Partnership agreement - voidable contracts, Business Law and Ethics

Partnership Agreement - Voidable Contracts

Conversely an infant is bound at common law through a partnership agreement although he is free to repudiate it at all time during infancy or surrounded by a reasonable time following attaining his majority.

However in Bennion v. Harrison there the court held Bennin, an infant that who had been a partner and had held himself out as about to many persons, was liable to the price of goods that so had been sold to the firm since when he became for age, he had not informed then "the world" like i.e. the persons that who knew him for be a partner or had dealt with him as such he was no longer a partner.  Moreover he had ceased to act as a partner within his infancy.

Nevertheless there S. 12 of the Partnership Act provides as like a person who is under the age to majority may be admitted for the benefits of partnership but he cannot be made personally liable to any of the firm's obligations.  Since S.13 of the Act provides like an infant partner becomes liable, accomplish the age of majority then to all obligations for the firm incurred seeing as he was admitted - then unless he gives public notice during as a reasonable time of his repudiation about for the partnership.

Posted Date: 1/22/2013 2:16:21 AM | Location : United States







Related Discussions:- Partnership agreement - voidable contracts, Assignment Help, Ask Question on Partnership agreement - voidable contracts, Get Answer, Expert's Help, Partnership agreement - voidable contracts Discussions

Write discussion on Partnership agreement - voidable contracts
Your posts are moderated
Related Questions
Compensation for Loss of Office: (a) Section 192 makes it unlawful for a company to make a director any payment by way of compensation for loss of office, or  may as considera

Realization of Auditors: it is a mere truism to say that the value of loans and securities depends on their realization.  We were told that a statement to that effect, is so u

State Article1of Universal Declaration of Human Rights Article 1: 'All human beings are born free and equal in respect and rights. They are endowed with reason and conscience

how evidence is used to prove a criminal offence: This question is asking you to consider the importance of evidence, how it is used and how reliable it may be in supporting

Manner of Transfer of Bills One of the characteristics of bills of exchange is such whereas  A gives B a bill accepted through X in settlement of his debt, since this same ins

Question 1: The Ministry of Agro Industry & Fisheries has come up with a new Fisheries and Marine Resources Act to provide a coherent legal and institutional framework with a v

QUESTION 1 In the exercise of its disciplinary power an employer can terminate an employee's contract. Should an employer decide not to terminate the contract of employment, wh

State about the Stages in the policy process Stages in the policy process are generally conceptualized within a broader environment governed by constitutional rules, political

Question 1: (a) Discuss the powers and duties of the employer under the Employment Rights Act 2008? (b) Discuss the powers and duties of the worker under the Employme

Question 1: (a) Describe Trade Union. (b) What are the objectives, roles and functions of Trade Union? (c) "Trade Union contributes regularly to the up growth