Exam 31: Operation and Dissolution of General Partnerships

Under the UPA,in what circumstances do the remaining partners after dissolution have the right to continue the partnership?

Where a partner acts without either actual or apparent authority,the partnership:

Which of the following is true regarding an insolvent partnership under the UPA?

Under the UPA,in order to avoid liability,only constructive notice of a dissolution is required to be given to third parties who had no knowledge of the partnership before its dissolution.

A retiring partner cannot be discharged from existing liabilities of the partnership except by payment.

The doctrine of marshaling of assets is an equitable doctrine.

The liability of partners for a tort or breach of trust committed by any partner is unlimited,personal liability.

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

Nolan is driving a truck delivering goods for his partnership when he negligently backs into a customer's new car.The customer sues the partnership and recovers $6,000 in damages.What liability do the other partners have for Nolan's actions?

A partner:

Kline,Finkel,and Martinez have been partners for years,but a court is now dividing the assets and liabilities of the partnership separate from the assets and liabilities of the individual partners.This process is called:

Where the UPA is controlling,Lynette,expelled from the YLC Partnership pursuant to a provision in the partnership agreement,can now force liquidation of the partnership.

The RUPA abolishes the dual priority rule.

Under the RUPA,dissolution is the equivalent of termination of a partnership.

Under the UPA,which of the following requires the unanimous consent of the partners?

In a partnership of Holly,Dolly & Molly,Holly commits fraud which creates a $9,000 liability to the partnership.If the three partners share profits and losses equally,Holly's liability to the partnership for her fraudulent act is $3,000.

Jane,Kelly,and Lois are partners in an accounting firm,but Jane intends to retire and withdraw from the partnership at the end of the year.Under the RUPA,Jane is liable to the firm's creditors:

Under the RUPA,upon dissolution,the partnership must be liquidated.

Under the RUPA,if a partner is dissociated from a partnership without resulting in dissolution,the business may choose whether to purchase the dissociated partner's interest in the partnership.

A partner who does not have actual authority to order a fax machine for the partnership office probably does not have apparent authority either.