Theo, a Member of TGI Partnership, Withdrew from the Partnership

question 9

Essay

Theo, a member of TGI partnership, withdrew from the partnership and duly notified the other members. The firm was an at-will partnership and the parties parted amicably, posting a notice in the local newspaper of the dissolution of their firm. Cosmo, a customer who had conducted business with Theo several times, did not see the newspaper notice and was not informed of the dissolution. Later, Theo approached Cosmo concerning a transaction similar to those Cosmo had engaged in before with Theo acting on behalf of TGI. Cosmo placed an order, gave a substantial down payment to Theo, and received a receipt on TGI stationery from him. Theo thereafter absconded with the down payment, and TGI failed to honor the contract. Cosmo sued the other members of TGI partnership. Discuss their potential liability.

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Definitions:

Ideas

Concepts, thoughts, or suggestions aimed at solving a problem, creating value, or providing insights.

Target Markets

Specific groups of potential customers a company aims to reach with its marketing and sales efforts.

Interchangeable Blades

Blades made to be replaced or switched out of a device, allowing for multiple uses or the replacement of dull blades without replacing the entire tool.

Marketing Mix

The combination of factors that can be controlled by a company to influence consumers to purchase its products, often referred to as the 4Ps: Product, Price, Place, and Promotion.