Commercial Law

Cover Commercial Law
Commercial Law
D Curtis Darwin Curtis Gano
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Defend- ant pleaded that he was an infant, but the court held that this did not prevent the dissolution of the partnership and the selling of its assets, and applying the same to the payment of its debts. Although an infant may become a partner, he cannot be held for the contracts or debts of the firm individually unless he affirms them after becoming of age.
Kinds of Partners. Partners are (i) ostensible or public, (2) secret or unknown, (3) nominal, (4) silent, (5) dormant, or (6) special or
...limited.
Public Partner. A public or ostensible partner is one of the active and known parties. He usually participates in the busi- ness and is held out to the world as a partner.
Secret Partner. A secret or unknown partner is one who is in reality a partner active in the management of the business, but conceals the fact both from the public and from the cus- tomers of the partnership. This course is often taken when a person risks money or credit in a business, but does not wish to assume the risks and liabilities of a partner.


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