Partnership agreement - voidable contracts, Business Law and Ethics

Assignment Help:

Partnership Agreement - Voidable Contracts

Conversely an infant is bound at common law through a partnership agreement although he is free to repudiate it at all time during infancy or surrounded by a reasonable time following attaining his majority.

However in Bennion v. Harrison there the court held Bennin, an infant that who had been a partner and had held himself out as about to many persons, was liable to the price of goods that so had been sold to the firm since when he became for age, he had not informed then "the world" like i.e. the persons that who knew him for be a partner or had dealt with him as such he was no longer a partner.  Moreover he had ceased to act as a partner within his infancy.

Nevertheless there S. 12 of the Partnership Act provides as like a person who is under the age to majority may be admitted for the benefits of partnership but he cannot be made personally liable to any of the firm's obligations.  Since S.13 of the Act provides like an infant partner becomes liable, accomplish the age of majority then to all obligations for the firm incurred seeing as he was admitted - then unless he gives public notice during as a reasonable time of his repudiation about for the partnership.


Related Discussions:- Partnership agreement - voidable contracts

Derivative action - statutory provisions, Derivative action: In Nurcom...

Derivative action: In Nurcombe v Nurcombe Lawton L J stated that a derivative action is a procedural device for enabling the court to do justice to a company controlled by mis

Presumed agency or from cohabitation, Presumed Agency or from Cohabitation ...

Presumed Agency or from Cohabitation Whether a woman who is living with a man is deemed that  be his agent for purposes of acquire necessaries to the family; marriage is not n

Delays and inadequate remedies - equity, Delays: However certain stand...

Delays: However certain standard defences knows as "essoins" caused considerable delay earlier than a case could be heard.  Now for a certain condition like the hearing of a c

Fraud or improper conduct, Fraud or improper conduct: English courts h...

Fraud or improper conduct: English courts have intervened on numerous occasions and lifted the veil of incorporation in order to circumvent a fraudulent or improper design by

Stolen goods - sales of goods, Stolen Goods - Sales of Goods Where goo...

Stolen Goods - Sales of Goods Where goods have been stolen and had been the thief has been prosecuted and convicted, such the property in the goods revests in like original ow

Determine the term - cyclic majority voting, Determine the term - cyclic ma...

Determine the term - cyclic majority voting The cyclic majority voting, a problem first recognized by Marquis de Condorcet in 1785, the indeterminacy of voting process, has bee

Rights of inspection, Rights of inspection: The registers and document...

Rights of inspection: The registers and documents are subject to the following rights of inspection: (a)     The company's members are entitled to inspect them, free of cha

Concepts of negligence and remoteness of damage in tort law, Question 1: ...

Question 1: Explain the main elements that constitute a valid contract. Question 2: Describe the concepts of negligence and remoteness of damage in tort law. Questi

Differences between liquidators and receivers, Differences between Liquidat...

Differences between Liquidators and receivers: There are also significant differences: (a)a liquidator has numerous statutory powers. A receiver must rely on the powers given

Give advice on given arrangement, Ben sold clothes at a market stall on wee...

Ben sold clothes at a market stall on weekends for a number of years. Two years ago business was very poor and Ben was forced to cease trading. Ben sold all of his remaining stock

Write Your Message!

Captcha
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