Partnership Annotations 3

Question 1

What is chapter 2 section 3?

Answer 1

It covers Art. 1715-26 Obligation of Partners with regards to third persons

Question 2

What does pro rata liability mean?

Answer 2

Joint or Equal Liability (As in you’re all going down)

Question 2

Except when authorized by the other partners or unless they have abandoned the business, one or more but less than all of the partners have no authority to?

Answer 2

1. Assign the partnership property in trust for creditors or on the assignee’s promise to pay the debts of the partnership
2. Dispose of the goodwill of the business
3. Do any other act which would make it impossible to carry the ordinary business of the partnership
4. Confess a judgement
5. Enter into a compromise concerning a partnership claim or liability
6. Submit a partnership claim or liability to arbitration
7. Renounce a claim of the partnership

Question 3

Legal Evidence of a person’s ownership rights in a property; an instrument that constitutes such evidence.

Answer 3

Title

Question 4

As per Article 1819, real property may be registered or owned in the name of?

Answer 4

1. The partnership
2. One or more or all the partners
3. One or more or all the partners; or in a third person in trust for the partnership
4. All the partners

Question 4

What generally happens when a partner in a partnership conveys a land without authority?

Answer 4

General Rule: Partnership can recover it
Exceptions: If the partnership operates in a similar business like real estate, or if the buyer is acting in good faith (He doesn’t know)

Question 4

When it comes to remedies of a buyer pursuing damages, what is the general rule?

Answer 4

If one of the partners acted independently of the partnership then buyer may go after him
If the partnership was involved then it goes from

Partner>Partnership>Other Partner Properties

then the other partners may go back to the first partner to also seek damages

Question 5

A statement in which someone admits something is true or that he or she has done something wrong`

Answer 5

Admission

Question 5

An admission by any partner is evidence against the partnership if?

Answer 5

1. The admission must concern partnership affairs
2. The admission must be within the scope of his authority

(No longer counts if its a former partner after he retired)

Question 6

What is the general rule in regards to notice to a partner

Answer 6

Notice to a partner is notice to the partnership
Exception: In cases of fraud, committed by or with the consent of that partner