Legal Situation in Termination of a Partnership - Essay Example

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"Legal Situation in Termination of a Partnership" paper examines the case of Hylton and Meztista in which partners in a business agreed to terminate their venture and to share the firm’s net worth equally. Melissa produced a balance sheet with an indication of the firm’s net worth. …

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Legal Situation in Termination of a Partnership

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Subject: Law
Type: Essay
Level: Masters
Pages: 1 (250 words)
Downloads: 3
Author: watsicawalker

Extract of sample "Legal Situation in Termination of a Partnership"

The law defines a set of rules that governs legal interactions among individuals in a society. Business law outlines rights and obligations in business relations. This paper seeks to explore a legal situation in the termination of a partnership.

While Hylton questioned the validity of the financial statement, the party was not allowed to inspect the books of account to validate the fears. Meztista then offered a 50 percent share, based on the accounts, and Hylton accepted with a written reservation. Hylton has since filed a suit while Meztista claims that accord and acceptance relinquished rights to such claims. The legal position of the case lies in the legal principle of termination of a contract. Under termination by parties’ agreement, accord and satisfaction legally discharge parties of their obligations in a contract.

Goldman and Sigismond define accord and satisfaction as a party’s decision to accept a lesser consideration to an original agreement followed by the actual execution of such acceptance.

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