1. Explain how agency and partnership are related in terms of the operation of a partnership.

2. Under what circumstances would a partnership be liable for a tort committed by a partner?

3. What is the extent of the liability of the partners for the tort of a partner or for contracts entered into by a partner?

4. Under what circumstances may a partnership be dissolved?

5. Is it possible for a partner to sell his or her interest to another person? What is the status of the purchaser of the interest if it should be sold?

Q72;

1. Explain the rights of creditors of a partnership when the partnership is dissolved.

2. How is a partnership formed?

3. What essential characteristic distinguishes a partnership from other associations of individuals?

4. What is a retiring partner obliged to do in order to avoid liability for future debts incurred by a partnership?

5. A and B purchase a sailboat (which is in poor condition) with the intention of refurbishing it together and selling it when the work is completed. Are A and B partners?