Jack and Claudia ran a chocolate shop called 'Delicious', as a partnership. The business was successful, until 'Haigh's Discount Chocolates' opened up next door. The fierce competition caused the profit of 'Delicious' to be halved. Unhappy with this outcome, the partners decide to obtain a loan from Major Ltd in order to finance a series of advertisements to attract the cliental back to the store. The agreement between the partners and Major Ltd noted the following:

a. The lender will receive a share of the profits and losses to the extent of 5%;

b. The partners will not be able to dispose of the property of the partnership without the lender's approval;

c. The lender has a right to examine the partnership books at will;

d. The lender has a right to receive a quarterly business statement;

e. The lender can interfere in the management of the business and

f. The money advanced is a loan and the lender is not to be regarded as a partner of the business.

Advise the parties as to whether a partnership exists between Delicious (the chocolate shop) and Major Ltd (the lender).