Discuss why a partnership is both a principal contract and a preparatory contract in not more than four (4) sentences.

Q. 1.Principle 1: When two or more persons make a joint promise, the promisee may, in the absence of a contract to the contrary, compel any of such joint promisors to perform the whole of the promise.Principle 2: A contract which completely bars the jurisdiction of the courts of law is void.Facts: X and Y are brothers. They were renovating their ancestral home. They entered into a contract with Z, wherein Z promised to supply cement to X and Y. The contract provided that Z was to deliver the cement at the site of construction at his own cost. It was further provided that the payment was to be made only after the repair and renovation work was over. The claims under the contract were to be raised against both the brothers and any dispute was subject to arbitration and the decision of the arbitrator was to be final and binding. After the repair work was complete, Z raised a claim against X for payment. Decide whether the claim of Z will be upheld.a.    No, as the contract completely bars the jurisdiction of the court of law, therefore the contract cannot be enforced.b.    Yes, as the principle clearly states that a contract can be enforced against any one of the promisors.c.    No, as Y has not been made a party to the claim.d.    Yes, as Z has supplied cement under the contract and has raised his claim only after the completion of the work, therefore he is entitled to claim his money.

A partnership is an onerous contract because the law provides a name for it.Group of answer choicesTrueFalse

A contract of partnership gives rise to only two types of relations: (1) relations among the partners; and (2) relations of the partners with the partnership.Group of answer choicesTrueFalse

Under the Uniform Commercial Code (UCC), contracts for the sale or lease of goods may be made in any manner sufficient to show: Blank______.Multiple choice question.mediationan invitation to negotiatemitigationagreement

As a general rule, a partnership contract must be in written form.