Kirk, Spock and Bones were partners in a company that sold TV memorabilia, aptly named Memorabilia Partnership. The memorabilia business was not as popular as it had once been, so Kirk decided to withdraw from the partnership and duly notified the other members. Memorabilia Partnership was an at-will partnership and the members agreed to dissolve the partnership and parted amicably. They posted a notice in the local newspaper of the dissolution of Memorabilia Partnership. Ed decided that he would like to host a Star Trek convention. Part of Ed’s idea was to put a piece of TV memorabilia in the hands of the first 500 people at the convention. Ed had, in the past, conducted business with Memorabilia Partnership several times to buy memorabilia for special events. Ed did not see the newspaper notice and was not informed of the dissolution of Memorabilia Partnership. Ed approached Kirk to make a deal. Ed placed an order, gave a substantial down payment to Kirk, and received a receipt on Memorabilia Partnership stationery from him. Kirk left the country with the down payment. Spock and Bones, the other former members of Memorabilia Partnership, failed to honor the contract. Ed sued the other former members of Memorabilia Partnership. Discuss Spock and Bone’s potential liability.

Question

08-10-2020
Business

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Kirk, Spock and Bones were partners in a company that sold TV memorabilia, aptly named Memorabilia Partnership. The memorabilia business was not as popular as it had once been, so Kirk decided to withdraw from the partnership and duly notified the other members. Memorabilia Partnership was an at-will partnership and the members agreed to dissolve the partnership and parted amicably. They posted a notice in the local newspaper of the dissolution of Memorabilia Partnership. Ed decided that he would like to host a Star Trek convention. Part of Ed’s idea was to put a piece of TV memorabilia in the hands of the first 500 people at the convention. Ed had, in the past, conducted business with Memorabilia Partnership several times to buy memorabilia for special events. Ed did not see the newspaper notice and was not informed of the dissolution of Memorabilia Partnership. Ed approached Kirk to make a deal. Ed placed an order, gave a substantial down payment to Kirk, and received a receipt on Memorabilia Partnership stationery from him. Kirk left the country with the down payment. Spock and Bones, the other former members of Memorabilia Partnership, failed to honor the contract. Ed sued the other former members of Memorabilia Partnership. Discuss Spock and Bone’s potential liability.

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Tundexi Tundexi · Answer 1 · 2020-10-09T02:46:56+02:00

Answer:

In this case, Spock and Bone's potential liability is nothing and they cannot be held responsible for non honoring of contract of Memorabilia Partnership with Ed. This is because, Memorabilia Partnership was dissolved and Spock and Bone's cannot be held responsible for Kirk's actions. Since Kirk fled the country with down payment money, hence he is liable for suitable punishment and fine but since Spock and Bones were not involved in this crime, hence they cannot be held liable for anything.