furious on learning of this transaction and contacted Lemon International Ltd to pick these goods from their partnership premises, arguing that Mark had no authority to purchase them on behalf of the firm.

Discuss the rights and liabilities of the partners and Lemon International Ltd.

Reference no: EM13944988

Questions Cloud

Using economic order quantity model : Cheesburger and Taco Company purchases 14,519 boxes of cheese each year. It costs $26 to place and ship each order and $7.89 per year for each box held as inventory. The company is using Economic Order Quantity model in placing the orders. How many o..
The length of the wire segment ab : 1. In th ediagram below, wire segment AB is horizontal. The radius of loop is 6.00 inches. What is the length of the wire segment AB?
What is collateral on a loan that remains in the possession : What is collateral on a loan that remains in the possession of the borrower and not the bank?
Difference in payments : You buy a car today for $29,000. If you finance it with a 6% APR, 4 year loan, what is the difference in your payments if you agree to pay at the beginning of each month rather than at the end? Assume monthly compounding.
Discuss the rights and liabilities of the partners and lemon : Sophia and Ben did not know about this order until the films were delivered at their shop, with a bill for $8,000.00. Sophia and Ben were furious on learning of this transaction and contacted Lemon International Ltd to pick these goods from their par..
Program that produces random permutations of the no 1 to 10 : Write a program that produces random permutations of the numbers 1 to 10.
Average collection period and the average payment period : You know the following. ATO, ITO and FATO are 2, 6, and 2.5 respectively while for the industry they are 4.4, 19 and 4 respectively. The current ratio and quick ratio are 1 and 1.5 for the firm and 2.3 and 2.0 for the industry respectively. Net profi..
Discuss the research method needed to test : You can make suggestions for research hypotheses and discuss the research method needed to test them.
Preferred stock which pays-cops drops : We have a preferred stock which pays $ 8 per year. When we buy it, the cops is 8% .We keep it for 2 years and then sell it. At that time, cops drops to 4%. What is the price we sell it at? If the stock is called after 4 years at 120%, if the cops is ..

Reviews

Write a Review

Business Law and Ethics Questions & Answers

  Identify five threats against your critical asset

Identify five threats against your critical asset. Consider both terrorist and non-terrorist threats and include at least one weapon of mass destruction. Calculate the risk for each threat and identify existing countermeasures

  The uniform crime reporting ucr system

The Uniform Crime Reporting (UCR) system, through the Uniform Crime Reports collected by the FBI, provides a completely accurate indicator of crime in the United States/ my paper should take a position for or against this statement and should s..

  What is the history of government involvement

How does the US compare in safety to other countries with mining industries, What are the ethics involved, What is the history of government involvement; what is it now

  Law and the court system the law firm for which you work

law and the court system the law firm for which you work is in the state of louisiana and is in the process of

  Identify the relevant legal ethical and professional issues

Identify the relevant legal, ethical, and professional issues. Identify the specific ethical code violations from the CAMFT Code of Ethics

  Define the precise ethical issue

Define the precise ethical issue. Is it a matter of fairness, justice, morality or rights? Or is it a combination of ethical issues? Identify the major principles. Is it a matter of integrity, quality, respect for others or profit

  Describe how the security managers role is crucial to

write a 1050- to 1400-word paper explaining the role of a security manager within different organizations including

  What steps should organizational leaders take

What steps should organizational leaders take to encourage ethical decision making on the part of employees? and Under corrective justice, distinguish between substantive and procedural justice

  Describe the benefits that organization behavior ob has for

write a 700- to 1400-word paper in which you identify a problem you have observed in your work settingenvironment that

  Discuss factors a cio or the it group

Going global opens doors to markets and services, but it can place new demands on a company. List and discuss 3-5 factors a CIO or the IT group must consider with respect to data, technology, networks, or security when a company goes global

  Expected interplay between demanders and suppliers

Describe the expected interplay between demanders and suppliers, interest groups and analyze the public policy environment. State your strategic policy to enhance or diffuse results of public policy environment

  Determine the concentration of h+

1. You mix 100.0 mL of a 0.100 M NaOH solution and 150.0 mL of a 0.100 M HCl solution. Determine the concentration of H+ in the final mixture after the reaction is complete.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd