Formal Agreement Between Two or More Partners Question

Formal Agreement Between Two or More Partners Question

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Formal Agreement Between Two or More Partners Question

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I’m working on a business law question and need an explanation and answer to help me learn.

Sharon and Donna were partners in an accounting partnership. Business was very good and the partnership expanded much faster than anticipated. Alexander, a top accountant, was invited to join the accounting partnership, but he declined. Sharon and Donna indicated in an advertisement they published in a regional newspaper that Alexander was now a partner in their firm. Alexander does not dispute the erroneous fact in the ad. Frank extended credit to the partnership, but the partnership cannot pay. Can Frank sue Alexander?

Paula and Mike jointly own shares of stock of a corporation, have a joint bank account, and have purchased and own as tenants in common a piece of real estate. They share equally the dividends paid on the stock, the interest on the bank account, and the rent from the real estate. Without Paula’s knowledge, Mike makes a trip to inspect the real estate and, on his way, runs over Wilbur. Wilbur sues Paula and Mike for his personal injuries, joining Paula as defendant on the theory that Paula was Mike’s partner. Is Paula a partner of Mike?

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Popson was the agent authorized to sell stock of the AAA Company at $10 per share and was authorized in case of sale to fill in the blanks in the certificates with the name of the purchaser, the number of shares, and the date of sale. He sold 100 shares to Barnes, and without the knowledge or consent of the company and without reporting to the company, he indorsed the back of the certificate as follows:

It is hereby agreed that AAA Company shall, at the end of three years after the date, repurchase the stock at $13 per share on thirty days’ notice. AAA Company, by Popson.

After three years, demand was made on AAA Company to repurchase. The company refused the demand and repudiated the agreement on the ground that the agent had no authority to make the agreement for repurchase. Is AAA Company liable to Barnes? Explain.

Formal Agreement Between Two or More Partners Question

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