37. Duration of partnership.

A partnership may be entered into for: (1) a fixed term; (2) a single adventure or undertaking; or (3) an undefined time1.

Unless otherwise agreed, where the partnership is for a fixed term, it terminates on the expiration of that term2. A partnership entered into for a single undertaking is dissolved by the expiry of that undertaking3. Where no fixed term has been agreed upon for the duration of the partnership, it is a partnership at will4 and any partner may determine it at any time on giving notice of his intention to do so to all the other partners5.

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