Practicing Success
Vijay and Sameer are partners in a firm. Vijay has agreed to buy raw material from supplier at ₹3/unit. Though Sameer feels it is too high, the firm is still bound to buy and make required payment. The features of partnership highlighted above is: |
Unlimited liability Profit sharing Implied authority Utmost good faith |
Implied authority |
The correct answer is option (3) - Implied authority |