Idaho Code 53-409 – Members Cannot Bind Partnership
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 53-409
- Contract: A legal written agreement that becomes binding when signed.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
No member of a mining partnership or other agent or manager thereof can, by a contract in writing, bind the partnership except by express authority derived from the members thereof.