Home >> Cyclopedia-of-law-vol-4 >> Acceptance Necessary To Complete to Partners Ex Emption >> Dissolution by Act of

Dissolution by Act of the Parties

Loading

DISSOLUTION BY ACT OF THE PARTIES. On assuming the re lation the partners may expressly agree that it shall continue for a stated time, and the lapse of this time works a dissolution, unless continued by a new agree ment. And where a definite object or single transac tion is the purpose of the partnership, the accomplish ment of this object works a dissolution. (Bohrer v. Drake, 33 Minn. 408.) So by mutual consent the partners may terminate the partnership, or by refusing to go on with the business impliedly terminate it by consent. Where the partner ship is one for the existence of Which no definite time is fixed, called a partnership at will, it may be termi nated by any partner whenever he desires. And though the partnership is to exist for a stated period, one partner may by agreement have the right to dis solve the partnership on notice, or on the happening of some specified event. For violation of an agreement to continue in a partnership for a stated period, the partner is liable in damages, but he may nevertheless withdraw from the firm. A sale of his interest by a partner, or a sale upon execution, works a dissolution. (Plater v. Sands, 29 Kans. 551.)

partnership