Beat Exam Stress by getting this updated compilation of Tutorial letters from 2014 till October 2023 with page references and sources. This Exam Pack Bundle includes Extra Exam Questions and Answers to take out the Stress of the Exam Prepping.
Passing Company Law was never this easy....Get your E...
Petrus in his will bequeaths his farm to his two sons on condition that they farm in
partnership.
Lenta, an 82-year-old unmarried woman and Maxfed (Pty) Ltd conclude a
partnership agreement.
A few pharmacists conclude a partnership agreement with the aim of repackaging
and selling stolen medication.
Dobby, an eleven year old with assistance from his guardian concludes a partnership
agreement with Playco CC with the aim of marketing and distributing toys.
With reference to the facts provided above and the requirements for the conclusion
of a partnership agreement, explain whether a valid partnership can come into
existence in the respective scenarios. (Your answer should not exceed one (1) page)
(5)
MAXIMUM 5 MARKS
Petrus cannot create a valid partnership by including the stipulation in
his will (1) A partnership is created by agreement. (1)
There must be consensus between his two sons to create a
partnership before a valid partnership would come into operation (1)
A married woman and a juristic person may conclude a valid
partnership agreement (1)
Yes, a partnership can come into existence between Lenta and Maxfed
(Pty) Ltd (1)
The pharmacists will not conclude a valid partnership agreement as the
object, ie selling stolen medication is not lawful (1)
Dobby is eleven and a minor with limited contractual capacity, but he is
assisted by his guardian (1)
He can conclude a valid partnership agreement with Playco CC, a
close corporation. (1)
QUESTION 2
Two partners who are practicing as dentists, Susan and Jane, decide to dissolve
their partnership by agreement. The partnership agreement is silent regarding the
goodwill of the partnership. Jane continues practicing as a dentist and de facto takes
the partnership’s clients (valued at R1 million) over for her own benefit. Susan feels it
is unfair that Jane has taken over all of the clients, and wishes to institute a legal
action to claim her part of the goodwill. Explain whether there is a remedy to Susan’s
disposal in these circumstances. (Your answer should not exceed ½ a page)
(5)
One of the naturalia of a partnership is that partners are co-owners of
the assets
2
, of the partnership in joint undivided shares (1)
Actio communi dividendo (1)
Action for the physical division of things held in co-ownership.(1)
The effect of the actio communi dividundo has been extended to
intangible things such as copyright, patents and goodwill by means of
utilising the actio communi dividundo.(1)
Yes, there is a remedy to Susan’s disposal. (1)
QUESTION 3
Name (do not discuss) the different reasons for which a partnership can be
terminated. (Your answer should not exceed one (1) page)
(10)
MAXIMUM 10 MARKS
Mutual agreement (1)
Expiration of term (1)
Completion of partnership business (1)
Change in membership (1)
Death of a partner (1)
Retirement (1)
Admission of a new partner (1)
Order of court: (1)
Breach of fiduciary relationship (1)
Changes in personal circumstances (1)
Sequestration (1)
QUESTION 4
List (do not discuss) the reasons for which a business trust can be terminated.(Your
answer should not exceed ½ a page) (5)
Death (1)
In terms of the trust deed (1)
Resignation by giving written notice to Master and beneficiaries (1)
Removal by the Master (1)
Court order. (1)
QUESTION 5
Briefly explain under which circumstances a trust deed may be amended. (Your
answer should not exceed ½ a page) (5)
MAX 5 marks
If trust beneficiaries have not accepted trust benefits, deed may be
amended by agreement between founder and trustee. (1)
3
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller cameciacass. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R250,00. You're not tied to anything after your purchase.
