Podcast
Questions and Answers
What is the basis for the power to 'bind' the partnership?
What is the basis for the power to 'bind' the partnership?
- Principles of contract law
- Principles of partnership liability
- Principles of the law of agency (correct)
- Partnership agreement
In the context of partnership authority, what does 'actual authority' refer to?
In the context of partnership authority, what does 'actual authority' refer to?
- Partner actions exceeding their authority
- Partner actions actually authorised by the partnership (correct)
- Partner actions appearing to have been authorised
- Partner actions without any authorization
What is 'apparent authority' in the context of partnership agreements?
What is 'apparent authority' in the context of partnership agreements?
- Actions that have no authorization at all
- Actions exceeding the authority granted by the partnership
- Actions that are not actually authorised, but appear authorized to a third party (correct)
- Actions that all partners must collectively authorize
When can partners bind the partnership in a contract according to actual authority?
When can partners bind the partnership in a contract according to actual authority?
How is a partner's authority to represent the partnership implied according to the text?
How is a partner's authority to represent the partnership implied according to the text?
What are the 4 conditions that need to be satisfied for a partner to have apparent authority?
What are the 4 conditions that need to be satisfied for a partner to have apparent authority?
What does the Partnership Act s.5 provide a test for?
What does the Partnership Act s.5 provide a test for?
In terms of liability, which statement is true about partners who act without actual or apparent authority?
In terms of liability, which statement is true about partners who act without actual or apparent authority?
Under what circumstances can partners make a claim against another partner for loss incurred?
Under what circumstances can partners make a claim against another partner for loss incurred?
What is the effect of apparent authority on the personal liability of partners?
What is the effect of apparent authority on the personal liability of partners?
