Derek and Hailey,partners sharing net income in the ratio of 2:1,admit Ben to the partnership in accordance with the following agreement: 
Required 
Definitions:
Formal Operational
The formal operational stage is the fourth and final stage of Jean Piaget's theory of cognitive development, characterized by the ability to think abstractly and systematically solve problems.
Assimilation
The process by which individuals or groups of differing ethnic heritage are absorbed into the dominant culture of a society.
Piaget
A Swiss psychologist who pioneered the study of cognitive development in children, proposing stages through which they progress as they grow.
Old Ideas
Concepts or beliefs that have been held for a long time, possibly outdated or overshadowed by more recent developments.
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