Required
(a) State whether all three partners are liable to repay the overdraft created by Chi (2 marks)
(b) State the type of authority Di had to purchase the books (2 marks)
(c) State the liability of Fi for the partnership's debts (2 marks)
(Total = 6 marks)
(a) Chi has taken money from the firm's bank account to use for a personal holiday. However, as a partner, and in the absence of any specific mention to the contrary in the agreement, she has authority to withdraw money from the bank account. Her action has therefore incurred a debt to a third party that is owed by all three partners, not just herself.
(b) The partnership agreement specifies that the partnership should only sell paintings, sculptures and other works of art, so Di did not have actual authority to undertake this contract. However, the third party is not privy to the partnership agreement so is not aware that the contract is beyond the scope of the partnership.
Therefore, Di has apparent authority to undertake the contract on behalf of the other partners.
(c) Because both the overdraft and contract for the books are binding on the partnership all three partners are
personally liable if the partnership does not have sufficient funds to pay them. Fi is jointly liable for the debts
of the partnership to the third parties. However as the partnership agreement limits her liability to £100,000
she will be able to claim any amount over this from Chi and Di.
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