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MRL2601 - Entrepreneurial Law 27 Jun 2023 exam notes/multiple choice and long questions
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Entrepreneurial LawMRL2601
STUDYBUDDY10111 [Date] MRL2601
, COMPILED BY STUDYBUDDY10111
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1. 1 a) List the essentialia of the partnership agreement.
1. each partner must make a contribution to the partnership (e.g. money,
labour, etc)
2. the partnership business must be carried on for the joint benefit of the
partners
3. the partnership must have the objective of making a profit
b) Explain how the naturalia of a partnership agreement differs from the
essentialia of a partnership agreement (10)
Naturalia:
1. partners can alter the naturalia
2. partners share in the profits and losses of a partnership
3. each partner has the power to represent the partnership in transactions
falling within the scope of partnership business unless the partners agree to
the contrary (mutual mandate)
4. partners will not receive compensation for their contributions: their
compensation lies in profit sharing
5. partners hold the assets of a partnership as co-owners because a
partnership is not a legal entity
1.2 Mary and Cindy are partners in the décor business, trading as “Stars”.
Mary is the is the manager of the business and has employed her mother on a
part- time basis to work in their shop in peak periods Mary and Cindy have
decided that the unanimous consent of the partners must be obtained at the
formal meeting before a contract exceeding the value of R10 000 may be
concluded on behalf of the partnership.
Discuss whether Stars will be bound by the following contract concluded
in the name of the partnership: Cindy purchased paintings to the value of
R120 000 on behalf of the partnership from an art dealer for the
decorating contract without he necessary consent. Mary’s mother did not
like the paintings and sent them back to the shocked art dealer.(5)
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