Rolling Hill Bikes: Case Study

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Question one

Issue

Drasic and Madison agree to work together under the new name Rolling Hill Bikes. Madison orders 250 tires before going on a long voyage, this leaves the $5,000 payment to Drasic due to Madison not being contactable.

Rules

A partnership is defined as the relationship that exists between persons carrying on business in common view to making a profit (Gibson, & Fraser, D 2014, Business Law). The partnership falls under three parts, business being operated, business being operated with common interest and the business being operated with intention of making a profit. The business being operated with common interest does not mean that the partners must have an active role in the operating of the business in day to day basis, it means that the parties involved understand their obligations to the business (Keith Spicer Ltd v Mansell 1970). Business being operated with intention to make profit, was it the intention of the parties to form a partnership, does not matter what they call themselves but if the all the facts point to the definition of what a partnership is and is relevant to NSW partnership act 1892. …show more content…
Each partner has the obligation to pay off debts that have been incurred by the business, this is true even if partner ends up entering a bad contract, all partners are liable for the payment. The contracts are not binding if the partner has no authority to act in behalf of the company for a particular

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