Question

Partnership agreement may be oral or written. (State with reason whether the given statement is true or false)

Answer 1

Answer:

The given statement is true that a "Partnership agreement may be oral or written." This is so because to form any form of agreement/ i.e a contract, the basic elements needed are offer, acceptance, consideration and intent to create legal relations.

Even in the case of a partnership, oral agreement works. But it is difficult to convince others regarding an oral commitment. The better way to go at it would be to form a written agreement. This should be signed by the all parties.

Answer 2

Answer:

This statement is True.

Explanation:

A business concern for a partnership that relates to purely business aspects between its partners. A written document is more useful than an oral agreement made between two or more persons. Two or more people want to start a new business and share the benefits and disadvantages they come together to form a partnership such as a written agreement called a 'partnership deed'.