26. Partnership agreements.

26.     Partnership agreements.

The relations between partners are usually regulated by partnership agreements. Many provisions of the Partnership Act 1890 apply only in the absence of any agreement to the contrary, and so the agreement may supersede numerous provisions of the statute.

Partnership agreements are governed by the law of contract1 and will be construed according to normal canons of construction2, so that a court will construe a partnership agreement in the light of partners' objectives3, and terms may be implied by the court to give the agreement business efficacy4.

Partnership agreements are usually in writing, but, even so,