Martin, Mark, and Marvin formed a retail clothing partnership named M Clothiers and conducted a business for many years, buying most of their clothing from Hill, a wholesaler. On January 15, Marvin retired from the business, but Martin and Mark decided to continue it. As part of the retirement agreement, Martin and Mark agreed in writing with Marvin that Marvin would not be responsible for any of the partnership debts, either past or future. On January 15, the partnership published a notice of Marvin’s retirement in a newspaper of general circulation where the partnership carried on its business. BeforeJanuary15,HillwasacreditorofMClothiersto theextentof$10,000,andonJanuary30,heextendedadditionalcreditof$5,000.Hillwasnotadvisedanddidnotin factknowofMarvin’sretirementandthechangeofthepartnership.OnJanuary30,Ray,acompetitorofHill,extended creditforthefirsttimetoMClothiersintheamountof $3,000.Rayalsowasnotadvisedanddidnotinfactknowof Marvin’sretirementandthechangeofthepartnership. On February 1, Martin and Mark departed for parts unknown, leaving no partnership assets with which to pay the described debts. What is Marvin’s liability, if any, (a) to Hill and (b) to Ray?
Martin, Mark, and Marvin formed a retail clothing
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