John, William, and Peter are partners in a business that sells soft drinks. In terms of their partnership agreement, only John may contract with outsiders on behalf of the partnership. Should he wish to enter into an agreement where the value exceeds R10 000, he must obtain the prior consent of William and Peter. John buys a speedboat in the name of the partnership for R80 000 without the knowledge of his partners. William concludes a contract on behalf of the partnership for the purchase of a fridge to store the soft drinks, without the knowledge of his partners. The purchase price of the fridge is R20 000. Explain whether the contracts concluded by John and William respectively would be binding

Question

05-03-2022
Business

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John, William, and Peter are partners in a business that sells soft drinks. In terms of their partnership agreement, only John may contract with outsiders on behalf of the partnership. Should he wish to enter into an agreement where the value exceeds R10 000, he must obtain the prior consent of William and Peter. John buys a speedboat in the name of the partnership for R80 000 without the knowledge of his partners. William concludes a contract on behalf of the partnership for the purchase of a fridge to store the soft drinks, without the knowledge of his partners. The purchase price of the fridge is R20 000. Explain whether the contracts concluded by John and William respectively would be binding

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The contracts concluded by John and William respectively would not be binding on them because there was no prior knowledge from the other partners as it exceeded the amount and William is not entitle to sign any contract.

What does binding mean in a contract?

A “binding contract” is said to be a kind of agreement that is known to be legally enforceable.

That implies that if a person sign a binding contract and does not stand or fulfill their end of the contract, the other party is said to be able to take the person to court.

The above contract is binding because the terms of their partnership agreement, is that only John may contract with outsiders on behalf of the partnership.

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