1) Liability in Partnership can either be 'joint' or 'joint and several'. Distinguish between joint liability and joint and several liability.

2) Tom and Jerry agreed to enter into a partnership to farm kangaroos for their meat and pelts. Jerry agreed to pay Tom $30,000 for a half share in the business. Tom told Jerry that this amount mostly represented the cost of buying the kangaroos. Tom did not tell Jerry that he had not paid anything for the kangaroos, but had in fact simply saved them from being shot by a farmer who regarded them as a pest on his land and was glad to see them gone. Has Tom breached any of his fiduciary duties to Jerry?

3) Tau, a member of a firm of accountants for 30 years, retired. His niece, Tina, with the consent of his two co-partners, purchased his share in the business. A short time later it was discovered that the firm had, some four years ago, overlooked paying a large amount of debt to agents overseas, who were now pressing for payment.

Using the ILAC format, advice Tau and Tina and the other two co-partners as to their respective liabilities for paying this debt.