Law5206 assignment 1 s2

Assignment Help Business Law and Ethics
Reference no: EM131313925 , Length: 1000 Words


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.

Words Limit: 1000

Verified Expert

Answer to question no. - In Australia, a partnership business is conducted by the provision ofPartnership Act, 1891. Before discussing the given case study of TWB book, we will analyze the rights and liabilities of partners under the Partnership Act, 1891 under different clause. Following are the rights and liabilities of partners: Rights of Partners Right to participate in the business -Every partner in a partnership firm, is an agent of the firm and other partners for the purpose of business of the partnership. Every partner of the firm and the firm itself is binding by the act of a partner if such act is carried out by him in the ordinary course of business of firm.Unless, (a) the partner so acting has in fact no authority to act for the firm in the particular manner which was decided by mutual concern and (b) the person with whom such partner is dealing with,

Reference no: EM131313925

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