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homework help 4225

Anne, Betty, Cathy, Doris, Emily, Fay, Gillian, Helen, Ingrid and June were partners in a firm of accountants called ‘The Alphabet Sums’. All ten partners agreed that Ingrid should be appointed managing partner for a three year period. It was also unanimously agreed that Ingrid would only have authority to enter into contracts of up to $50,000 and that any contract beyond that would need to be approved by a majority of a meeting of all partners.

(a) Ingrid entered into a contract in the name of the partnership to lease new premises. The rent was $200,000 per year for a five year term. The economy deteriorated and the rental business market collapsed. The other nine partners refuse to move into the new premises and to start paying on the grounds that the lease agreement was unauthorised.

Advise the nine partners.

(b) Ingrid also enters into a contract for $40,000 with City Centre Office Supplies Ltd for the purchase of new computers. The other nine partners later discover that Ingrid owns 1% of the issued share capital of City Centre Office Supplies Ltd. Ingrid also received from the company a 2% commission on the contract.

Advise the nine partners.

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