Terry Ltd sells 100 tons of corn to June Ltd for 4,000. June Ltd advances the sum of 400 and takes delivery. After ownership of the corn passes to June Ltd, but before the remainder of the price is paid, June Ltd becomes insolvent. Which of the following most appropriately describes what follows from this per the Sale of Goods Act 1979? (a) The risk passes on delivery not ownership and, because the goods are unascertained, the liquidator for June Ltd must accept the goods and pay the remainder of 3,600. (b) The risk passes with ownership hence Terry Ltd can reclaim the goods from the liquidator in exchange for the return of the 400 advance. () The risk remains with Terry Ltd and, because the goods are specific, Terry Ltd bears the loss and June Ltd need not pay the remainder as this is forfeit on liquidation. (d) The risk passes with ownership and, following delivery, Terry Ltd cannot reclaim the goods from the liquidator but can keep the 400 advance and rank as an unsecured creditor for the remainder of 3,600. Bill and Ben set up in business together as Flowerpot & Co. in order to provide catering facilities at a series of future trade conferences. Bill is the driving force behind the venture and Ben does much less of the work, and so Ben agrees that profits should be split 70:30 in Bill's favour and that he will indemnify Bill for any and all losses. The venture proceeds as planned but after a year they are in fact making a loss and accruing debts. Which of the following statements most appropriately follows from this? a) A partnership exists here under the Ordinary Partnership Act 1890 because the parties have agreed to run a business together with a view to making and sharing profits and both Bill and Ben will be jointly and severally liable for the partnership debts. b) A partnership exists here under the Ordinary Partnership Act 1890 but the indemnity will operate to shield Bill from external creditors who must pursue Ben for the partnership debts. c) An ordinary partnership does not exist here because whilst in essence the relationship appears to be a partnership the unequal sharing of profits denies the jurisdiction of the Partnership Act 1890. d) An ordinary partnership does not exist here because whilst the parties have agreed to run a business together with a view to making and sharing profits the effort by the partners is not equal and the venture is not in fact profitable.