HI6027 Business and Corporations Law: Contract and Partnership Report

This report addresses a group assignment focusing on contract, partnership, and corporations law. It analyzes a case study involving contract law, specifically addressing the capacity of minors and beneficial contracts. The report also delves into partnership law, examining the elements of a partnership, fiduciary duties, and the implications of business property and liability. The case of Lucy, Seamus, and Koo is analyzed to illustrate these concepts. Furthermore, the report covers corporations law, providing a comprehensive overview of legal principles and practical applications. The assignment is designed to provide a thorough understanding of these legal areas, including case analysis, and to demonstrate the application of legal principles to real-world scenarios. This report will help students understand complex legal concepts.

PARTNERSHIP
AND CONTRACT
LAW

CONTRACT LAW
 Capacity is one of the main elements to
get into a contract
 In general Minors do not have the
capacity to get into a contract
 A minor is a person who is less than 18
years old
 However there are certain exceptions in
relation to the general rules

CAPACITY OF MINOR
 In case of contract of necessaries (food,
accommodation and clothing)
 Beneficial contract of employment
(Apprenticeship, training and education)

CASE OF JOHN
 John is bound to purchase the tools as it
is a contract of beneficial services
 He can enforce the contract to gain
profit as the contract is beneficial for
him
 The liquidator cannot sue John in
relation to the money owed on shares

PARTNERSHIP
 partners have to carry out a business
activity
 partners have to have the intention of
making profit through the business
activity
 the business activity have to be carried
out by the partners in common
 In a partnership business the partners
are considered to be liable jointly and
severally

PARTNERSHIP
 When the parties are carrying out business in
form of a partnership they are in a fiduciary
relationship with the business and with the
other partners.
 In a partnership, no limited liability protection
is provided to the partners. This signifies that
the partners can be personally liable for any
loss which has been incurred by the business.
 A partnership business comes to an end when
the partner dies.
 the property of the partnership is the property
which is used for carrying out the business.

CASE OF LUCY, SEAMUS
AND KOO
 There is a partnership between the parties
 The parties would be required to contribute
towards the payment regarding the ride-on
mower
 Duty of not making secret profit has been
breached by Lucy by making secret profit on
weekends
 Fastcut can make the owners of the partnership
business personally liable in case of a legal
action
 If Seamus dies the partnership will end
 The computer, Mower and truck are the
property of the business.