Question

A, B and C are partners in an instalment sales business. A asked one of the customer to deposit a security worth Rs. 100,000 in order to purchase goods on instalments. Subsequently, A misappropriated the security and absconded. Who will be liable to pay and why?

Name: a b and c are partners in an instalment sales business a asked one of the customer to deposit a security worth rs 100000 in order to purchase goods on instalments subsequently a misappropriated the se
Uploaded: 2023-07-19T04:37:36-08:00
Duration: 1 min 27 s
Channel: Hubert Agamasu
Description: a b and c are partners in an instalment sales business a asked one of the customer to deposit a security worth rs 100000 in order to purchase goods on instalments subsequently a misappropriated the se

          A, B and C are partners in an instalment sales business. A asked one of the customer to deposit a security worth Rs. 100,000 in order to purchase goods on instalments. Subsequently, A misappropriated the security and absconded. Who will be liable to pay and why?

Added by Zain U.

Principles of Economics

Gregory Mankiw 8th Edition

Instant Answer

Solved by Expert Hubert Agamasu

07/19/2023

Step 1

This means they share both the profits and losses of the business. They are jointly and severally liable for the actions of any one partner performed in the course of the business. Secondly, A asked a customer to deposit a security worth Rs. 100,000. This action Show more…

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A, B and C are partners in an instalment sales business. A asked one of the customer to deposit a security worth Rs. 100,000 in order to purchase goods on instalments. Subsequently, A misappropriated the security and absconded. Who will be liable to pay and why?