68. Joint liability on contracts.

(iii)     Nature of Liability to Third Persons

68.     Joint liability on contracts.

A partnership is not a 'person' or legal entity in its own right, but it may sue and be sued in the firm name1. A reference in a contract to 'the firm' must be taken to mean the partners themselves2. Every partner in a firm is liable jointly with the other partners for all debts and obligations of the firm incurred while he is a partner3. A promissory note signed by one partner for himself and his named partners may