Key Advantages And Disadvantages Of Mary's Business And Discuss Whether A Contract Exists Here

| It is impossible to add additional owners and to pass on business, business dies with owner. A single owner

Failure to handle these situations properly can lead to huge product liability suits and even bankruptcy.

As stated in the Partnership Act, “Each partner in a firm…is liable jointly with the other partners for all debts and obligations of the firm incurred while the partner is a partner, and after the partner’s death (his or her) estate is also severally liable in a due course of administration for such debts and obligations so far as they remain unsatisfied..”. Thus being a partner of Busy Bee Florist Shop, Violet is liable jointly with the

Due to its nature, partnership is generally liable for the acts of the individual partners if committed in the course of the partnership business. However, liabilities of every partner may be regulated by the written agreement signed by partners. If no written agreement is signed by partners, liabilities of the partnership are regulated by the Partnership Act. If one of the partners retires, he or she may not be liable for the future debts of partnership if an official notice of the change is sent to creditors and the public. However, there were no official notice sent by the partners in the case; therefore, Toby may be liable for the debts of partnership. Due to the death of the third partner, partnership may be dissolved. In order to pay off the debts, assets should be sold and partners are free to continue the same kind of business after the dissolution of the

They do not have much money, but they do have Miriam, a wealthy investor who does not have time to participate in the business, but wants to provide capital to start the business in return for a percentage of ownership.

Katherine is winding up the business, she should pay the creditors first and Brianna and Paige will be compensated for their contribution and partnership interest. Katherine would get the remaining balance if there is any.

Longevity/Continuity- A sole proprietorship exits only as long as the owner is alive or until the owner decides to

A sole proprietorship is a form of business that is owned by a single individual.  • Liability – Due to the lack of legal distinction between the owner and the business, the owner is fully responsible and liable for all debts that the business incurs in the same manner that an individual is fully responsible and liable for all debts that they incur. There is no legal distinction between the assets of the owner of the sole proprietorship and the business; this means that creditors have the ability to come after the owner’s business and personal material assets.   Income Taxes – Since the business is the same as the owner of the sole proprietorship, all profits or losses from the business are filed by the

An offer allows the person or business to whom the offer is made to, to reasonably expect that the offering party is willing to be bound by the offer based on the terms proposed thus these terms of an offer must be define as well as certain.

A contract is an arrangement between two or more parties that creates rights and obligations to each party. The essential parts of a contract are as follows:

Under Common Law, for a contract to exist, three elements must be present: an offer, an acceptance and a consideration. The notions of offer and acceptance under Common Law are not fundamentally different from those in French contract law, although their effects may differ. The offer indicates the willingness of a party to enter into a bargain, and the acceptance reflects the agreement of the other party to the offer.

An offer is classified through the notion and understanding the willingness of both parties to enter into a bargain or proposal to a contract. The person who makes an offer is the offeror. The person to whom he makes that offer is the offeree. The terms are annoying but inescapable because, like handcuffs, all courts use them. Stan who is the salesperson on the car lot allowed the buyers Jim and Laura to test-drive the car, after test driving the blue four door sedan the couple gave Stan a 100-dollar deposit to hold the car for one day without signing any paperwork.

Longevity: Similar to a sole proprietorship, in case of death or incapacity of a partner the

In order for a contract to be formed, there are various requirements. These are offer, acceptance, consideration, and the intention to create legal relations. A contract may also be terminated.

The first element of a valid contract would have to be the offer. You can’t have an contract with a having something to offer to another partner. An offer is when one party