Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Discuss when and how the partnership will dissolve in the following instances: (i) Alim and Idayah were partners in a firm known as Alim and

Discuss when and how the partnership will dissolve in the following instances: (i) Alim and Idayah were partners in a firm known as "Alim and Idayah Partners." On 10th January 2019, Idayah sent a written notice to Alim indicating her intention to have the partnership dissolved. Alim received the notice on 16th January 2019. Unfortunately, Idayah had died on 10th January 2019, a few minutes after sending the notice.

(ii) Hafiza and Lim are partners in a mining firm under an agreement which provides that the partnership must remain in existence for not less than 5 years, subsequent to which partners will review their agreement. Due to a slump in the economy, the firm incurs losses for eight (8) consecutive months, but the partners envision a shift in this trend as the mining business has started picking up slowly one more time. Three years after the commencement of the partnership, the Government passes a law stipulating that mining business may only be carried on by companies registered under the Companies Act.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Business Law And The Legal Environment

Authors: Jeffrey F Beatty, Susan S Samuelson

9th Edition

0357633369, 978-0357633366

More Books

Students also viewed these Law questions

Question

List one of the facultys publications in APA style.

Answered: 1 week ago