LPC Law Notes Business Law and Practice Notes
A collection of the best LPC BLP notes the director of Oxbridge Notes (an Oxford law graduate) could find after combing through dozens of LPC samples from outstanding students with the highest results in England and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor".
In short these are what we believe to be the strongest set of Business Law and Practice notes available in the UK this year. This collection of notes is fully updat...
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Partnerships
Partnerships and third parties (partnership authority and liability for the partnership’s debts)
Relationship between fellow partners | S.5 PA 1890: Each partner is an agent for the other partners within the partnership for the purposes of the business There is a mutual agency agreement implied into a partnership.
Therefore – actions of the partners are BINDING on the partnership. | |
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Liability of the partnership: | Key question: Where one partner has concluded a contract (Partner X), is the firm (and therefore all partners) liable in relation to that contract? Are they bound? S.6 PA 1890: partners are bound by the acts carried out on behalf of the firm by persons authorised. An act or instrument relating to the business of the firm and done or executed in the firm-name, or in any other manner showing an intention to bind the firm, by any person thereto authorised, whether a partner or not, is binding on the firm and all the partners. S.8 PA 1890: effect of notice that the firm will not be bound by acts of a partner. If it has been agreed between the partners that any restriction shall be placed on the power of any one or more of them to bind the firm, no act done in contravention of the agreement is binding on the firm with respect to persons having notice of the agreement Answer: Did Partner X have actual authority or apparent authority? YES: the firm is bound and therefore also all those who were partners at the time NO: X is liable (because he made the contract). No one else is liable. | |
Establishing authority: |
A firm will always be liable for actions which they actually authorised.
Definition: Authority as it appears to the third party. The partner “holds out” to be acting with authority” - He makes a representation to a third party. TEST (S.5 PA 1890):
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Holding out S.14 | Where a creditor has relied on a representation (or “holding out”) that a person was a partner in that firm, he may be able to hold that person liable for the firm’s debts.
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A collection of the best LPC BLP notes the director of Oxbridge Notes (an Oxford law graduate) could find after combing through dozens of LPC samples from outstanding students with the highest results in England and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor".
In short these are what we believe to be the strongest set of Business Law and Practice notes available in the UK this year. This collection of notes is fully updat...
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