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Lucky, Jambo, and Dagul entered in a partnership under the firm name
Chuchay Lumber.Subsequently, upon mutual agreement, Lucky withdrew
from partnership and the partnership was dissolved.however, the remaining
partners, Jambo and Dagul, did not terminate the business of Chuchay
lumber. Instead of winding up the business of the partnership and liquidating
its assets, Jambo and Dagul continued the business in the name of Chuchay
Lumber apparently without objection from Lucky. The withdrawal of Lucky
from the partnership was not published in the newspaper.
Could Lucky be held liable for any obligation or indebtedness Jambo
and Dagul might incur while doing business in the name of Chuchay lumber
after his withdrawal from the partnership?
X,Y,Z formed a partnership for the purpose of contracting with the
government in the construction of one of its government building. On June 30
2013, after completion of the project, the building was turned over by the
partners to the Government. On August 30, 2013, D a supplier of materials
used in the project sued X for collection of the indebtedness to him. X moved
to dismiss the complaint against him on the ground that it was the XYZ
partnership that is liable for the debt. D replied that XYZ partnership was
dissolved upon completion of the project for which purpose the partnership
was formed. Will you dismiss the complaint against X if you were the judge?
A, a limited partner, managed ABC partnership and incurred 150
million debt from DCF partnership. ABC has 100 million capital. Can DCF
partnership collect the remaining 50 million from A?
FB is the owner of a parcel of land. FB executed a Special Power of
Attorney in favour of Friendster authorizing him to borrow money and use his
parcel of land as a collateral for the loan. Friendster agreed to defray the
costs or expenses in processing the loan based on the promise of FB that
friendster will have an equal share in the proceeds of the loan or the subject
property. Friendster advanced the amount of P 500,000. Can the SPA be
revoked at will by FB?
Distinction of partnership from agency

To GOD be the Glory