Question 1

If two parties enter into a share farm agreement in which one provides the land and the other provides the labour,this is most likely to be a(n):

Accepted Answer

A) partnership. 
B) employment relationship. 
C) joint venture. 
D) tenancy in common. 
A) partnership. 
B) employment relationship. 
C) joint venture. 
D) tenancy in common.

Question 2

The case of: Canny Gabriel Castle Jackson Advertising Pty Ltd v Volume Sales (Finance)Pty Ltd [1974] HCA 14 is authority for the principle that:

Accepted Answer

A) 'carrying on' of a business requires repetition of acts. 
B) the existence of a partnership is determined from what the parties do rather than what they call themselves. 
C) partnership agreements should be in writing. 
D) the existence of a fiduciary relationship is essential for the creation of a partnership. 
A) 'carrying on' of a business requires repetition of acts. 
B) the existence of a partnership is determined from what the parties do rather than what they call themselves. 
C) partnership agreements should be in writing. 
D) the existence of a fiduciary relationship is essential for the creation of a partnership.

Question 3

A partnership is automatically dissolved if one of the partners dies.

Accepted Answer

A) True 
 B)False

Question 4

An important difference between a partnership and a joint venture is the fiduciary nature of a partnership relationship.

Accepted Answer

A) True 
 B)False

Question 5

A written partnership agreement must conform to the requirements of the Partnership Act of the relevant state or territory.

Accepted Answer

A) True 
 B)False

Question 6

Partners have which of the following duties:

Accepted Answer

A) to refrain from competition. 
B) to account for private profits. 
C) to render true accounts. 
D) all of the above. 
A) to refrain from competition. 
B) to account for private profits. 
C) to render true accounts. 
D) all of the above.

Question 7

In the context of a partnership,'joint and several liability' means that:

Accepted Answer

A) the partners can only be sued separately if action against the firm fails. 
B) the partners can be sued collectively in the name of the firm or individually in their own name. 
C) any legal action must name the firm and each partner individually. 
D) all of the above. 
A) the partners can only be sued separately if action against the firm fails. 
B) the partners can be sued collectively in the name of the firm or individually in their own name. 
C) any legal action must name the firm and each partner individually. 
D) all of the above.

Question 8

Partnerships are regulated by:

Accepted Answer

A) the common law. 
B) equity. 
C) the Partnership Act of the relevant state or territory. 
D) all of the above. 
A) the common law. 
B) equity. 
C) the Partnership Act of the relevant state or territory. 
D) all of the above.

Question 9

Property of a partner used for the purpose of the partnership business automatically becomes partnership property.

Accepted Answer

A) True 
 B)False

Question 10

Only organisations created for the purpose of making a profit are considered partnerships.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following is NOT an essential element for the creation of a partnership?

Accepted Answer

A) The partners must be carrying on a business in common. 
B) The business must be carried on by or on behalf of all the partners. 
C) The partnership must be registered with the Australian Securities and Investments Commission (ASI 
D) The partners must intend to make a profit. 
A) The partners must be carrying on a business in common. 
B) The business must be carried on by or on behalf of all the partners. 
C) The partnership must be registered with the Australian Securities and Investments Commission (ASI 
D) The partners must intend to make a profit.

Question 12

A form of property ownership in which the parties have equal shares which were created at the same time and which pass automatically to the survivor on the death of one of the parties is known as:

Accepted Answer

A) tenancy in common. 
B) unity of ownership. 
C) joint tenancy. 
D) common ownership. 
A) tenancy in common. 
B) unity of ownership. 
C) joint tenancy. 
D) common ownership.

Question 13

Define a joint venture and discuss how it differs from a partnership.

Accepted Answer

A joint venture is a one-off agreement b

Question 14

A limited liability partnership can have a maximum of 20 limited partners.

Accepted Answer

A) True 
 B)False

Question 15

The existence of a partnership is to be determined from what the parties do rather than what the parties call themselves.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following statements about partner's rights is NOT true?

