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Suppose Joe is a partner at adental firm. Joe engages in a business transaction and binds thepartnership to an agreement regarding purchasing X-ray equipment.However, Joe really didn't have authority to bind the partnershipto the agreement with the third party X-ray machine company. Thethird party, however, believes he does have the authority. In thiscase, who is liable?
1. The partnership is liable for theobligation in the agreement.
2. The third party is liable for theobligation in the agreement.
3. Neither the partnership nor Joe isliable for the obligation in the agreement.
4. Both the partnership and Joe areliable for the obligation in the agreement.
5.

Joe is liable for the obligation in the agreement.

Which of the following is not arequired element of the definition of a partnership?
1. The partners would beco-owners.
2. An association.
3. To carry on a business for aprofit.
4. All of these are elements of thedefinition of a partnership.

5.

Between two or more legal persons.

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Jamar Ferry
Jamar FerryLv2
28 Sep 2019

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