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Source Limited Liability Partnerships Complete Business Associations List Matched to this deck.

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0 tracked cards Business Associations

A three-partner bakery agreement required unanimous approval for equipment purchases over $10,000. One partner, who normally handled bakery equipment, bought a $16,000 commercial mixer from the bakery's regular supplier. The supplier knew the buyer was a partner but did not know about the internal approval limit.
Which statement is most accurate as to the supplier's claim against the partnership?

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The partnership is bound only if the acting partner owned more than half of the partnership. The partnership is bound only if the seller first exhausted remedies against the acting partner. The partnership is not bound because partners are agents only for tort matters. The partnership is bound if the purchase was in the ordinary course and the seller lacked knowledge or notice of the authority limit.

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