LAW POINTS. 695 



a particular work, is termed a special partnership ; while the partner putting 

 in a limited amount of capital, upon which he receives a corresponding amount 

 of profit, and is held correspondingly responsible for the contracts of the firm, 

 is termed a limited partnership, the conditions of which are regulated by 

 statute in different States. A partner signing his individual name to negotia- 

 ble paper, which is for the use of the partnership firm, binds all the partners 

 thereby. Negotiable paper of the firm, even though given on private account 

 by one of the partners, will hold all the partners of the firm, when it passes 

 into the hands of holders who are ignorant of the facts attending its creation. 

 Partnership effects may be bought and sold by a partner ; he may make con- 

 tracts ; may receive money ; indorse, draw, and accept bills and notes ^ and 

 while this may be for his own private account, if it apparently be for the use 

 of the firm, his partners will be bound by his action, provided the parties 

 dealing with him were ignorant that the transaction was on his private account ; 

 and thus representation or misrepresentation of a partner, having relation to 

 business of the firm, will bind the members in the partnership. An individual 

 lending his name to a firm, or allowing the same to be used after he has with- 

 drawn from the same, is 'still responsible to third persons, as a partner. A 

 partnership is presumed to commence at the time articles of copartnership are 

 drawn, if no stipulation is made to the contrary, and the same can be dis- 

 continued at any time, unless a specified period of partnership is designated 

 in the agreement ; and even then he may withdraw, by giving previous notice 

 of such withdrawal from the same, being liable, however, in damages, if such 

 are caused by his withdrawal. Should it be desired that the executors and 

 representatives of the partner continue the business in the event of his death, 

 it should be so specified in the articles, otherwise the partnership ceases at 

 death. Should administrators and executors continue the business under 

 such circumstances, they are personally responsible for the debts contracted 

 by the firm. If it is desired that a majority of the partners in a firm have the 

 privilege of closing the affairs of the company, or in any way regulating the 

 same, such fact should be designated in the agreement ; otherwise such right 

 will not be presumed. Partners may mutually agree to dissolve a partner- 

 ship, or a dissolution may be effected by a decree of a court of equity. Dis- 

 solute conduct, dishonesty, habits calculated to imperil the business of a firm, 

 incapacity, or the necessity of partnership no longer continuing, shall be 

 deemed sufficient causes to invoke the law in securing a dissolution of part- 

 nership, in case the same cannot be effected by mutual agreement. After 

 dissolution of partnership, immediate notice of the same should be given in 

 the most public newspapers, and a notice likewise should be sent to every 

 person having special dealings with the firm. These precautions not being 

 taken, each partner continues liable for the acts of the others, to all persons 

 who have no knowledge of the dissolution. 



Wills. The legal declaration of what a person determines to have done 

 with his property after death is termed a will. All persons of sufficient age, 

 possessed of sound mind, excepting married women in certain States, are 

 entitled to dispose of their property by will. Children at the age of four- 



