Examlex
Please define the following key terms. Show Who? What? Where? When? Why Important?
-Hume
Contract Obligations
Duties imposed by a contract that parties must perform; failure to do so can result in legal action.
Partnership By Estoppel
A legal principle that occurs when a person who is not technically a partner in a business behaves like a partner or allows others to believe they are a partner, and as a result, may be held liable as a partner.
Justifiably Relies
A principle where a party reasonably depends on the statements or actions of another, typically in a legal or contractual context.
Remaining Partners
The partners who continue the business after one or more partners depart.
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