10 Questions
What is a key formal requirement for the existence of a partnership, according to the provided text?
An unlimited number of partners
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
Which statement accurately describes the rights and duties between partners?
Rights and duties can be varied by consent of all partners as per Partnership Law Act, s35
What can lead to variation in the mutual rights and duties of partners?
Failure to object to a particular course of dealing
What aspect governs many aspects of the Partnership Act, including arrangements involving 'sleeping partners'?
Contractual freedom
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
What is NOT a formal requirement for the existence of a partnership based on the information provided?
'Sleeping partners' involvement in all decisions
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
What role does contractual freedom play in governing aspects of the Partnership Act?
It enables any arrangement within a partnership structure
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
Explore the fundamentals of partnerships in business law with a focus on legal relationships, applicable statutes like the Companies Act, and the nature of partnerships. Learn about the legal perspectives and liabilities involved in partnerships.
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