A) Yes,unless the partnership agreement dictates otherwise.
B) Yes,because of estoppel.
C) No,unless Sonali can prove that Reta does not have the funds to pay the judgment.
D) Yes,although the partnership is not liable,the issue of the second partner's liability has not been determined.
E) No,since the partnership is not liable,Sonali cannot bring a successful claim against a second partner on the issue of the partner's liability.
G) C) and D)
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A) If a partnership is liable,each partner only has personal liability in proportion to the number of partnership members.
B) If a partnership is liable,each partner only has personal liability in proportion to the way in which losses are allocated.
C) If a partnership is liable,each partner has unlimited personal liability.
D) Partners do not have personal liability for obligations of a partnership when the partnership itself is liable.
E) If a partnership is liable,each partner only has personal liability in proportion to the way in which profits are allocated.
G) A) and D)
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A) Yes,partners must disclose any material facts affecting the business.
B) Yes,but Leo only has to tell Gordon about the BigBox deal if they are going to split up the business.
C) No,although partners must disclose any material facts affecting the business,Leo does not need to tell Gordon unless he signs an agreement to place SafeT Car in every BigBox store nationwide.
D) No,because Gordon breached his fiduciary duty.
E) No,because Gordon has chosen not to come to work and not to perform any duties.
G) A) and B)
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A) Under the doctrine of marshaling assets,partnership assets are arranged in a certain order to pay any outstanding debts.
B) Title to property can be put in the partnership name.
C) Every partner is considered an agent of the partnership,but not every partner has a fiduciary duty to all other partners.
D) State law determines whether a partnership can or cannot be named in litigation.
E) A partnership is often considered a legal entity when it is sued or being sued.
G) B) and D)
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A) Tenants in property
B) Tenants in the entirety
C) Common tenants
D) Joint tenants
E) Partnership tenants
G) A) and B)
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A) No,he is incorrect unless he can establish that he honestly did not know the law in regard to partnerships and did the extra work believing that he would be compensated.
B) No,he is incorrect unless he can establish that he did at least 30% more work than any other partner.
C) No,he is incorrect.
D) Maybe;Based upon equitable principles he may be correct,but only if he can establish that the other partners wrongfully refused to do their share of the work.
E) Yes,he is correct.
G) A) and C)
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A) Clauses of the articles of partnership
B) Contract of partnership
C) Contract of agreement
D) Articles of partnership
E) Partnership articles
G) A) and E)
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A) That the law firms were not liable because on the basis of the independent management of the law firms involved,no joint venture actually existed.
B) That a joint venture existed and that members could be held liable for a partner's misconduct while acting in the ordinary course of the joint venture's business.
C) That because a joint venture is defined as a multiple-purpose partnership,the participants could be held liable,but only if the misconduct stemmed from activities engaged in on behalf of the joint venture.
D) That while a joint venture existed,vicarious liability could not be asserted in order to hold members of a joint venture vicariously liable for a partner's misconduct.
E) That because a joint venture is defined as a multiple-purpose LLC,the participants could not be held liable regardless of whether the misconduct stemmed from activities engaged in on behalf of the joint venture.
G) C) and D)
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A) Yes,because of the statute of frauds.
B) Informal documentation is sufficient to set forth the existence of the partnership,but not sufficient to set forth the terms of the partnership.
C) Yes,the written agreement is necessary.
D) No,under federal law,oral testimony is sufficient to set forth the existence and terms of the partnership.
E) No,informal documentation,such as e-mails,notes,and memos may be used to identify the existence of a partnership and/or the terms of a partnership.
G) A) and B)
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A) The duty to keep other partners informed of partnership debts.
B) The duty to obey the articles of partnership.
C) The duty to keep other partners informed of the finances of the partnership.
D) The duty to obey instructions of any other partner.
E) The duty to reimburse the partnership for any personal expenditures.
G) All of the above
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B) False
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B) False
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A) No,partnership decisions must be made by 4/5 majority.
B) Yes,because they have a majority vote.
C) No,because a written partnership agreement cannot be amended.
D) Yes,as long as the change to the partnership agreement does not negatively affect any partner.
E) No,because all partners must agree with a change to an element of a partnership agreement.
G) A) and B)
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A) No,as long as the collision was an honest mistake.
B) Yes,unless he disclosed the fact of the collision to Gordon within a reasonable time.
C) Yes,because Leo breached his duty of care in not being careful when moving the car.
D) No,because the collision occurred on partnership property.
E) No,because the garage door is property of the partnership.
G) A) and B)
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A) That expelling a partner who reports suspected overbilling by another partner is not a tort even if the reporting partner had an ethical duty to report the violation but that the reporting partner must be given at least 30 days prior to the expulsion.
B) That expelling a partner who reports suspected overbilling by another partner is not a tort even if the reporting partner had an ethical duty to report the violation but that the reporting partner must be given at least 6 months prior to the expulsion.
C) That prohibiting expulsion of a partner who reports suspected overbilling is necessary to encourage compliance with rules of professional conduct.
D) That expelling a partner who reports suspected overbilling by another partner is not a tort even if the reporting partner had an ethical duty to report the violation.
E) That only if it is judicially determined that overbilling by a partner indeed occurred is a partnership prohibited from expelling a partner who reported the overbilling.
G) A) and E)
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A) The surviving spouse takes the place of the deceased partner and shares equally in the rights to the partnership property.
B) The surviving partners and the surviving spouse receive the rights to the partnership property.
C) The surviving partners and the deceased partner's heirs receive the rights to the partnership property.
D) Without a partnership agreement,there is no effect on partnership property.
E) The surviving partners receive the rights to the partnership property.
G) A) and B)
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B) False
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Articles of partners...View Answer
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A) Nessa cannot be held personally liable,and the capital she adds to the partnership cannot be used to pay off the loan.
B) Nessa cannot be held personally liable,but the capital she adds to the partnership can be used to pay off the loan and her salary can be used to pay off the loan.
C) Nessa cannot be held personally liable,but the capital she adds to the partnership can be used to pay off the loan.
D) Nessa can be held personally liable,up to the amount of her percentage of voting rights.
E) Nessa can be held personally liable,and the capital she adds to the partnership can be used to pay off the loan.
G) None of the above
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B) False
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