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 firm.
- Settling accounts with the person dealing with the firm
- Borrowing money on the credit of the firm.
- Drawing, accepting, and endorsing bills and other negotiable instrument in the name of
- Employing servants and advocates for the firm.
- Pledging the goods of the firm for the purpose of borrowing money.
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