Suppose Joe is a partner at a dental firm. Joe engages in a business transaction and binds the partnership to an agreement regarding purchasing X-ray equipment. However, Joe really didn't have authority to bind the partnership to the agreement with the third party X-ray machine company. The third party, however, believes he does have the authority. In this case, who is liable?

1.

The partnership is liable for the obligation in the agreement.

2.

The third party is liable for the obligation in the agreement.

3.

Neither the partnership nor Joe is liable for the obligation in the agreement.

4.

Both the partnership and Joe are liable for the obligation in the agreement.

5.

Joe is liable for the obligation in the agreement.

Which of the following is not a required element of the definition of a partnership?

1.	The partners would be co-owners.
2.	An association.
3.	To carry on a business for a profit.
4.	All of these are elements of the definition of a partnership.
5.	Between two or more legal persons.