Extension and restriction of partner’s implied authority.— The partners in a firm may, by contract between the partners, extend or restrict the implied authority of any partner. Notwithstanding any such restriction, any act done by…
Partner’s authority in an emergency.— A Partner has authority, in an emergency, to do all such acts for the purpose of protecting the firm from loss as would be done by a person of ordinary…
Mode of doing act to bind firm.— In order to bind a firm, an act or instrument done or executed by a partner or other person on behalf of the firm shall be done or…
Effect of admissions by a partner.— An admission or representation made by a partner concerning the affairs of the firm is evidence against the firm, if it is made in the ordinary course of business.
Effect of notice to acting partner.— Notice to a partner who habitually acts in the business of the firm of any matter relating to the affairs of the firm operates as notice to the firm,…
Liability of a partner for acts of the firm.— Every partner is liable, jointly with all the other partners and also severally, for all acts of the firm done while he is a partner.
Liability of the firm for wrongful acts of a partner.— Where, by the wrongful act or omission of a partner acting in the ordinary course of the business of a firm, or with the authority…
Liability of firm for misapplication by partners.— Where— (a) a partner acting within his apparent authority receives money or property from a third party and misapplies it, or (b) a firm in the course of…
Holding out.— (1) Anyone who by words spoken or written or by conduct represents himself, or knowingly permits himself to be represented, to be a partner in a firm, is liable as a partner in…