FLK1 Partnerships

Question 1

differentiate between actual v apparent authority (using a story)

Answer 1

actual: “he’s the actual boss, i saw him use the key to get in!”

apparently: “no, apparently the secret agent is the boss”.

Question 2

when is a partner who left liable for partnership debts?

Answer 2

when the debt was incurred whilst they were still a partner.

so imagine taking a picture of the contract, if the partner’s name is on there, then he is liable.

if not in the picture, when the partner is not liable.

but remember, the picture is taken when the debt was incurred, not when the contract was made.