BTC1110 Chapter Notes -Estoppel, Apparent Authority, Fiduciary
6 Jul 2013
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The 3 elements to a partnership: carrying on a business- defined in s3; include any trade/occupation/profession. In common: with a view of profit. Carrying on a business: see difference between carrying on a business and preparing to carry on a business (see goudberg v herniman associates pty ltd [2007] Carrying on a business in common exists if mutuality of rights and obligations exists. See checker taxicab co ltd v stone [1930] Partnership act 1958 (vic) s6 statutory rules (p420) Under 6 (1) co-ownership of property does not of itself indicate partnership. 6 (3) (a) creditors may take proportion of profit to secure repayment, and may require powers of control and inspection: cox v hickman [1860] 6 (3) (b) offer of share in profits as incentive does not in itself create a partnership: plummer v thomas [2002] 6 (3) (c) payment of annuity to family of deceased partner does not create a partnership.
