Question 1

Partners have the right to sell,mortgage,or devise to an heir any individual item of the firm's property.

Accepted Answer

A) True 
 B)False

Question 2

To act contrary to a partnership agreement,_____.

Accepted Answer

A)  vote of the majority prevails 
B)  unanimous agreement is required 
C)  implied authority by RUPA is provided 
D)  approval of senior partners is required 
A)  vote of the majority prevails 
B)  unanimous agreement is required 
C)  implied authority by RUPA is provided 
D)  approval of senior partners is required

Question 3

A partner who wrongfully dissociates:

Accepted Answer

A)  loses the right to demand a dissolution. 
B)  can participate in the winding up process. 
C)  must not be paid the value of his interest for the breach, if the firm continues. 
D)  can ask the court to appoint a receiver on his behalf. 
A)  loses the right to demand a dissolution. 
B)  can participate in the winding up process. 
C)  must not be paid the value of his interest for the breach, if the firm continues. 
D)  can ask the court to appoint a receiver on his behalf.

Question 4

After retiring from Jones Corp.,a partnership founded by Megan Jones and other partners,Megan grew tired of staying at home and started visiting the firm's place of business.The other partners would introduce her to prospective customers as "My partner,Ms.Jones," or "Our partner,Ms.Jones." Megan did not bother to correct anybody about this.She was introduced in this manner to Tiffany,a new customer.Relying on the idea that Megan was a partner,Tiffany entered into a contract with Jones Corp.Which of the following statements is true of Megan if Jones Corp.does not fulfill its obligations?

Accepted Answer

A)  Megan will not be liable as she did not make any claims to partnership. 
B)  Megan will be liable because she failed to correct the statement when she was being introduced as a partner. 
C)  The partner who introduced Megan will be liable, but Megan will not be liable. 
D)  Megan will not be liable as she has withdrawn from the partnership agreement by retiring and she is no more an actual partner. 
A)  Megan will not be liable as she did not make any claims to partnership. 
B)  Megan will be liable because she failed to correct the statement when she was being introduced as a partner. 
C)  The partner who introduced Megan will be liable, but Megan will not be liable. 
D)  Megan will not be liable as she has withdrawn from the partnership agreement by retiring and she is no more an actual partner.

Question 5

The partners' rights in partnership entitle them to:

Accepted Answer

A)  sell any item of the firm's property if its value does not exceed their share of the assets of the partnership. 
B)  take possession of any item of partnership property for partnership purposes only. 
C)  take possession of any item of partnership property for personal purposes if its value does not exceed their share of the assets of the partnership. 
D)  devise to an heir any individual item of the firm's property. 
A)  sell any item of the firm's property if its value does not exceed their share of the assets of the partnership. 
B)  take possession of any item of partnership property for partnership purposes only. 
C)  take possession of any item of partnership property for personal purposes if its value does not exceed their share of the assets of the partnership. 
D)  devise to an heir any individual item of the firm's property.

Question 6

A partner has express authority to do whatever he or she is authorized to do by:

Accepted Answer

A)  the written articles of partnership. 
B)  the written articles of incorporation. 
C)  customs and usages of a particular partnership. 
D)  customs and usages of similar businesses in a particular area. 
A)  the written articles of partnership. 
B)  the written articles of incorporation. 
C)  customs and usages of a particular partnership. 
D)  customs and usages of similar businesses in a particular area.

Question 7

The limited partnership certificate should not be canceled when all limited partners have died or withdrawn.

Accepted Answer

A) True 
 B)False

Question 8

An individual who joins an existing partnership has no liability for partnership debts that arose prior to his joining the partnership.

Accepted Answer

A) True 
 B)False

Question 9

If a partnership has been dissolved in violation of the partnership agreement,_____.

Accepted Answer

A)  the court, by itself, liquidates the assets of the business 
B)  the court appoints a representative as receiver to wind up the business 
C)  the remaining partners forfeit the right to wind up the business 
D)  the innocent partners have the right to liquidate the partnership assets 
A)  the court, by itself, liquidates the assets of the business 
B)  the court appoints a representative as receiver to wind up the business 
C)  the remaining partners forfeit the right to wind up the business 
D)  the innocent partners have the right to liquidate the partnership assets

Question 10

Which of the following is true of limited partnerships?

Accepted Answer

A)  A limited partner is liable for the debts of the partnership. 
B)  A limited partnership must file a certificate with the secretary of state. 
C)  A limited partner is a fiduciary. 
D)  A limited partnership can be created only under federal statutes. 
A)  A limited partner is liable for the debts of the partnership. 
B)  A limited partnership must file a certificate with the secretary of state. 
C)  A limited partner is a fiduciary. 
D)  A limited partnership can be created only under federal statutes.

Exam 27: Partnerships

Partners have the right to sell,mortgage,or devise to an heir any individual item of the firm's property.

To act contrary to a partnership agreement,_____.

A partner who wrongfully dissociates:

The partners' rights in partnership entitle them to:

A partner has express authority to do whatever he or she is authorized to do by:

The limited partnership certificate should not be canceled when all limited partners have died or withdrawn.

An individual who joins an existing partnership has no liability for partnership debts that arose prior to his joining the partnership.

If a partnership has been dissolved in violation of the partnership agreement,_____.

Which of the following is true of limited partnerships?

Law, Legal Reasoning, and the Legal Profession

Dispute Settlement

Business Ethics and Corporate Social Responsibility

Business and the Constitution

Crimes

Intentional Torts

Negligence and Strict Liability

Licensing and Intellectual Propertypart Two Contracts

The Nature and Origins of Contracts

Creating a Contract: Offers

Creating a Contract: Acceptances

Consideration

Capacity to Contract

Voluntary Consent

Illegality

The Form and Meaning of Contracts

Third Parties Contract Rights

Performance and Remediespart Three Sales

Formation and Terms of Sales Contracts

Warranties and Product Liability

Performance of Sales Contracts

Remedies for Breach of Sales Contractspart Four Agency and Employment

The Agency Relationship-Creation, duties, and Termination

Liability of Principals and Agents to Third Parties

Employment Laws-Part Five Business Organizations

Which Form of Business Organization

Formation and Termination of Corporations

Management of the Corporate Business

Financing the Corporation and the Role of the Shareholders

Securities Regulation

Legal Liability of Accountantspart Six Property

Personal Property and Bailments

Real Property

Landlord and Tenant

Estates and Trusts

Insurance-Part Seven Commercial Paper

Negotiable Instruments

Negotiation and Holder in Due Course

Liability of Parties

Checks and Electronic Fund Transfers-Part Eight Credit Transactions

Introduction to Security

Security Interests in Personal Property

Bankruptcy-Part Nine Government Regulation

The Antitrust Laws

Consumer Protection Laws

Environmental Regulation

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