Question 1

The best and most reliable tool for preserving a partnership business after dissolution is:

Accepted Answer

A) a court order. 
B) the filing of a request with the secretary of state's office in the state where the original partnership was located. 
C) a continuation agreement. 
D) There is no tool for preserving a partnership after dissolution.A new partnership must be formed after distributing all partnership property from the original partnership. 
A) a court order. 
B) the filing of a request with the secretary of state's office in the state where the original partnership was located. 
C) a continuation agreement. 
D) There is no tool for preserving a partnership after dissolution.A new partnership must be formed after distributing all partnership property from the original partnership.

Question 2

Under the UPA, which of the following liabilities of a partnership has the highest priority for payment out of partnership assets?

Accepted Answer

A) Amounts owing to partners for profits. 
B) Amounts owing to partners for loans or advances. 
C) Amounts owing to creditors other than partners. 
D) Amounts owing to partners for capital. 
A) Amounts owing to partners for profits. 
B) Amounts owing to partners for loans or advances. 
C) Amounts owing to creditors other than partners. 
D) Amounts owing to partners for capital.

Question 3

Actual authority terminates upon:

Accepted Answer

A) dissolution of the partnership. 
B) illness of one of the partners. 
C) physical destruction of partnership papers. 
D) All of the above. 
A) dissolution of the partnership. 
B) illness of one of the partners. 
C) physical destruction of partnership papers. 
D) All of the above.

Question 4

The UPA marshaling of assets doctrine is abolished by the RUPA.

Accepted Answer

A) True 
 B)False

Question 5

Much of the law of partnership is the law of agency.

Accepted Answer

A) True 
 B)False

Question 6

Under the RUPA, the partners have what type of liability for all contract obligations of the partnership?

Accepted Answer

A) Joint. 
B) Joint and several. 
C) Several. 
D) No. 
A) Joint. 
B) Joint and several. 
C) Several. 
D) No.

Exam 32: Operation and Dissolution of General Partnerships

The best and most reliable tool for preserving a partnership business after dissolution is:

Under the UPA, which of the following liabilities of a partnership has the highest priority for payment out of partnership assets?

Actual authority terminates upon:

The UPA marshaling of assets doctrine is abolished by the RUPA.

Much of the law of partnership is the law of agency.

Under the RUPA, the partners have what type of liability for all contract obligations of the partnership?

Introduction to Law

Business Ethics

Civil Dispute Resolution

Constitutional Law

Administrative Law

Criminal Law

Intentional Torts

Negligence and Strict Liability

Introduction to Contracts

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Contracts in Writing

Third Parties to Contracts

Performance, Breach, and Discharge

Contract Remedies

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Product Liability: Warranties and Strict Liability

Sales Remedies

Form and Content

Transfer

Holder in Due Course

Liability of Parties

Bank Deposits, Collections, and Funds Transfers

Relationship of Principal and Agent

Relationship With Third Parties

Formation and Internal Relations of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature and Formation of Corporations

Financial Structure of Corporations

Management Structure of Corporations

Fundamental Changes of Corporations

Secured Transactions and Suretyship

Bankruptcy

Securities Regulation

Intellectual Property

Employment Law

Antitrust

Accountants Legal Liability

Consumer Protection

Environmental Law

International Business Law

Introduction to Property, Property Insurance, Bailments, and Documents of Title

Interests in Real Property

Transfer and Control of Real Property

Trusts and Wills

Filters