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Marc formed a new rock band and named it \"The King". He was the lead vocalist of the band and paid for all the costs involved in establishing the band. He encouraged his friend. Fred, who was a professional guitarist and played at local pubs, to join the band as the lead guitarist. Fred agreed and chose to be paid a xed fee for each performance. Two other band members were Roger. the drummer and John, the base guitarist. The band became very popular after performing in a few live concerts at different music festivals in New South Wales. The band then contracted to release an album with Tony Music. Fred was away overseas when the contract was signed. On returning from overseas, Fred claimed that he was a partner in the band and was entitled to a share of the prots. There was no written clause in the contract on the distribution of profits between the band and Tony Music. Explain whether a partnership exists between Marc and Fred under partnership law. Refer to relevant case law and statute law to support your