Adams and Baker formed a general partnership to establish a stock farm to raise quarter-horses...
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Adams and Baker formed a general partnership to establish a stock farm to raise quarter-horses for sale. They acquired a herd of brood mares for that purpose. Without the knowledge or consent of Baker, Adams sold the entire herd to Lowman, and gambled away the substantial down payment given to Adams by Lowman. After the down payment, the partnership received no further payments from Lowman. Baker refused to surrender the herd to Lowman and Lowman brings a replevin action (an action to obtain possession of the herd) against the partnership, Baker, and Adams.
(a) Discuss and fully explain any and all legal ramifications of the above facts.
(b) Assume the same facts as in question 6(a) hereinabove, except Adams forms a member managed limited liability company (LLC), rather than a partnership. Again, discuss and fully explain any and all legal ramifications of the above facts.
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