Exam 15: Managing a Business 2: Business Ownership

A sole trader is:

'Joint and several liability' of partners means that if a third party sues one partner and recovers some but not all of the full amount of the debt they can:

A partner:

X and Y are partners.Z is a third party who deals with Y.X will not be liable for an act by Y done in the usual way of business of the kind carried on by the partnership if:

Jill sets up a trust for the benefit of her grandson, Joe.The trust property - a small hotel - is to be legally owned by the trustee, Jack, for the benefit of Joe.Unfortunately, Joe falls terminally ill and passes away shortly after the trust is established.What happens to the trust property?

A trustee is the legal owner of the trust property, and is obliged to look after it for the benefit of the:

X and Y buy a house together, each contributing half of the cost.The house is registered in the name of X, that is, X is the legal owner of the house.X will be a trustee and Y will be a beneficiary under:

Partners do not have an implied authority to:

Venardos and Aaberg agreed to enter into a partnership to farm kangaroos for their meat and pelts.Aaaberg agreed to pay Venardos $30,000 for a half share in the business.Venardos told Aaaberg that this amount mostly represented the cost of buying the kangaroos.Venardos did not tell Aaaberg that the he had not paid anything for the kangaroos, but had in fact simply saved them from being shot by a farmer who regarded them as a pest on his land and was glad to see them gone.Has Venardos breached any of his fiduciary duties to Aaaberg?

Which of the following is not one of the rights of child beneficiaries under a trust:

Which of the following duties is not owed by a trustee to its beneficiaries?

The authority directly and overtly given by all those people in a partnership to a particular partner, orally or in writing, is called that partner's:

In relation to torts and crimes, the partnership legislation states that if one partner causes damage to another person (tort) or incurs a penalty (crime) all the partners will be liable if:

Each partner is obliged to act in good faith for the common good of the partnership, which includes an obligation to:

A trust, as a business structure, need not have:

In relation to torts and crimes partners are:

Each partner in a partnership is liable for the actions of:

What restrictions in relation to franchising agreements are not found in the Code?

Which of the following is not true of the Franchising Code of Conduct?

Fred Fender, Dan Dunlop and David Harley are partners in a concreting business.They also happen to be strict members of the Church of the Tawdry Saints which advocates sanctification through motorcycling, whole body tattooing, "two eyes for an eye" retribution, complete devotion to the God of speed, and raising hell on earth before the time of the second coming.Fender who has backslidden in his faith, has left the church and is spreading rumours about some of its practices to the media, including its connection with some recent gang warfare.Dunlop and Harley expel him from the concreting partnership on this basis.Assuming the partnership agreement purports to gives a majority of the partners the power to expel another partner for misconduct, can Fender legally object to this decision?