MRL2601 Assignment 1 Semester 2 2025 (Answer Guide) - Due 13 August 2025

MRL2601 Assignment 1 Semester 2 2025 (Answer Guide) - Due 13 August 2025 Question 1 To determine whether a valid partnership can be formed between Themba, Ndumi, and Freddy, it is important to understand the legal requirements for the establishment of a partnership under South African law, and then assess whether their respective contributions meet these requirements. Definition of a Partnership A partnership is defined in South African law as “the relationship which exists between persons carrying on a business in common with the object of making a profit” (Kleyn & Viljoen, 2010). A valid partnership requires four essential elements: 1. Each partner must bring something into the partnership – either money, goods, or services. 2. The business must be carried on for the joint benefit of all partners. 3. The aim must be to make and share profits. 4. There must be a genuine agreement between the parties to form a partnership (Nagel et al., 2015). Analysis of Contributions