Business Law Case

1. The legal definition for a partnership is when two or more people decides to run a business enterprise in which the profits and losses are shared equally and the proper formation of a partnership can be done through written or oral agreement. I do not believe an actual partnership was set up between these four Trent students. This is because the students made an oral agreement yet just to take part in further research, there was no mention of profit sharing or co-ownership of the situation is made. I think a plan is developed and an equal spread of the workload is addressed, which make it look more like a strategy rather than an agreement.

2. The basic provisions of the partnership are that each of the four members had equally contributed …show more content…
In question three, I discussed some points relating to this question because I thought they would perfectly fit there too. I personally believe Allen should be entitled to the entire twenty million since he was the one who found it (keeping in mind no agreement of partnership was made) and he researched for all nine weeks. However, the boat used was still shared in payments by all four members while when only Allen was exploring, this could lead to a shared contribution of the profits. Keeping in mind, the only way the treasure was found was through the means of the boat, and if Paul, Henry and Sam debate that their financial contribution (the boat) was essential to the discovery then I believe the judge will appoint Sam, Henry and Paul with a share of the profits due to their contribution in the boat and for their certain amount of efforts. Besides this, as I have also stated in question 3 that since Allen made the largest effort and found the treasure I believe he should have the largest cut amounting of seven million. Paul is next up as he contributed his efforts for eight of the nine weeks, so I think he is legible to six million dollars. Sam and Henry were not present for over half of the project so I think they are legible for three million. Although Sam and Henry agreed and wanted to start this project, contributed one hundred hours into research and split the boat rental fees, I do not believe that is a sufficient contribution to earning an equal amount as Allen when he had to search for another five weeks which is more than double the time put in by Sam and Henry. It's a troublesome choice considering the expansive money related distinction between three million and seven in such a brief period, yet in the event that not chose through exertion then I don't think another method for fair payment can be