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MRL2601 Assignment 1 Semester 1 2024
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MRL2601 Assignment 1 2024
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MRL2601ASSIGNMENT 1
DUE DATE: 15 MARCH 2024
, MRL2601
Assignment 1
Due 15 March 2024
This is an ordinary written or typed assignment. Do not use a mark-reading card. Answering
this question gives you practice in answering the type of problem- or discuss-type questions
that you may expect in the examination. Your answer per question should not exceed one
page. You may reference your sources as you wish, i.e. in-text, or in footnotes. A
bibliography is not needed but remember to include your Honesty Declaration Form.
Question 1
Sello, Thabelo and David want to start a partnership with the aim of selling Solar
batteries. Sello intends to contribute R25 000.00 on condition that should the
partnership fail, Thabelo and David will reimburse him. Thabelo intends to contribute
his expertise as an electrician. David intends to contribute the use of his Hilux pickup
truck. They come to you for advice on whether a partnership agreement will be valid
based on what each of them wants to contribute. Advise them fully. (In your advice,
define a partnership, deal with each contribution and conclude.)
Partnerships, as established by Pezzutto v Dreyer & others 1992 (3) SA 397 (A), are legal
agreements among two or more individuals, formed through contracts. In this arrangement,
each partner commits to contributing to the business, which operates for the mutual benefit
of all involved, with the goal of generating profits. For a partnership agreement to be valid, it
must contain certain essential elements, as outlined in Joubert v Tarry and Co 1915 TPD
277.1. These essential elements include contributions from each partner that possess
commercial value, such as monetary funds, property, skills, knowledge, expertise, contacts,
or experience.
Each partner is required to provide some form of economic input as agreed upon in the
partnership agreement. Moreover, partners' contributions must be exposed to the risks
associated with the partnership venture. If a partner expects their contribution to be returned
even in the event of business failure, it fails to meet the essential requirement.
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