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Partnerships - Introduction to Business Law BLAW 211

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Partnerships - Introduction to Business Law BLAW 211

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Questions and Answers

What is a key formal requirement for the existence of a partnership, according to the provided text?

A written agreement between the partners

Compliance with Partnership Law Act, s71

Incorporation of companies as partners

An unlimited number of partners (correct)

In Hudgell Yeates & Co.v Watson [LBO pg 57], what caused the dissolution of the partnership?

Failure to renew a practicing certificate by one partner (correct)

Incorporation of companies as partners

Illegal agreement according to Partnership Law Act

One partner's refusal to pay the firm's bill

Which statement accurately describes the rights and duties between partners?

Partnership Act terms apply only if there is no Partnership Agreement

Contractual freedom does not govern aspects of the Partnership Act

Partners cannot vary the terms of partnership without an agreement or deed

Rights and duties can be varied by consent of all partners as per Partnership Law Act, s35 (correct)

What can lead to variation in the mutual rights and duties of partners?

Failure to object to a particular course of dealing Signup and view all the answers

What aspect governs many aspects of the Partnership Act, including arrangements involving 'sleeping partners'?

Contractual freedom Signup and view all the answers

When can the mutual rights and duties between partners be varied?

By consent of all partners, either express or inferred from a course of dealing Signup and view all the answers

What is NOT a formal requirement for the existence of a partnership based on the information provided?

'Sleeping partners' involvement in all decisions Signup and view all the answers

What caused a client to refuse to pay a legal firm's bill, as seen in Hudgell Yeates & Co.v Watson [LBO pg 57]?

Technically ineligible partner due to failure to renew practicing certificate Signup and view all the answers

What role does contractual freedom play in governing aspects of the Partnership Act?

It enables any arrangement within a partnership structure Signup and view all the answers

Why was it held that Hudgell Yeates & Co. dissolved due to one partner's failure to renew their practicing certificate?

As it technically rendered that partner unable to practice law Signup and view all the answers