Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A, B and C are partners in ABC Enterprises. Not having established yet their credit standing, the three partners requested D, a well known businessman,

A, B and C are partners in ABC Enterprises. Not having established yet their credit standing, the three partners requested D, a well known businessman, to help them negotiate a loan from E, a money lender. With the consent of A, B and C, D represented himself as a partner of ABC Enterprises. Thereafter, E granted a loan of P150,000 to ABC enterprises. ABC Enterprises was unable to pay the loan on due date at which time the assets of the partnership amounted to P120,000. From whom may E collect the payment?

a. A, B and C who are liable jointly for P50,000 each.

b .ABC Enterprises for its assets of P120,000 thereafter, A, B, C and D from their separate assets at P7,500 each.

c .ABC Enterprises for its assets of P120,000; hereafter, A, B and C from their separate assets at P10,000 each.

d. D only for the whole amount of P120,000.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Global Strategy

Authors: Mike W. Peng

5th Edition

0357512367, 978-0357512364

Students also viewed these Law questions