Partnership QuaMTO.docx - PARTNERSHIP Contract of...

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PARTNERSHIPContract of PartnershipQ: Timothy executed a Memorandum of Agreement (MOA) withKristopher setting up a business venture covering three (3) fast foodstores known as "Hungry Toppings" that will be established at MallUno, Mall Dos, and Mall Tres.Q: A, B, and C entered into a partnership to operate a restaurantbusiness. When the restaurant had gone past break-even stage andstarted to garner considerable profits, C died. A and B continued thebusiness without dissolving the partnership. They in fact opened abranch of the restaurant, incurring obligations in the process. Creditorsstarted demanding for the payment of their obligations.A. Who are liable for the settlement of the partnership’sobligations? Explain?B. What are the creditors’ recourse/s? Explain. (2010 BAR)

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