Accepted Answer

A) A partner is entitled to interest on any money loaned to the business. 
B) Each partner is entitled to claim reasonable remuneration for working for the partnership. 
C) Any partner may take part in the management of the business. 
D) No partner is entitled to interest on their investment in the partnership until net profit has been determined. 
A) A partner is entitled to interest on any money loaned to the business. 
B) Each partner is entitled to claim reasonable remuneration for working for the partnership. 
C) Any partner may take part in the management of the business. 
D) No partner is entitled to interest on their investment in the partnership until net profit has been determined.

Question 17

If you were forming a partnership with your best friend,which of the suggested rules in the Act regarding the rights and duties of partners would you modify? Explain your answers.

Accepted Answer

If I were forming a partnership with my

Question 18

A form of property ownership in which the parties have shares which can be unequal and dealt with separately is known as:

Accepted Answer

A) common ownership. 
B) unity of ownership. 
C) tenancy in common. 
D) joint tenancy. 
A) common ownership. 
B) unity of ownership. 
C) tenancy in common. 
D) joint tenancy.

Question 19

In the event that notice of a retiring partner is given to all business associates of the partnership,the retiring partner will be liable for:

Accepted Answer

A) only the debts of the partnership incurred after they retired. 
B) only the debts of the partnership incurred before they retired. 
C) none of the debts of the partnership. 
D) all of the debts of the partnership. 
A) only the debts of the partnership incurred after they retired. 
B) only the debts of the partnership incurred before they retired. 
C) none of the debts of the partnership. 
D) all of the debts of the partnership.

Question 20

A partnership is automatically dissolved if the purpose of the partnership becomes illegal.

Accepted Answer

A) True 
 B)False

Exam 20: Partnerships

If two parties enter into a share farm agreement in which one provides the land and the other provides the labour,this is most likely to be a(n):

The case of: Canny Gabriel Castle Jackson Advertising Pty Ltd v Volume Sales (Finance)Pty Ltd [1974] HCA 14 is authority for the principle that:

A partnership is automatically dissolved if one of the partners dies.

An important difference between a partnership and a joint venture is the fiduciary nature of a partnership relationship.

A written partnership agreement must conform to the requirements of the Partnership Act of the relevant state or territory.

Partners have which of the following duties:

In the context of a partnership,'joint and several liability' means that:

Partnerships are regulated by:

Property of a partner used for the purpose of the partnership business automatically becomes partnership property.

Only organisations created for the purpose of making a profit are considered partnerships.

Which of the following is NOT an essential element for the creation of a partnership?

A form of property ownership in which the parties have equal shares which were created at the same time and which pass automatically to the survivor on the death of one of the parties is known as:

Define a joint venture and discuss how it differs from a partnership.

A limited liability partnership can have a maximum of 20 limited partners.

The existence of a partnership is to be determined from what the parties do rather than what the parties call themselves.

Which of the following statements about partner's rights is NOT true?

If you were forming a partnership with your best friend,which of the suggested rules in the Act regarding the rights and duties of partners would you modify? Explain your answers.

A form of property ownership in which the parties have shares which can be unequal and dealt with separately is known as:

In the event that notice of a retiring partner is given to all business associates of the partnership,the retiring partner will be liable for:

A partnership is automatically dissolved if the purpose of the partnership becomes illegal.

Legal Foundations

Legal Systems

How Law Is Made: Precedentstatute Law

Civil Liability: the Law of Torts and Negligence

Applications of Negligence to Business

Introduction to Contracts

Agreement Between the Parties

Intention to Create Legal Relations

Consideration

Capacity of the Parties

Genuine Consent

Is the Contract Legal

Terms of the Contract

Rights and Liabilities of the Parties,discharge and Remedies

Remedies in Contract

Statutory Consumer Guarantees and the Australian Consumer Law

General and Specific Consumer Protections Under the Acl

Introduction to Companies and Incorporated Associations

Agency

Choosing a Business Entity

Other Business-Related Torts

Insurance

Sale of Goodsbusiness to Business

Property and Mortgages

Intellectual Property

Ethics and Business Practice

Criminal Law in a Business Context

Competition Law

Insolvency and Debt Recovery

The Work Environment and the Employment Relationship

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