5. A and B are partners. C, with A\'s and B\'s knowledge, a t himself as another
ID: 377993 • Letter: 5
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5. A and B are partners. C, with A's and B's knowledge, a t himself as another member of the partnership to X. On the basis of C's representation, X loans a large sum of money to the partnership of A and B. Can X force C to contribute to the repayment of the loan? Explain. Decision: Rule of Law 6. A has been declared a mentally incompetent person by a court decision, and the judge has appointeda guardian for A. If A enters into a partnership agreement with B, does a partnership exist? Explain. Decision: Rule of Law 7. A, B and C are partners. All three share in the profits and losses of the business, but only A and B manage the business. In addition, Cs membership in the business is not disclosed to the public. What type of partner is C? Explain. Decision: Rule of Law A, B and C are members of a partnership. They have orally contracted to form their continue its business for five years. Is their contract to form a partnership enforceable? Explain. 8· ip and to Decision: Rule of Law:Explanation / Answer
Q1. Since C represent himself as a partner with a and B's Knowledge so C should contribute in repayment of loan.
Rule of Law: As regards assets , including any sums contributed by the partners to make up deficiencies of capital, shall be applied in PAYING THE DEBTS OF THE FIRM TO THIRD PARTIES.
Q2. 'A' shall not enter into the partnership agreement with 'B'.
Rule of the Law: According to the indian Partnership act 1932 , to become the member of partnership firm, a sound health is important.
Q3. 'C' is Sleeping or Dormant type of partner. since a partner who is not engaged in business activities and whose existence is kept secret from the outsiders dealing with the firm.
Q4. yes, the contract to form a partnership is enforceable .
Rule: Though law Law does not make obligatory for the partners to reduce to writting all terms of Argreement . terms and conditions must bind the partnership may be of word of mouth or in writing or impolied by conduct of Parties.
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