Part B: Problem Based Questions (15 marks) Answer both problem questions following the ILAC method of answering legal problem questions. Question 1: (7 Marks) Marc decided to formed a new band, "The Country Boys. Marc encouraged his friends Fred and Eddie to join the band. Fred, who played the guitar well agreed to join the band as the lead guitarist. Eddie, a keen drummer agreed to joined the band and played the drums. Marc was the band's lead singer and manager. Marc paid for all the costs involved in establishing the band. Fred and Eddie chose to be paid a fixed fee for each performance. The Country Boys became a really popular band after performing in a few live concerts at different music festivals and pubs around Australia. Marc managed the contracts for the band's performance at the festivals and clubs. After performing for a year in Australia, the band was contacted by Sunny OZ Music to record an album of the band's songs and music. Marc negotiated a contract to release an album with Sunny OZ Music Fred was away overseas when the contract was signed by Marc as the band's manager. On returning from overseas, Fred and Eddie claimed that they were partners in the band and was entitled to a share of the profits. There was no written contract on the distribution of profits between Marc, Fred and Eddie when they formed the band. Explain whether a partnership exists between Marc, Fred and Eddie under partnership law. Refer to relevant case law and statute law to support your