Define Implied Authority. In the absence of any usage or custom of trade to the contrary,...
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Define Implied Authority. In the absence of any usage or custom of trade to the contrary, the implied authority of a partner does not empower him to do certain acts. State the acts which are beyond the implied authority of a partner under the provisions of the Indian Partnership Act, 1932? (b) X, Y and Z jointly borrowed 90,000 from L. Decide each of the following in the light of the Indian Contract Act, 1872: (i) Whether L can compel only Y to pay the entire loan of *90,000? (ii) Whether L can compel only the legal representatives of Y to pay the loan of 90,000, if X, Y and Z died? (iii) Whether Y and Z are released from their liability to L and X is released from his liability to Y and Z for contribution, if L releases X from his liability and sues Y and Z for payment? Define Implied Authority. In the absence of any usage or custom of trade to the contrary, the implied authority of a partner does not empower him to do certain acts. State the acts which are beyond the implied authority of a partner under the provisions of the Indian Partnership Act, 1932? (b) X, Y and Z jointly borrowed 90,000 from L. Decide each of the following in the light of the Indian Contract Act, 1872: (i) Whether L can compel only Y to pay the entire loan of *90,000? (ii) Whether L can compel only the legal representatives of Y to pay the loan of 90,000, if X, Y and Z died? (iii) Whether Y and Z are released from their liability to L and X is released from his liability to Y and Z for contribution, if L releases X from his liability and sues Y and Z for payment?
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Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
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