Question
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
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.
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