1. Is the oil land partnership property? Why or why not?-Does
ASSIGNMENT1. Lynn and Jack jointly own shares of stock of a corporation, have a joint bank
account, and have purchased and own as tenants in common a piece of real estate. They
share equally the dividends paid on the stock, the inter- est on the bank account, and the
rent from the real estate. Without Lynn’s knowledge, Jackmakes a trip to inspect the real
estate and on his way runs over Samuel. Samuel sues Lynn and Jack for his personal
injuries, joining Lynn as defendant on the theory that Lynn was Jack’s partner. Is Lynn a
partner of Jack? Explain.2. James and Suzanne engaged in the grocery business as partners.
In one year, they earned considerable money, and at the end of the year, they invested a
part of the profits in oil land, taking title to the land in their names as tenants in common.
The investment was fortunate, for oil was discovered near the land, and its value increased
many times. Is the oil land partnership property? Why or why not?3. Sheila owned an old
roadside building that she believed could be easily converted into an antique shop. She
talked to her friend Barbara, an antique fancier, and they executed the following written
agreement:a. Sheila would supply the building, all utilities, and $100,000 capital for
purchasing antiques.b. Barbara would supply $30,000 for purchasing anti- ques, Sheila
would repay her when the business terminated.c. Barbara would manage the shop, make all
purchases, and receive a salary of $500 per week plus 5 percent of the gross receipts.d. Fifty
percent of the net profits would go into the pur- chase of new stock. The balance of the net
profits would go to Sheila.e. The business would operate under the name “Roadside
Antiques.” Business went poorly, and after one year, a debt of $40,000 is owed to Old
Fashioned, Inc., the principal supplier of antiques purchased by Barbara in the name of
Roadside Antiques. Old Fashioned sues Roadside Antiques, and Sheila and Barbara as
partners. Decision?4. Clark, who owned a vacant lot, and Bird, who was engaged in building
houses, entered into an oral agreement by which Bird was to erect a house on the lot. Upon
the sale of the house and lot, Bird was to have his money first. Clark was then to have the
agreed value of the lot, and the profits were to be equally divided. Did a partnership exist?