Ch 13: Relations of Partners to Third Parties

1. Authority & Liabilities of a partner and the firm

1-1 Partner to be agent of the firm [O]

1-2 Authority of Partners  [I]

YouTube Video (27 minutes)

Notes PDF - BL223

Query: In restriction of partners implied authority by contract restriction is only effective when 1.3rd party knows of restriction second point ki koi example hai??

Response: For example, XYZ firm has restricted authority of its partners to deal in tobacco and this is known to all dealers in the market. However, Jawad (a partner in XYZ firm) purchased tobacco on credit on behalf of the firm (however, name of the firm was not mentioned) from Saleem (a tobacco dealer). Saleem did not know that Jawad is partner in XYZ firm.......hope it works.

Query: Is the letter of authority duly signed from all partners on one partner in a firm is enough to empower a single partner to execute a particular task like sell immovable property or POA is required? Will this satisfy direct authority covered in section 19 of the act?

Response: Yes, a letter of authority duly signed by all the partners is enough to empower a single partner to execute a particular task and yes, it covers direct authority. However, it is possible that laws relating to transfer of immovable property require any specific form and conditions regarding POA and those will need to be followed additinally.

1-3 Q&A Restrictions on implied authority(PQ) [O]

1-4 Q&A Sahir & Sarim (ICAP Spring 2019) [O]

1-5 Q&A Faizan and Mehran (ICAP Spring 2019) [O]

1-6 Q&A Restriction on implied authority (ICAP Spring 2020) [O]

1-7 Effect of admissions by a partner [R]

1-8 Effects of notice to acting partner [I]

1-9 Joint & Several liability of a partner for acts of firm [I]

1-10 Q&A Asghar, Babar and Careem (ii) (ICAP Spring 2017) [I]

1-11 Q&A Taqi, Saqib and Abrar (ICAP Autumn 2018) [O]

1-12 Liability of the firm for wrongful acts of a partner [R]

1-13 Q&A Majid and Ebad (ICAP Spring 2018) [O]

1-14 Liability of firm for misapplication by partners [I]

1-15 Q&A Saima, Ahsan and Bari (ICAP Spring 2020) [R]

1-16 Q&A Liabilities of a partner and firm (PQ) [O]

1-17 Q&A Nomi, Sultan and Behram (ICAP Spring 2015) [O]

1-18 Q&A Doves & Co (Usama) (ICAP Spring 2023) [R]

2. Holding out

2-2 Q&A Concept of Holding out(PQ) [X]

2-3 Q&A Kashif Electronics (ICAP Spring 2017) [R]

2-4 Q&A Meher, Abid, Rani and Azra (ICAP Spring 2015) [R]

2-5 Q&A Ibad, Aslam and Mehmood (ICAP Autumn 2021) [R]

2-6 Q&A Holding Out (ICAP Spring 2023) [X]

3. Rights of transferee of a partner's interest

3-1 Rights of transferee of a partner's interest [I]

3-2 Q&A Tehram, Rahil and Zain (ICAP Spring 2019) [O]

3-3 Q&A Sameer, Fauzia and Saulat (PQ) [I]

3-4 Q&A Maqbool, Rufi and Sham (ICAP Spring 2016) [O]

3-5 Q&A Malik, Asif and Sohail (ICAP Spring 2021) [O]

4. Minor admitted to the benefits of partnership

4-1 Minors admitted to the benefits of partnership [I]

4-2 Q&A Rustam, Mahmood and Wali (ICAP Autumn 2014) [O]

4-3 Q&A Wasim, Ahmed and Salman (ICAP Autumn 2017) [I]

4-4 Q&A Masoom, Raheel and Naila (ICAP Autumn 2019) [O]

4-5 Q&A Raheel, Samina and Umair (ICAP Autumn 2016) [O]

4-6 Q&A Saeed, Mona and Burhan (ICAP Autumn 2020) [I]

4-7 Q&A Damask Traders (ICAP Autumn 2022) [I]

5. Objective Based Q&A

5-2 MCQs Past Exams up to Spring 2022 [R]