Implied Authority of a partner In a trading firm the implied authority of a partner has been held to include: Purchasing goods on behalf of the firm. Selling goods for the firm. Receiving payments of the debts due to the Read More …
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Day: September 16, 2020
Highlight two ways in which a legal person can be created
Ways in which a legal person can be created Registration: This is a process if incorporation provided by the Companies Act. It is evidenced by a certificate of Incorporation which is the ‘birth certificate’ of the corporation. Corporations created by Read More …
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With reference to the law governing legal personality, distinguish between a “natural person” and a “legal person”
Distinction between a natural person and a legal person with reference to the law governing legal personality Natural Persons are simply human beings and they are internationally recognized to have and enjoy the basic human rights and freedom There legal Read More …
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In relation to law governing partnerships, explain the legal position under: The liability of an individual partner for the liability of the firm
Liability of an individual partner for the liabilities of the firm. The liability of a general partner extends to the whole of the debts of the partnership. He jointly with the other partners for this reason a creditor can pursue Read More …
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In relation to law governing partnerships, explain the legal position in under: The liability of the firm in torts committed by one partner
Liability of the firm in torts committed by one partner Where a partner commits a tortuous act, the remaining partners are jointly and severally liable with him, provided they authorised the act either expressly, or by implication, where the act Read More …
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Winy Kay and Evans Jay have been long time friends. They have decided to form a partnership but do not want to be governed by a partnership agreement. Explain to Winy Kay and Evans Jay the rights and duties of partners in a partnership with no partnership agreement.
Rights and duties of partners in a partnership with no partnership agreement Rights of partners Equal profit and loss sharing Equal right to participate in management. The right to require certain property of the firm to be sold in payment Read More …
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