PARTNERSHIP BY ESTOPPEL
\pˈɑːtnəʃˌɪp ba͡ɪ ɛstˈɒpə͡l], \pˈɑːtnəʃˌɪp baɪ ɛstˈɒpəl], \p_ˈɑː_t_n_ə_ʃ_ˌɪ_p b_aɪ ɛ_s_t_ˈɒ_p_əl]\
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A legal, binding partnership that may occur where previously, no formal partnership agreement was in place. A person who exhibits such conduct, or says words which represent, or allow him to be represented, as a partner in any firm becomes liable to any loans or credits that are obtained by the firm. It is also known as the presumption of partnership.
By Henry Campbell Black
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