Podcast
Play an AI-generated podcast conversation about this lesson
Download our mobile app to listen on the go
Get App
Questions and Answers
What is Lola's legal obligation regarding the commissions she receives from suppliers?
What is Lola's legal obligation regarding the commissions she receives from suppliers?
- She can keep them without informing her partners.
- She does not need to report them at all.
- She can choose to report only a portion of them.
- She must account for them to the firm. (correct)
Is the law firm bound by John's appointment as a junior solicitor?
Is the law firm bound by John's appointment as a junior solicitor?
- Yes, all partners are bound by Hank's decision. (correct)
- No, Jane's appointment invalidates John's authority.
- No, only Hank is responsible for his own appointments.
- Yes, if all partners approve of the appointment.
What legal duty does a partner typically have when receiving personal benefits from the partnership?
What legal duty does a partner typically have when receiving personal benefits from the partnership?
- To share them equally with all partners.
- To keep them confidential from other partners.
- To spend them solely on business-related expenses.
- To disclose and account for them to the partnership. (correct)
What happens if a partner makes appointments without the consent of the other partners?
What happens if a partner makes appointments without the consent of the other partners?
Signup and view all the answers
Which of the following best describes a partner's ability to act for the partnership?
Which of the following best describes a partner's ability to act for the partnership?
Signup and view all the answers
Flashcards are hidden until you start studying
Study Notes
Partnership Law: Key Concepts and Scenarios
- A partner's duty includes accounting for all profits and commissions received, even if not directly related to the firm's business.
- Partners have limited authority to bind a partnership by their individual actions, especially regarding appointments.
- The validity of an appointment made by a partner depends on the partner's authority and the terms of the partnership agreement.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
