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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pfareloravhutsi2 pfareloravhutsi2

05-03-2022
Law

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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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Martebi Martebi · Answer 1 · 2022-03-11T10:19:00+01:00

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 is a partnership agreement between two companies?

A business partnership agreement is known to be a kind of legal document that exist when two or more business partners engage in a business structure.

Here, the responsibilities of the business is shared by each partner, and also capital contribution, partnership property, is shared with them.

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