Relationship to 3P: p'ship

Question 1

Power to Bind P

Answer 1

Partner is an agent of P’ship and can bind P through actual or apparent authority

Question 2

Actual Authority to Bind P

Answer 2

Express: arise from agreement, authorization or partners, statement of authority

Implied: Partner has reasonable belief that an action is necessary to carry out his express authority

Question 3

Apparent Authority to Bind P

Answer 3

perform the unauthorized act in regular course of P’s business and the 3party does not have reason to knew or was notified of the lack of authority

Question 4

When can Partner have authority to transfers Pship property

Answer 4

if property held in ship name, if property is held in partners name can execute instrument of transfer

Question 5

Can recover ship property from transfereee?

Answer 5

recoverable if P interest was indicated in the transfer instrument through which partner acquired property or if transferred was aware that property belonged top ship and partner did it without authority

Question 6

How to limit scope of authority?

Answer 6

File it with the state

Question 7

Partners obligations to third parties

Answer 7

partners subject to obligations jointly and severally

Question 8

effect of judgement

Answer 8

obtains p’ship assert then go for personal assets of partners

Question 9

criminal liability

Answer 9

p’ship may be convicted of crime and penalties can be levied on their assets