Agency/Partnership Essay Misses Flashcards by Holly Spohn

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Q

Partnership Formation

A

Subjective intent not required, only intent to carry on as co-owners
Can be implied from conduct
Sharing in profits raises presumption of partnership

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Q

Partnership Authority

A

Every partner is an agent of the partnership and his acts will bind it IF the partner acted with authority.

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Q

Partner Actual Authority

A

Ordinary business decisions - majority agreement
Special business decisions - unanimous

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Q

Partner Apparent Authority

A

Authority third party reasonably believes a partner has based on being a partner.

Binding UNLESS
1. no actual authority AND
2. third party knew partner had no authority

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Q

Partnership Liability

A

Partners are jointly and severally liable for all obligations of the partnership

UPA: Partners only liable for contract obligations

Judgment creditor must exhaust partnership assets first

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