Contracts in Engineering the Interpretation And Writing of Engineering Commerc

Cover Contracts in Engineering the Interpretation And Writing of Engineering Commerc
Contracts in Engineering the Interpretation And Writing of Engineering Commerc
James Irwin Tucker
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C. See 64 S. E. Reporter 88. ) 179 266 CONTRACTS PARTNERSHIP 266. Partnerships were known before the legal relationship called a corporation was invented. When an undertaking too large for the personal resources of the projector came up, he invited one or more persons in whom he reposed sufficient con- fidence to pool their assets with him. Upon the strength of their combined credits and resources, whether of property, money, personal skill, or knowledge, the scheme was undertaken. The resultin...g status of the individuals was in law known as a partner- ship. Our present purpose is to present some of the most prom- inent characteristics of this legal status, or relationship. The discussion will fall under three general heads, viz. : general and limited partnerships, and joint-stock companies.
267. DEFINITION. A partnership is defined as the rela- tion existing between persons who have agreed to combine their property, labor, or skill, or some or any of them, in lawful com- merce or business, sharing the profits, and generally the losses, between them.


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