Question 1

Jeremiah was a partner in a partnership,but he quit unexpectedly when he got his feelings hurt over an internal decision.Dissociation has occurred.

Accepted Answer

A) True 
 B)False

Question 2

Lori and Dan own a small restaurant as partners.Dan works several hours a day cooking,waiting on tables,doing the books,and so forth.Dan believes he is entitled to be paid at least a standard wage for all his work since,at the present time,the part-time kitchen helpers earn more than he does! Lori claims Dan is not entitled to anything other than one-half the net profits.Is Lori right?

Accepted Answer

A) Yes.The UPA states a partner may not collect a "wage" from the partnership business under any circumstances. 
B) Yes,if there is no agreement between Lori and Dan allowing for either of them to be paid wages for work done at the restaurant. 
C) No.Dan may collect only minimum wage,as required by federal law. 
D) No.Dan may collect a fair wage for the work he has performed. 
A) Yes.The UPA states a partner may not collect a "wage" from the partnership business under any circumstances. 
B) Yes,if there is no agreement between Lori and Dan allowing for either of them to be paid wages for work done at the restaurant. 
C) No.Dan may collect only minimum wage,as required by federal law. 
D) No.Dan may collect a fair wage for the work he has performed.

Question 3

A partner always has the right,though not the power,to leave a partnership.

Accepted Answer

A) True 
 B)False

Question 4

Gary and Herman are partners in a lawn mower repair business in Ohio.While Gary is on vacation,visiting his sister in Georgia,his sister's neighbor has trouble with her mower and Gary fixes it for her.She insists on paying him.Gary

Accepted Answer

A) may keep the payment since he did the work while he was on vacation. 
B) must turn the money over to the partnership because he earned it doing the kind of work that the partnership does. 
C) may not accept the money because it would create a conflict of interest. 
D) may not accept the money because it would mean he was taking a business opportunity away from the partnership. 
A) may keep the payment since he did the work while he was on vacation. 
B) must turn the money over to the partnership because he earned it doing the kind of work that the partnership does. 
C) may not accept the money because it would create a conflict of interest. 
D) may not accept the money because it would mean he was taking a business opportunity away from the partnership.

Question 5

In which case did the plaintiff wish to be a partner so he could share in the profits of the enterprise?

Accepted Answer

A) Banker v.Estate of Banker 
B) Moren v.Jax Restaurant 
C) Herman v.Pickell & Kaleidoscope Books 
D) Marsh v.Gentry 
A) Banker v.Estate of Banker 
B) Moren v.Jax Restaurant 
C) Herman v.Pickell & Kaleidoscope Books 
D) Marsh v.Gentry

Exam 32: Partnerships

Jeremiah was a partner in a partnership,but he quit unexpectedly when he got his feelings hurt over an internal decision.Dissociation has occurred.

A partner always has the right,though not the power,to leave a partnership.

Gary and Herman are partners in a lawn mower repair business in Ohio.While Gary is on vacation,visiting his sister in Georgia,his sister's neighbor has trouble with her mower and Gary fixes it for her.She insists on paying him.Gary

In which case did the plaintiff wish to be a partner so he could share in the profits of the enterprise?

Introduction to Law

Ethics and Corporate Social Responsibility

International Law

Common Law, Statutory Law, and Administrative Law

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Dispute Resolution

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Introduction to Contracts

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Voidable Contracts: Capacity and Consent

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Third Parties

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Introduction to Sales

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Creating a Negotiable Instrument

Liability for Negotiable Instruments

Accountants Liability

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Starting a Business: Llcs and Other Options

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Management Duties

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