Formation and duration

Abstract

[Extract] Partnership agreements or articles, as they are commonly known, regulate the relationship between partners. The partnership relationship is also regulated by the partnership legislation. However, certain provisions of the partnership legislation will not apply if the partnership agreement contains provisions that contradict them. Partnership agreements are usually in writing, but, like other contracts, they may also be oral, partly written and partly oral or even implied from the parties' actions. They may also be varied orally, by consent or by conduct. The law of partnership does not impose itself upon a contract so as to alter the rights and duties of the parties from those stipulated in the terms of the contract.