Clare,Dan andEve formed a partnership 10 years ago, althoughClare was a sleeping partner and never had anything to do with running the business. Last yearDan retired from the partnership.Eve has subsequently entered into two large contracts. The first one was with a longstanding customer Greg, who had dealt with the partnership for some five years. The second contract was with a new customer Hugh.Both believed thatDan was still a partner in the business.Both contracts have gone badly wrong leaving the partnership owing ￡50,000 to both Greg and Hugh. Unfortunately the business assets will only cover the first ￡50,000 of the debt.Required:Explain the potential liabilities ofClare,Dan, andEve for the partnership debts. (10 marks)