partnership 1

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December 24, 2017 at 12:34 pm #424659
humai
Participant
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1) “The firm is not bound by the implied authority of a partner if the third party knows the partner has no express authority.”

Sir does the phrase 1 means that, If it is expressly stated that the partner has no authority neither express nor implied then the partner cannot bind the firm
December 24, 2017 at 12:48 pm #424661
MikeLittle
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No, that’s not what it means

It means that if the third party is specifically aware that a partner has no authority, then that third party is not able to rely upon the principle that a partner in a firm has implied authority

OK
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