just question 12 please

QUESTION 12 Three friends Danie, Carl and Franz, enter into a partnership. They each contribute R20 000 towards the partnership business. There is nothing in writing, and in terms of their agreement, they will buy horses, sell them at auctions and share the profits. One day Franz buys a boat in order to sell it in the hope of increasing their profit. After hearing what Franz had done, Danie decides he does not want to be part of the partnership. Nevertheless, Carl and Franz agree that they will continue with the partnership. Advise whether the partnership agreement is valid if it is not in writing. (2) Discuss the binding effect of Franz's conduct to the partnership. (3) Discuss what would happen to the partnership if Danie leaves the partnership whilst Carl and Franz want to continue with the partnership. (4) (9) QUESTION 13