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

Explain the main elements of a contract administration plan, QUESTION 1 ...

QUESTION 1 (a) Briefly explain 4 functions involved in ensuring compliance with contract requirements (b) Explain how changes regarding variations and price adjustments are

What is meant by ratio decidendi, Question: (a) Explian the various sta...

Question: (a) Explian the various stages that a Bill must go through before it becomes enforceable as a Law in Mauritius. (c) Mr. Vijay is the tenant of a house situated at

Proceedings at meetings - held, Proceedings at meetings - Held: Held: ...

Proceedings at meetings - Held: Held: The resolution as passed was invalid since it was not the special resolution of which notice had been given.  Even the retention of 321 p

Information in agenda setting, Information in Agenda Setting What infor...

Information in Agenda Setting What information, how and when reaches to voters to proposal, is also a detrimental factor in policy process. The degree to which information is c

What is the appropriate revenue recognition, Moto Knappy is a manufacturer ...

Moto Knappy is a manufacturer of automobile motors. The manufacturing process takes a couple of months. The company produces several standard and custom models. To simplify this

Describe in detail about the term - policy makers, Describe in detail abou...

Describe in detail about the - policy makers Elections are used to choose the policy makers, it is not the only mechanism. Since the authority to make decisions may be vested i

What are usually accepted principles of corporate governance, QUESTION 1 ...

QUESTION 1 (a) What are usually accepted principles of corporate governance. (b) What factors can lead to incrising corruption in the business environment? QUESTION 2

Advantages of negotiable instruments, Advantages of Negotiable Instruments ...

Advantages of Negotiable Instruments (i) A negotiable instrument provides a creditor regarding a better remedy, since once it has been issued like or accepted whether applicab

Corporation sole - types of corporations, Corporation Sole - Types of C...

Corporation Sole - Types of Corporations However this is a legal office that is occupied through one human being only at any one time. Whether the person ceases to occupy

What are the main objectives of contract administration, QUESTION (a) W...

QUESTION (a) What is a contract and what are the elements of a valid and enforceable contract according to English Law? (b) List down 5 main documents which form part of a b

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