Business Law - Jamie Clark and Joe Adamson - Partnerships
The business case study involving Jamie Clark and Joe Adamson is mainly partnership, but due to some issues arising between the two partners Jamie has decided to take legal claims against Joe in the court of law. In order to pass judgment in this case, the partnership agreement would be examined and discussed according to the court of law. Issues like business law, business partnership, intellectual property, and limited liability will be investigated to further our understanding of the case. According to the law, business Law refers to laws that usually apply to business entities like corporations and partnerships. Business partnership with Uniform Partnership Act states "Two or more people in an association in a business for profit are said to be in, regardless of their intention to form a partnership (Spadaccini par 1). Partnership offers multiple owners simplicity and flexibility of the organization of the business.
In a limited liability partnership or limited partnerships, a partnership can have a degree of liability protection. In addition, partnerships can also be formed with a handshake or oral agreement. Therefore, misunderstandings occur, thus a written partnership agreement is needed. In the case study, during dinner they drafted the contract on the back of a menu, and did not add an integration clause, making the terms of the agreement of the contract as final without a signature. There are things that have taken place that need understanding, integration clause or popularly known as merger clause is a term used in a contract to declare it complete and final agreement between parties and usually placed towards or at the end of the contract. In its original state, the integration clause states
[...] Only the agreements on the integration clause would be undertaken (Elms par 2). Viewing the integration clause, it seems that Jamie and Joe did not finalize their partnership agreement, hence making the contract invalid under the law. It would be difficult or impossible for the judge to reach a verdict concerning Jamie and Joe's case because there is no partnership contract document signed as evidence showing the two are in a business. However, Jamie may take another approach to file a complaint against Joe. [...]
[...] There is one fact in the case study about the business partnership between Jamie and Joe. They both co-signed on the note for an extensive line of credit and this can be proven at the bank records. Although Joe is using a fake name, the fingerprint evidence identifies him as Jack Johnson and this can be used to justify that a fraudster called Jack Johnson committed fraud and embezzled funds from their business account. In the end there are ways that Jaime can get settlement for all her hard work in the business partnership. [...]
[...] Second, it is significant to constantly monitor the behavior of the partner in a business to ensure that they act within the business contract. To conclude, a business partnership is one of the best forms of business partnerships for the simple reason of sharing responsibilities among other things, however business partners should ensure they enter into a valid business partnership. Works Cited Elms, Daniel P. “Using Contractual Merger Clauses in Defense of Fraud Claims Business Torts Litigation ABA Section of Litigation.” American Bar Association Apr. 2013: 2-12. [...]
[...] Business partnership with Uniform Partnership Act states "Two or more people in an association in a business for profit are said to be in, regardless of their intention to form a partnership (Spadaccini par 1). Partnership offers multiple owners simplicity and flexibility of the organization of the business. In a limited liability partnership or limited partnerships, a partnership can have a degree of liability protection. In addition, partnerships can also be formed with a handshake or oral agreement. Therefore, misunderstandings occur, thus a written partnership agreement is needed. [...]
[...] Print. Spadaccini, Micheal. "The Legal Ins and Outs of Forming a Partnership." Entrepreneur Apr. 2013: 1-9. Print. [...]
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