Describe the implied authority of a partner in every partnership business.

Implied Authority of a partner

In a trading firm the implied authority of a partner has been held to include:

  1. Purchasing goods on behalf of the firm.
  2. Selling goods for the firm.
  3. Receiving payments of the debts due to the firm.
  4. Settling accounts with the person dealing with the firm
  5. Borrowing money on the credit of the firm.
  6. Drawing, accepting, and endorsing bills and other negotiable instrument in the name of
    the firm.
  7. Employing servants and advocates for the firm.
  8. Pledging the goods of the firm for the purpose of borrowing money.
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