- 13 Marks
BL – May 2016 – L1 – SB – Q4b – Partnership Law
List essential clauses for a partnership deed and advise on legal action for partnership contribution disputes.
Question
i. Partnership is a form of business association that requires pooling of resources together.
Required:
State SIX clauses that should be included in a Partnership Deed. (7 Marks)
ii. Ade, Uzo and Yemoh formed a partnership to carry on trade in palm produce. The other partners mandated Yemoh to be in full control in the running of the partnership. The partnership suffered losses and incurred debts of ₦3,000,000. Ade and Uzo are refusing to pay part of the debts, saying they were not involved in the management of the firm. Yemoh has come to you for advice.
Required:
Advise Yemoh on the legal action, if any, he could take to recover contribution from Ade and Uzo. (6 Marks)
Find Related Questions by Tags, levels, etc.
- Tags: Legal Action, Partnership Deed, Partnership Disputes
- Level: Level 1
- Topic: Partnership Law
- Series: MAY 2016
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