Cathy and Dube are estate agents, who decide to conduct business jointly. They came to the following oral agreement:(a) Cathy will provide R10,000 that is needed to carry on the business. Half of this amount will be refunded to Cathy, together with interest, after a period of two years.(b) Dube will be responsible for all the administrative work, and he will not have the authority to enter into any contract without Cathy’s consent.(c) Cathy will be entitled to the first R25,000 of the annual profit, and all profits thereafter will be divided equally between Cathy and Dube.Required:Advise Cathy and Dube whether the agreement constitutes a partnership. (10 marks)
