Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

Bernice is withdrawing from a partnership in a state that adopted the UPA. How can she protect herself against liability on contracts the firm enters after her withdrawal?

Accepted Answer

She may protect herself by giving notice

Question 4

Any partner has the power to dissolve a term partnership by giving notice to the other partners.

Accepted Answer

A) True 
 B)False

Question 5

Jane, Keegan, and Lois are partners in a state that has adopted the RUPA. Jane intends to retire and withdraw from the partnership at the end of the year. Jane is liable to the firm's creditors:

Accepted Answer

A)  for a partnership obligation incurred within two years after dissociation if the partnership did not dissolve and if at the time of entering into the transaction the other party reasonably believed Jane was then a partner. 
B)  only for all debts incurred prior to her retirement. 
C)  for an amount not to exceed her initial capital contribution to the partnership. 
D)  for an amount not to exceed her partnership interest on the day of her retirement. 
A)  for a partnership obligation incurred within two years after dissociation if the partnership did not dissolve and if at the time of entering into the transaction the other party reasonably believed Jane was then a partner. 
B)  only for all debts incurred prior to her retirement. 
C)  for an amount not to exceed her initial capital contribution to the partnership. 
D)  for an amount not to exceed her partnership interest on the day of her retirement.

Question 6

Under the RUPA, dissolution occurs automatically upon the happening of an event specified in the partnership agreement as resulting in dissolution. The partners may not agree to continue the business.

Accepted Answer

A) True 
 B)False

Question 7

Respondeat superior has no application to situations where a partner commits a tort, because only the partner and not the partnership is liable.

Accepted Answer

A) True 
 B)False

Question 8

Does a new partner in a firm have personal liability for debts existing when he joined the firm? What should a prospective partner do to avoid unreasonable liability?

Accepted Answer

No, only his capital contribut

Exam 31: Operation and Dissolution of General Partnerships

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

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

Bernice is withdrawing from a partnership in a state that adopted the UPA. How can she protect herself against liability on contracts the firm enters after her withdrawal?

Any partner has the power to dissolve a term partnership by giving notice to the other partners.

Jane, Keegan, and Lois are partners in a state that has adopted the RUPA. Jane intends to retire and withdraw from the partnership at the end of the year. Jane is liable to the firm's creditors:

Under the RUPA, dissolution occurs automatically upon the happening of an event specified in the partnership agreement as resulting in dissolution. The partners may not agree to continue the business.

Respondeat superior has no application to situations where a partner commits a tort, because only the partner and not the partnership is liable.

Does a new partner in a firm have personal liability for debts existing when he joined the firm? What should a prospective partner do to avoid unreasonable liability?

Introduction to Law

Business Ethics

Civil Dispute Resolution

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Intentional Torts

Negligence and Strict Liability

Introduction to Contracts

Mutual Assent

Conduct Invalidating Assent

Consideration

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Contracts in Writing

Third Parties to Contracts

Performance Breach and Discharge

Contract Remedies

Introduction to Sales and Leases

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Transfer of Title and Risk of Loss

Product Liability Warranties and Strict Liability

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Form and Content

Transfer and 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

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Management Structure of Corporations

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Secured Transactions and Suretyship

Bankruptcy

Securities Regulation

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