Accounts during the currency of a partnership must be taken according to the uniform practice of the firm1, unless manifestly misleading2, and even if contrary to the method prescribed by the partnership agreement3. Accounts framed in accordance with the firm's uniform practice but contrary to the method prescribed by the partnership agreement may well not be binding, however, upon an outgoing partner or his estate4. In the absence of agreement, the burden of establishing a system different from the firm's usual practice lies on the party who would gain by the varied system
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Broadly, the doctrine of overreaching enables purchasers (which includes tenants and mortgagees) in good faith for money or money’s worth to rely solely on the legal title. In the case of registered land, this means the entries entered on the register of title, as it records ownership of the legal
This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
This Practice Note examines the doctrine of consideration and the key role it plays in English law in determining whether a contract is enforceable.A promise will only be capable of being contractually enforced if it is either made in a deed or made in exchange for something of value, known as
On the disposition of a property (whether by way of conveyance, transfer or charge), the party making the disposition will normally provide a title guarantee which implies standard form covenants for title. A landlord may give a title guarantee when granting a lease, but this is rare in practice.
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