FBE2604 ASSIGNMENT 1 SEMESTER 2 - 2024 Assignment 01: Boaz, Charles, Mia and Vela agreed to form a partnership in which all of them will share in the profits and losses of the partnership. The business of the partnership is the design and construction of residential houses. All the partners made a financial contribution to the partnership. Boaz contributed R100 000, Charles contributed R200 000, Mia contributed R300 000 and Vela contributed R400 000. With these facts in mind, answer the following questions on partnerships. Question 01 In light of the given facts, explain whether all the necessary elements are present for the formation of a valid partnership between Boaz, Charles, Mia and Vela. Question 02 Assume for purposes of this question that Mia, without the knowledge of her partners, concluded a contract on behalf of the partnership for the acquisition of a Toyota Corolla for R500 000. With reference to the powers of partners to contractually bind the partnership to third parties, explain whether the contract concluded by Mia is binding on the partnership. Question 03 Assume for purposes of this question that the partnership made a profit of R100 000. Explain how this R100 000 will be distributed among each of the partners of the partnership.
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