MRL2601
ASSIGNMENT 1
SEMESTER 01
DUE DATE: 15 MARCH
6
2024
"Elevate Your Excellence: Where Distinction Meets Assurance in Every Assignment!"
,MRL2601 ASSIGNMENT 1 SEMESTER 1 – 2024 (399703)
DUE DATE: 15 MARCH 2024
1
, QUESTION 1.
Sello, Thabelo and David want to start a partnership with the aim of selling Solar batteries.
Sello intends to contribute R25 000.00 on condition that should the partnership fail, Thabelo
and David will reimburse him. Thabelo intends to contribute his expertise as an electrician.
David intends to contribute the use of his Hilux pickup truck. They come to you for advice on
whether a partnership agreement will be valid based on what each of them wants to
contribute.
Advise them fully. (In your advice, define a partnership, deal with each contribution and
conclude.)
Definition Of A Partnership:
A partnership is a legal relationship created by means of a contract concluded between two
or more persons. Each partner agrees to make some kind of contribution to the partnership
business.
• The business is carried for a joint benefit of the parties with the object of making a
profit.
• Each partner must contribute or promise to contribute something that has economic
value such as money, property, knowledge, skill, contacts or experience.
• The contribution must be exposed to risk.
• A contribution made on condition that it will be returned to the partner even if the
partnership fails does not meet the requirement of the essentialia.
However, partners may agree that a partner will retain ownership of goods and only
contribute the use of goods.
Dealing With Each Contribution:
2
ASSIGNMENT 1
SEMESTER 01
DUE DATE: 15 MARCH
6
2024
"Elevate Your Excellence: Where Distinction Meets Assurance in Every Assignment!"
,MRL2601 ASSIGNMENT 1 SEMESTER 1 – 2024 (399703)
DUE DATE: 15 MARCH 2024
1
, QUESTION 1.
Sello, Thabelo and David want to start a partnership with the aim of selling Solar batteries.
Sello intends to contribute R25 000.00 on condition that should the partnership fail, Thabelo
and David will reimburse him. Thabelo intends to contribute his expertise as an electrician.
David intends to contribute the use of his Hilux pickup truck. They come to you for advice on
whether a partnership agreement will be valid based on what each of them wants to
contribute.
Advise them fully. (In your advice, define a partnership, deal with each contribution and
conclude.)
Definition Of A Partnership:
A partnership is a legal relationship created by means of a contract concluded between two
or more persons. Each partner agrees to make some kind of contribution to the partnership
business.
• The business is carried for a joint benefit of the parties with the object of making a
profit.
• Each partner must contribute or promise to contribute something that has economic
value such as money, property, knowledge, skill, contacts or experience.
• The contribution must be exposed to risk.
• A contribution made on condition that it will be returned to the partner even if the
partnership fails does not meet the requirement of the essentialia.
However, partners may agree that a partner will retain ownership of goods and only
contribute the use of goods.
Dealing With Each Contribution:
2
