Business Laws: Conduct of the Business (Section 12)

Vocabulary flashcards covering Section 12 of Business Laws, detailing partner rights, duties, decision-making rules, and court remedies.

Section 12(a) - Right to take part in the conduct of the Business

The legal provision stating that every partner has a right to take part in the conduct of the business of the firm because their management powers are generally co-extensive.

Section 12(b) - Duty to attend diligently

The legal rule specifying that every partner is bound to attend diligently to his duties in the conduct of the business.

Section 12(c) - Ordinary Matters Decision

The rule allowing any difference arising as to ordinary matters connected with the business to be decided by a majority of the partners, provided every partner has the right to express his opinion beforehand.

Section 12(c) - Consent for Change in Nature of Business

The requirement that no change may be made in the nature of the business without the unanimous consent of all partners.

Section 12(d) - Right to Books of the Firm

The statutory right of every partner to have access to, inspect, and copy any of the books of the firm.

Section 12(e) - Rights of Deceased Partner's Representatives

The provision granting a deceased partner's heirs, legal representatives, or duly authorised agents the right to access, inspect, and copy any of the books of the firm.

Court Injunction for Preclusion

A court order issued to restrain partners from wrongful interference when a partner is wrongfully precluded from participating in the management of the firm.

Contract to the Contrary

An agreement between partners that modifies the standard legal rights under Section 12, such as restricting a partner's management power or granting management exclusively to specific partners.