Topic 1-3

Question	Answer
What is a partnership at will?	A partnership where no express agreement has been made concerning the duration/termination OR a partnership for a fixed term that is continued without new agreement made.
When do we talk about implied authority?	P appoints A to an office-> usual authority of that office.
Explain Mercantil Credit Co Ltd v Garrod	Partnership agreement prohibited P from selling cars - he does it. No actual authority, but he had apparent authority. Partnership is liable.
When will limited partners start having limited liability in a LP?	When the certificate of registration is issued (partnership registered through delivery of statement of particulars to Registrar of Companies).
What are designated members in a LLP?	Members who are notified to Companies House and have statutory obligations (filling accounts and administrative matters). There must be min. 2 in a LLP.
Explain Macaura v Northern Assurance	M sold timber to his company. Timber burned. M had taken policies in his own name to protect it. But he no longer owned timber (now owned by company)-> no insurable interest.
Name the 4 alternative legal basis for disregarding the corporate veil	Agency, trust, guarantee, and vicarious liability in tort
When is the evasion principle applied?	-Wrongdoer has control of company -No innocent 3rd party interests in company -Wrongdoer using company to evade pre-existing or independent liabilities -C has no other remedy

Resource summary

	Created by gerard fauria over 5 years ago