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Flashcards in Relationship to 3rd Parties Deck (4)
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1

Partnership powers

  1. Agent of the partnership
  2. Actual or express authorty to act by the terms of the partnership agreement or by consent of other partners

2

Acts not for apparently carrying on the business of the partnership in the usual way

does not bind the partnership unless authorized by the other partners

3

Liability of partners

  • All partners are personally liable jointly and severally for any tort, committed by a partner acting in the ordinary course of buisness
  • All partners are liable jointly for all other debts and obligations of the partnership

4

Partnership by Estoppel

Even if a voluntary partnership does not exist, liability may be imposed on one who has let it appear that he is in a partnership if a creditor is thereby misled

  • Liable to anyoen who has extended credit in reliance on the representation of partnership
  • Liable if he has consented to such a representation by another