The law that the death of one partner in a partnership dissolves and terminates such partnership is elementary.1 Thereupon it becomes necessary so far as the surviving partners are concerned to organize a new partnership. In case the heirs or personal representatives of the decedent are bound by an agreement made with the other partners before his death, and they shall consent to the arrangement and continue the firm and a new firm of partnership is created between the surviving members of the old firm and the representatives of the decedent.2

The executor or administrator entering into such a contract is personally liable for the contracts of the firm.3