MRL2601 Assignment 1 (DETAILED ANSWERS) Semester 1 2024 (399703) - DISTINCTION GUARANTEED - DISTINCTION GUARANTEED - DISTINCTION GUARANTEED Answers, guidelines, workings and references ............ 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.) (10) Question 2 2.1 Paul is a trustee of a business involved in the retail of computer equipment. Although the trust deed makes no provision for it Paul buys a delivery vehicle to transport the computer equipment. 2.1.1 Given the requirement that a trustee must preserve trust assets, indicate whether Paul has acted lawfully. (5) 2.1.2 Explain to Paul what his other duties as trustee are by listing five of the other duties of a trustee. (5)
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