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MRL2601 Assignment 1 Semester 2 2024 (867833) - DUE 27 August 2024
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MRL2601 Assignment 1 Semester 2 2024 (867833) - DUE 27 August 2024 QUESTIONS WITH DETAILED ANSWERS
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[Company name]MRL2601
Assignment 1
Semester 2 2024
(867833) - DUE 27
August 2024
QUESTIONS AND ANSWERS
, MRL2601 Assignment 1 Semester 2 2024 (867833) - DUE 27 August
2024
QUESTION 1
Explain, with reference to relevant prescribed case law for this module, how
the court determines whether a specific business is a partnership. (10)
QUESTION 2
Explain the difference between the two types of trusts envisaged in the
Trust Property Control Act 57 of 1988. (5)
QUESTION 3
Briefly explain what the purpose of the establishment of a trust is and what
parties are involved in a trust.
QUESTION 1
Determining Whether a Specific Business is a Partnership
To determine if a business is a partnership, the courts generally look for
certain criteria outlined in common law and supported by relevant case law.
These criteria include:
1. Agreement: There must be an agreement between the parties to
carry on a business.
2. Contribution: Each partner must contribute something to the
business, whether it's money, property, or skills.
3. Joint Business: The business must be carried on jointly for the
benefit of the partners.
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