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

Legitimacy in your ethical life, 1 With reference to the material discussed...

1 With reference to the material discussed in class n in the reading over the last few weeks, I would like you to continue a fours on the ethical things that we can all do in our e

Unsecured ordinary debts, UNSECURED ORDINARY DEBTS: A secured creditor...

UNSECURED ORDINARY DEBTS: A secured creditor obtains payment (to the extent that his security is adequate i.e. if it exceeds in value the amount owing to him) because he has a

Loans to directors, Loans to Directors: Section 191(1) renders unlawfu...

Loans to Directors: Section 191(1) renders unlawful any loan made by a company to a director of the company or its holding company. It is also unlawful for the company to guar

Interpret compliance requirements, For this unit you will be given a hypoth...

For this unit you will be given a hypothetical business situation, which is to be developed in line with statutory and voluntary compliance requirements to enable the business to o

Commencement, COMMENCEMENT: However section 46(4) of the constitution ...

COMMENCEMENT: However section 46(4) of the constitution offers that like, a law made through Parliament shall not come in operation whether it has been published in the Englan

The provisions of the law relating to a lost bill of exchang, QUESTION 1 ...

QUESTION 1 (a) By referring to the features documentary credits, explain how such an instrument can enhance and facilitate business activities (b) Discuss the applicability

Commercial Law, Silcraze City Council owns and operates a Gym. It charges $...

Silcraze City Council owns and operates a Gym. It charges $20 per month as membership fees. On the Gym Membership Card it is written that the Cardholder has the right to use all th

Powers of the attorney general, Powers of the Attorney General Whereas...

Powers of the Attorney General Whereas under sec 26(3) the Attorney General is empowered for as; Undertake and Institute criminal proceedings against any person b

Define the subordinate legislation briefly, Define the subordinate legislat...

Define the subordinate legislation briefly. Subordinate legislation: • Regulations: It directly applicable and self-executing, no require for member state to create own

Holder or other holder in due course, Holder or Other Holder in Due Course ...

Holder or Other Holder in Due Course The holder of a bill of exchange who that does not come within the statutory definition of such a holder in due course holds that the bill

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