Discuss the rights and liabilities of the partners

Assignment Help Business Law and Ethics
Reference no: EM131092888 , Length: 1000 Words

Question:

Mark, Sophia and Ben are partners in a small book selling business called TWB Book. They have no written agreement. When they decided to open their business, it was agreed that each partner could purchase goods on behalf of the partnership up to a value of $5,000.00. Purchases above this amount were to be agreed to by all partners.

In the beginning of this year, Mark attended a trade fair in Sydney. There, he met representatives from Lemon International Ltd, a company dealing in children’s entertainment films who was eager to do business with TWB Book. Believing that this would be a good line of business to diversify into, Mark placed an order for several films worth $8,000.00.

Sophia and Ben did not know about this order until the films were delivered at their shop, with a bill for $8,000.00. Sophia and Ben were furious on learning of this transaction and contacted Lemon International Ltd to pick these goods from their partnership premises, arguing that Mark had no authority to purchase them on behalf of the firm

Discuss the rights and liabilities of the partners and Lemon International Ltd.  

Reference no: EM131092888

Questions Cloud

Specializes in developing weed-harvesting equipment : Allen Machines specializes in developing weed-harvesting equipment that is used to clear small lakes of weeds.  Allen Machines is contemplating the construction of a machine that would harvest weeds on narrow rivers and waterways.
Slope of a line that passes through the points : What is the slope of a line that passes through the points (2.7, 1.4) and (2.4, 1.7)?
Deepening financial ties between us and china : Deepening Financial Ties between U.S. and China. China recently provided the U.S. with an investment quota to allow trading in Chinese markets. This is significant because it is further proof that China is attempting to push the Yuan to be a more ..
Numeric average of the numbers entered : Design the logic pseudocode and a flowchart for a program that allows a user to enter 12 numbers, then displays each number and its difference from the numeric average of the numbers entered.
Discuss the rights and liabilities of the partners : Sophia and Ben did not know about this order until the films were delivered at their shop, with a bill for $8,000.00. Sophia and Ben were furious on learning of this transaction and contacted Lemon International Ltd to pick these goods from their par..
What is last year margin : 4. What is the margin related to this year's investment opportunity? How did you get this answer? 5. What is the turnover related to this year's investment opportunity? How did you get this answer?
Key information for the plant city division : Barkley Industries is concerned that the focus on cost cutting, asset sales and no new investments will have an adverse long-run effect on PCD's customers. Yet Barkley wants PCD to meet its financial goals. What other measurements, if any do you reco..
What is the market proxy : You will be assigned eighteen (18) stocks from the current S&P 500 index. You must use these 18 stocks (or, more precisely, the ticker symbols) to download data from yahoo.com. Go to yahoo.com, then Finance, then type in your ticker symbol. Next choo..
What is total employment in industry in year : Consider the economy of Lewisville, which is just beginning to industrialize. The economy was entirely reliant on corn production until now. There are 100 identical families each farming their own land. Each family has 6 members who participate equal..

Reviews

Write a Review

 

Business Law and Ethics Questions & Answers

  What claims does the bankruptcy trustee have against pardey

What claims does the bankruptcy trustee have against Pardey and What about claims that the creditors have against Pardey and Phyllos?

  Is vivian correct or may bernie keep the deposit

Vivian sues for her $1,000 deposit back, claiming that there was no mutuality of consideration for the agreement and that the contract was therefore void. Under applicable law, is Vivian correct or may Bernie keep the deposit

  What is the legal definition for sexual harassment

What is the legal definition for sexual harassment? What investigation process should 1995 Auto Corp. have engaged in when the claims were first made? Why will that be important to the defense of the EEOC charge

  Create a solution for your suggested problem with the civil

describe some of the processes that take place in a civil court trial. justify the length of time each process takes.

  Who accused him of stealing a bottle of advil

Orlando, visiting California from New Jersey, was shopping at Save-Mart, a California corporation, when he was stopped by a security guard who accused him of stealing a bottle of Advil he had in his pocket

  Describe the hierarchy of the federal court system

Describe the hierarchy of the federal court system of the United States and its subject matter jurisdictions. Discuss two methods that allow for a case to be heard in federal court. Provide specific examples of cases heard within the federal court..

  Need an essay on due process clause

Need an essay on due process clause. Should be 500 words with apa referencing style.

  Formulate a research question and hypotheses

Select an appropriate criminal justice research topic. After selecting a topic, you will work on formulating a statement of the problem. The purpose of Project "A" is to introduce your topic, formulate a research question and hypotheses

  Explain the use of time value of money in business

How do you explain the use of time value of money (TVM) in business and What considerations are made when calculating TVM? How may you use TVM to create your own, or someone else's, retirement plan

  Or our second case we were assigned a task of examining a

for our second case we were assigned a task of examining a recent case that illustrates the legal risks of associated

  Discuss the implications of accepting the def corp

Using the other concepts, theories and other materials covered in this class discuss the implications of accepting the DEF Corp. part-time offer. You need not have any knowledge of employment law, trade secret law or intellectual property law gene..

  Define inmate rights

Define inmate rights. Research one case that focuses on inmate rights. What was the outcome of the case

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd