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Questions and Answers
What is a key formal requirement for the existence of a partnership, according to the provided text?
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?
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?
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?
What can lead to variation in the mutual rights and duties of partners?
What aspect governs many aspects of the Partnership Act, including arrangements involving 'sleeping partners'?
What aspect governs many aspects of the Partnership Act, including arrangements involving 'sleeping partners'?
When can the mutual rights and duties between partners be varied?
When can the mutual rights and duties between partners be varied?
What is NOT a formal requirement for the existence of a partnership based on the information provided?
What is NOT a formal requirement for the existence of a partnership based on the information provided?
What caused a client to refuse to pay a legal firm's bill, as seen in Hudgell Yeates & Co.v Watson [LBO pg 57]?
What caused a client to refuse to pay a legal firm's bill, as seen in Hudgell Yeates & Co.v Watson [LBO pg 57]?
What role does contractual freedom play in governing aspects of the Partnership Act?
What role does contractual freedom play in governing aspects of the Partnership Act?
Why was it held that Hudgell Yeates & Co. dissolved due to one partner's failure to renew their practicing certificate?
Why was it held that Hudgell Yeates & Co. dissolved due to one partner's failure to renew their practicing certificate?
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