Employment Act

Suppose that Katherine, Brianna, and Paige have formed a limited partnership to operate a video arcade. Katherine is the general partner. She has contributed $2,000 and her time to get the operation running. Brianna and Paige, the limited partners, have each contributed $3,000. After one year of operation, the arcade has debts of $10,000, and the three partners decide to discontinue their business and the limited partnership. Brianna and Paige want their investment returned to them. Who should Katherine, who is winding up the business, pay first, Brianna and Paige, or the creditors? How much will Brianna and Paige receive? How about Katherine?

The Seller is a corporation duly organized, validly existing and in good standing under the laws of the state of its incorporation as set forth in Schedule 2, with all requisite corporate power and authority to own, operate and lease its properties, and to carry on its business as now being conducted. The Seller is duly qualified to do business and is in good standing in each jurisdiction where the conduct of its business or the ownership of its property requires such qualification. The jurisdictions in which the Seller is qualified to do business are set forth in Schedule 2 hereto.

u. P2) This implies that the seller who intends to enter a contract with a customer has a duty to disclose exactly what the customer is buying and what the terms of the sale are.

- Describe the role played by the tribunal and courts systems in enforcing employment law

IN CONSIDERATION OF THE COVENANTS and agreements contained in this Sales Agreement the parties to this Agreement agree as follows:

c) Special Legal Considerations would be another alternative for this issue. Inspection Rights, if a purchaser has not inspected the purchased material to ensure that it conforms to the terms of the contract, the law gives him or her a reasonable period of time to inspect the material after it is received. If the purchaser raises no objection to the material within a reasonable period of time, he or she is deemed to have accepted it.

WHEREAS, in consideration of the receipt of the Fee (as hereinafter defined), Seller has agreed to grant to Buyer exclusive rights as more particularly set forth herein to negotiate the Transaction and to conduct its due diligence investigation of Seller during the Exclusivity Period (as hereinafter defined).

As set out in the Partnership Act 1890 each partner, in principle, will have the authority to enter the partnership into agreements and contracts.

General partnership: Under a general partnership, the owners of the business share equally in the responsibilities of the business and are equally liable for the obligations of the organization. The profits may be divided equally on a 50-50 basis between the partners, or in accordance with the original agreement contracted when the business was set up (General partnership, 2012, Quick MBA). Depending on the state, the partners may be jointly liable for one another's debts, which means if one partner is liable for a financial obligation and cannot pay the debt; the other partner is liable for the debts of the partner (General partnership, 2012, Quick MBA). Other states merely have several liability, meaning that the partners are individually liable for their debts that they gain over the course of doing business, but not personally liable for the partner's debts (General partnership, 2012, Quick MBA).

Under Section 12(4) which provides that “whether a stipulation in a contract of sale is a condition or a warranty depends in each case on the construction of the contract. A stipulation may be a condition though called a warranty in the contract”. Therefore, every contract is to be assessed in the light of circumstances including intention of the parties and also terminology used in the construction of the contract.

The Sale of Goods Act 1896 (Qld) provides certain rules for the passing of ownership in goods: ● parties are not required to undergo formalities in order to make a valid contract for the sale of goods; ● the goods subject to the contract must be identified or described when the contract is made; and ● the title to the property in the goods passes from buyer to seller when the parties intend it to, which may be ascertained from the terms of the contract, conduct of the parties and circumstances of the transaction.

A contract is a promise or a set of promises that one party makes to another and that can be enforced using law. Contracts are made for commercial bargains. A contract is legally binding. It entails selling or hire of commodities such as services, goods or land. The major elements required for a legally binding contract are offer and its acceptance . When one person expresses an offer on outlined terms to contract and the offeree indicates that they have agreed to the set terms, the contract becomes legally binding. There is usually no room for negotiations after a contract has been made. Therefore, an offer that is valid must be in existence. There are requirements for existence of such a valid offer. This essay assesses the requirements.

(2) Unless otherwise agreed, when the seller tenders delivery of goods to the buyer, he is bound on request to afford the buyer a reasonable opportunity of examining the goods for the purpose of ascertaining whether they are in conformity with the contract.

Unlike corporations whose governing law is a special law - the Corporation Code of the Philippines, partnerships in the Philippines are governed by and covered under Articles 1767 to 1867 of the Civil Code of the Philippines [circa 1950].  These are the provisions of law which govern all aspects of partnerships - from their creation, formation, existence, operation and management to their dissolution and liquidation, including the obligations of the partners to one another, to the public or

Partnership agreements are essential when entering into business with another entity. It is a contract between the partners (2 – 20 persons) although, ‘there are no legal formalities’ connected to the formation of a partnership . To ensure all for a fair working environment, private law is enforced outlining the rights a person is able to. The agreement further states legal consequences including mutual liability. All partners therefore are accountable for the actions of the other partners . As all partners are personally accountable for business debts, creating motivation for each partner to perform sufficiently as a degree of risk is present.