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Hi Mike
Question 2 in chapter 1 in practice test
Which part of a Courts decision is binding on a later similar cases
I selected ratio decidendi
But the answer on the portal is ultra viresPlease explain for me.
Thanks
Hmmm – it’s a pity that you didn’t quickly scan through earlier posts on this thread! You are correct and the identified solution is incorrect – it should, of course, be ratio decidendi
I am in the process of going through all the questions in our question banks to try to ensure that there are no other errors but thanks for pointing out this one … again
OK?
Mike in the Bpp kit
Question 1 partnership
Which of the following statements regarding partnerships is correct
A. A partnership must exist for more than a single transaction
B. The business must be profitable
C. A partner can be an individual living person or a registered company.I choose A but C is the answer in the book.
Are they correct Mike, I dont believe soA joint venture is defined as “A partnership …. a course of trade or voyage”
That being so, it seems to me that a partnership in the guise of a joint venture CAN exist for a single course of trade, so option A in my mind is a correct statement
Option B is a bit tricky – it isn’t possible to legislate against organisations making losses so even though an organisation suffers losses, it may still exist as a partnership.
The tricky bit is that, in the definition of a partnership, the firm exists “with a view to profit” so, if these losses that a firm suffers are long term and there is no sign of a change in fortunes, that becomes a ground for a partner to ask the Court for a dissolution order
But if no one asks the Court, the firm continues until the partners collectively decide enough is enough
Now, option C. There is nothing (to my knowledge) in partnership law to prevent a registered company from being partner in a firm
So where does that leave us?
It seems to me that, of the three options given, A and C are true statements but B is incorrect
I’m not sure that that helps!
Does it?
You say that “I guess they are right”
Not according to what I have just written above!
OK?
hey, I’m bit confused in,
which variant should i adopt? LW-ENG or LW-GLO ?
please help me out!Rida, I’ve just answered this question that you have posted also on the open forum
Please, in future, post only on one forum!
If you want a guaranteed response from me, post on this Ask ACCA Tutor forum – I check it every day
If you want a response from just anyone, by all means use the open forum
But, if you post here, I shall reply and normally it’s within just a few hours
OK?
Rida, here’s what I wrote on the open forum in answer to your question
“If you have plans to practice as an accountant in England at any time in the future, then you MUST choose English variant
Otherwise, the choice is yours
As a personal preference, I would select English variant but that’s probably fundamentally because I am English and I find the stories in the cases behind the principles in law great fun
But if you’re not looking to practice as an accountant in England the probably Global variant would be more appropriate
OK?
Whichever you choose, I’m here to answer any queries you may have be they English or Global”
I can give you no more advice than that – it depends on where you wish to go in your professional career
OK?
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