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Question
In which form of organisation is a trade agreement made by one owner binding on the others? Give reasons to support your answer.
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Solution
It is under partnership that the trade agreement made by one owner becomes binding for others. This is because every partner acts for each other. In other words, every partner is both a principle as well as an agent. As an agent, he binds others through his actions and as a principle he is bound by the actions of others.
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