Question
Abinga and Kayode had an agreement by which they contributed N500,000 each as deposits for the purchase of spare parts. By the agreement, they are
Abinga and Kayode had an agreement by which they contributed N500,000 each as deposits for the purchase of spare parts. By the agreement, they are to share the spare parts equally on continuous basis. Kayode recently received a consignment of spare parts at the cost of N600,000. Abinga demanded that the spare parts be shared equally with Kayodeon the ground that, by their agreement, they are partners. However, Kayode has sold two-thirds of the spare parts. Abinga, therefore, demands an account from the Kayode of the sales by him of the spare parts. Kayode insists that he cannot account to Abinga because they are not partners. Required: Advise Abinga on the status of his relationship with Kayode
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