A) A partnership at will
B) An equitable partnership
C) An absolute partnership
D) A terminable partnership
E) An agency partnership
G) A) and E)
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A) A partner fails to comply with provisions of the contract.
B) A partner inexplicably abandons the partnership and does not return on request.
C) A partner is declared bankrupt.
D) A partner fails to bring the capital he or she promised.
E) A partner uses capital belonging to the partnership in his or her own name.
G) A) and B)
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A) A partnership at will
B) A partnership at sufferance
C) An indeterminate partnership
D) A temporary partnership
E) There is no such partnership because a partnership cannot exist unless either the objective or duration is stated.
G) All of the above
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A) They originated in the United States approximately 50 years ago.
B) They originated in Europe over 500 years ago.
C) They originated in England approximately 200 years ago.
D) They originated in the United States approximately 200 years ago.
E) They originated in Mexico approximately 50 years ago.
G) B) and D)
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B) False
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A) There is no requirement that notice be provided because by law, the dissolving partner has no authority to bind the partnership.
B) The third party may be notified through advertisement in the newspaper.
C) The third party may be notified through a general post on the Internet at the partnership's website.
D) The third party must be provided direct verbal or written notice.
E) The third party must be provided written notice based on the statute of frauds.
G) A) and B)
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A) That the plaintiff's suit was timely because the statute of limitations on an action for an accounting as to a partnership does not begin to run until all property owned by the partnership is sold and that the statute of limitations, computed as of that point, is six years.
B) That the plaintiff's suit was timely because the statute of limitations on an action for an accounting as to a partnership does not begin to run until all property owned by the partnership is sold and that the statute of limitations, computed as of that point, is two years.
C) That the plaintiff's suit was timely because there is no statute of limitations on an accounting as to partnership property so long as one of the partners is living.
D) That the plaintiff's suit was untimely because the statute of limitations on an action for an accounting as to a partnership begins to run when the withdrawing partner ceases to be associated with the business resulting in dissolution and that the statute of limitations, computed at that point, is six years.
E) That the plaintiff's suit was untimely because the statute of limitations on an action for an accounting as to a partnership begins to run when the withdrawing partner ceases to be associated with the business resulting in dissolution and that the statute of limitations, computed at that point, is two years.
G) B) and E)
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B) False
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A) Resolution
B) Dissolution
C) Resignation
D) Suspension
E) Transformation
G) B) and C)
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A) Partnership; the firm
B) Interests; partnership
C) The firm; interests
D) The firm; partnership
E) Interests; the firm
G) All of the above
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The parties should not enter into a limi...View Answer
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A) That the exclusion of a partner from the partnership was grounds for automatic dissolution and that, on that basis, the partnership had been dissolved prior to the death of the partner at issue.
B) That the insolvency of one of the partners resulted in automatic dissolution of the partnership prior to the death of the partner at issue.
C) That the partnership was dissolved prior to the death of the partner at issue based upon lawsuits filed by third-party creditors.
D) That by agreement of the partners, the partnership had been dissolved prior to the death.
E) That the partnership had not been dissolved at the time of the death of the partner at issue.
G) None of the above
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A) 5; 3
B) 5; 5
C) 1; 1
D) 2; 3
E) 2; 2
G) C) and D)
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A) Payment of refunds or loans to partners for loans made to the firm.
B) Payment to partners of the capital they invested.
C) Payment of profits distributed to partners on the basis of the partnership agreement.
D) Payment to creditors of the partnership.
E) Payment of bills of lading.
G) None of the above
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A) Wally did not have actual authority to bind the partnership.
B) Wally had actual authority to bind the partnership because the law firm had not notified anyone at the office supply that he was no longer authorized to make purchases for the law firm.
C) Wally had actual authority to bind the partnership so long as the purchases were made within seven days of his resignation.
D) Wally had actual authority to bind the partnership so long as the purchases were made within ten days of his resignation.
E) Wally had actual authority to bind the partnership only if he cannot be found within one year of the date the purchases were made.
G) C) and D)
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A) During the first year of business, a limited partner is not legally entitled to a share of the profits.
B) During the first year of business, a limited partner is only entitled to a share of the profits at the discretion of the general partners.
C) A limited partner is generally entitled to a share of the profits, but during the first year of business, a limited partner is only entitled to one-half of whatever the share would normally have been.
D) During the first year of business and also in subsequent years, a limited partner has a right to share in the profits.
E) A new limited partner is only entitled share in the profits after a partnership has been successful for three consecutive years.
G) D) and E)
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A) On the basis that it was not reasonable to expect the partnership to continue in business in conformity with the partnership agreement, the court reversed the Bankruptcy Appellate Panel's ruling and found that the trustee was entitled to dissolution of the partnership.
B) On the basis that the partnership agreement's stated purpose did not conform to the representations made at trial regarding the partnership's business interests, the court upheld the Bankruptcy Appellate Panel's ruling that the trustee was entitled to dissolution.
C) Finding that as a matter of law the bankruptcy trustee was entitled to choose at his option whether or not to seek dissolution, the court reversed the Bankruptcy Appellate Panel's decision refusing to uphold the trustee's motion seeking dissolution.
D) Finding an absence of evidence indicating that it was not reasonable practicable for the partnership to carry on its business in conformity with the partnership agreement, the court upheld the Bankruptcy Appellate Panel's decision refusing to require dissolution.
E) Finding that the debtor was willing to continue as both a general and limited partner, the court upheld the Bankruptcy Appellate Panel's decision refusing to require dissolution.
G) A) and E)
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A) If the general partners fail to bring a suit on behalf of the limited partnership, the limited partner can bring the suit.
B) If the general partners fail to bring a suit on behalf of the limited partnership, the limited partner can bring suit but only after obtaining the permission of all general partners.
C) If the general partners fail to bring a suit on behalf of the limited partnership, the limited partner can bring suit but only after obtaining the permission of a majority of the general partners.
D) A limited partner has no rights to bring suit on behalf of the partnership.
E) A limited partner has a right to bring suit on behalf of the partnership only if the litigation is in an amount of over $75,000 and then only with the permission of all general partners.
G) C) and D)
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A) Death of a partner results in dissolution of a partnership by operation of law.
B) A partnership engaging in an activity that suddenly becomes illegal results in dissolution of a partnership by operation of law.
C) A partner's engagement in any other business activity results in dissolution of a partnership through an act by a partner.
D) A partner withdrawing from the partnership at will results in dissolution through an act by a partner.
E) A partner withdrawing or being expelled pursuant to the partnership agreement results in dissolution through an act by a partner.
G) A) and E)
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A) That the partner at issue was partially at fault for the wrongful dissolution of the partnership but that he would be entitled to sue for damages because the dissolution was not entirely his fault.
B) That the partner at issue was partially at fault for the wrongful dissolution of the partnership and that he was therefore barred from recovering damages from the other partners.
C) That the partner at issue was not at fault for the dissolution of the partnership because expenditures were improperly made by the partnership and hidden from him but that he was barred from recovering damages because the partnership had not yet been wound up.
D) That the partner at issue was fully at fault for the wrongful dissolution of the partnership and that he was therefore barred from recovering damages from the other partners.
E) That the partner at issue was not at fault for the dissolution of the partnership because expenditures were improperly made by the partnership and hidden from him and that he could sue for damages based upon the wrongful acts of the other partners.
G) C) and E)
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