Bob and Carl and Jane Partnership - BCJ Motors Case Study Help

Assignment Task

ILAC QUESTION:

Bob, Carl, and Jane form a partnership in Queensland called BCJ Motors, to sell used cars. Pamela is looking at cars in the yard at BCJ Motors and is discussing the details of purchasing a car with Bob. During their conversation, Bob mentions that he loves sailing and is looking for a yacht. Pamela replies that she has a yacht for sale for $20,000. Bob decides that he wants to buy it (for his own use) but doesn’t have enough money at the moment. He signs a contract to buy the yacht on credit, as “partner, BCJ Motors”, telling Pamela that “the firm can pay for it because when I’m not using it, we’ll put it on display in the car yard to attract customers”. 

Two weeks after buying the yacht, Bob has second thoughts about whether it was a good investment, so he sells it for $25,000. He doesn’t tell the other partners about buying the yacht or selling it, but they find out when Pamela returns to the car yard and mentions it to Carl.

Advise Carl and Jane as to whether Bob has breached any duties to the firm and what money the firm can recover from him (if any).

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