LST2LBA Law of Business Association

Task:

Answer the following

Situation 

Alfred and Beatrice operated a bookshop together, sharing profits equally.  They decided to expand.  Their friend Coco offered them $50,000 to help finance the expansion.  Accordingly she agreed with Alfred and Beatrice that she would lend the money in return for $5,000 a year payable from sales less outgoings.  However, she was concerned that she might lose her money.  Hence Alfred and Beatrice also agreed that they would consult her on any major decisions and that she could inspect the books whenever she wanted to.  

Q1. What is the relationship between Alfred, Beatrice and Coco?