[简答题]Ham, Sam and Tam formed a partnership to run a petrol station. The partnership agreement expressly stated that the partnership business was to be limited exclusively to the sale of petrol. In January 2008 Sam received ￡10,000 from the partnership’s bank drawn on its overdraft facility. He told the bank that the money was to finance a short-term partnership debt but in fact he used the money to pay for a round the world cruise. In February Tam entered into a ￡15,000 contract on behalf of the partnership to buy some used cars, which he hoped to sell from the garage forecourt. In March the partnership’s bank refused to honour its cheque for the payment of its monthly petrol account, on the basis that there were no funds in its account and it had reached its overdraft facility. Required: Advise Ham, Sam and Tam as to their various rights and liabilities in relation to partnership law. (10 marks)

[简答题]Ham, Sam and Tam formed a partnership to run a petrol station. The partnership agreement expressly stated that the partnership business was to be limited exclusively to the sale of petrol. In January 2008 Sam received €10,000 from the partnership’s bank drawn on its overdraft facility. He told the bank that the money was to finance a short-term partnership debt but in fact he used the money to pay for a round the world cruise. In February Tam entered into a €15,000 contract on behalf of the partnership to buy some used cars, which he hoped to sell from the garage forecourt. In March the partnership’s bank refused to honour its cheque for the payment of its monthly petrol account, on the basis that there were no funds in its account and it had reached its overdraft facility. Required: Advise Ham, Sam and Tam as to their various rights and liabilities in relation to partnership law. (10 marks)

[简答题]Sim and Sam formed a partnership whose sole business was to purchase well-bred horses that ran in various races in South Africa. They both met as usual at 10 in the morning and decided to purchase a horse named ‘Beauty’ for R50,000. After Sim left, Sam decided to purchase another well-bred horse called ‘Champion’ for R50,000. In the weekly auction, Champion was sold for a net profi t of R1,000,000 while Beauty did not attract any buyer. Sim came to know of it and claimed that half of R1,000,000 that Sam made belonged to him. Alternatively, all the profi ts that Sam made belonged to the partnership. Required: Advise Sim. (10 marks)

[简答题]Bothepha, Gorata and Onneile formed a partnership six years ago, although Bothepha was a sleeping partner and never had anything to do with running the business. Two years ago the partnership employed Tumelo as its manager and last year Gorata retired from the partnership. Onneile subsequently has left much of the day-to-day work to Tumelo who has let it be known generally that he has become a partner, although he has not. In May of this year Tumelo entered into two large contracts. The first one was with a longstanding customer, Robert, who had dealt with the partnership for some five years. The second contract was with a new customer, Simon. Both believed Tumelo’s claim that he was a partner in the business. Both contracts have gone badly wrong leaving the partnership still owing a total of P900,000 to both Robert and Simon. Unfortunately the business assets will only cover the first P450,000 of the total debt. Required: Explain the potential liabilities of Bothepha, Gorata, Onne

[简答题]Thabo, Monty and Simon formed a partnership six years ago and registered it in terms of Partnership Proclamation, 1957. The sole business of the partnership is to sell all kinds of furniture. Since Thabo was forever travelling because of his job, all the partners agreed that Thabo would be a sleeping partner. Thabo never participated in the running of the partnership business and was content with his share of profits. In 2008, Monty entered into two contracts on behalf of the partnership. The fi rst one was with Kramer, a long-standing supplier, to supply several kinds of oriental furniture. Kramer was paid R150,000 in advance. The second contract was with a new customer, Tsiu Hu, who ordered oriental furniture of the type Kramer had earlier agreed to supply. Kramer’s business went bankrupt and there are no prospects of either getting the advance back, or the promised furniture. Tsiu Hu had made it clear that if the furniture was not supplied on time, he would sue for breach of c

[简答题]Geo, Ho and Io formed a partnership three years ago to run a hairdressing business. They each provided capital to establish the business as follows: Geo ￡20,000; Ho ￡12,000; and Io ￡8,000. The partnership agreement stated that all profits and losses were to be divided in proportion to the capital contribution. After 18 months Geo provided the partnership with a loan of ￡3,000 in order to finance the purchase of more stock. The loan was to be paid back from the profits of the business. Unfortunately the business was not successful and the partners decided to dissolve the partnership rather than risk running up any more losses. At the time of the dissolution of the partnership its assets were worth ￡20,000. Its external debts were ￡7,000 and none of the debt to Geo has ever been paid. Required: Advise the partners as to how the financial aspects of the dissolution will be conducted and how the assets will be distributed. (10 marks)

[简答题]Clare, Dan and Eve formed a partnership 10 years ago, although Clare was a sleeping partner and never had anything to do with running the business. Last year Dan retired from the partnership. Eve has subsequently entered into two large contracts. The first one was with a longstanding customer Greg, who had dealt with the partnership for some five years. The second contract was with a new customer Hugh. Both believed that Dan was still a partner in the business. Both contracts have gone badly wrong leaving the partnership owing ￡50,000 to both Greg and Hugh. Unfortunately the business assets will only cover the first ￡50,000 of the debt. Required: Explain the potential liabilities of Clare, Dan, and Eve for the partnership debts. (10 marks)

[简答题]Chi, Di and Fi formed an ordinary partnership to run an art gallery. Each of them paid ￡100,000 into the business. As Fi had no prospect of raising any more money it was agreed between them that her maximum liability for any partnership debts would be fi xed at her original contribution of ￡100,000. The partnership agreement specifi cally restricted the scope of the partnership business to the sale of ‘paintings, sculptures and other works of art.’ In January 2010 Chi took ￡10,000 from the partnership’s bank drawn on its overdraft facility. She had told the bank that the money was to fi nance a short-term partnership debt but in fact she used the money to pay for a holiday. In February Di entered into a ￡25,000 contract on behalf of the partnership to buy some books, which she hoped to sell in the gallery. Required: Advise Chi, Di and Fi as to their various rights and liabilities in relation to the operation of the business under partnership law. (10 marks)

[简答题]A&J Associates had been formed as a partnership firm of Ali and his cousin, Javed. Clause 2 of the partnership agreement states ‘All business of the firm shall be transacted with mutual consent of the partners’. The business of the firm is cultivation of crops in Multan. They have routinely purchased fertilisers from King Pesticides Ltd. In September 2011, Ali proposed that they purchase fertilisers from Magic Pesticides Ltd (‘MPL’). Javed opposed this proposal citing MPL’s substantially higher prices. Ali also proposed that the firm expand its business to dealing in used cars. Javed showed some interest but said that he would consider that proposal upon his return from a three month long business trip to Germany. In Javed’s absence, Ali contracted with MPL for the supply of fertilisers. Ali also contracted with Qasim to supply ten used cars. Payments to both MPL and Qasim have not been made and each has brought separate claims for recovery of amounts due against the firm before the l