Exam 32: Operation and Dissolution of General Partnerships

Under the RUPA, in a term partnership, if within 90 days after any specified cause of dissolution occurs, fewer than half of the remaining partners express their will to wind up the partnership business, the partnership will not dissolve.

Under the RUPA, a partner in a term partnership who wrongfully dissociates before the end of a definite term may receive payment of a portion of the buyout price before the expiration of the term.

The actual express authority of partners must be specifically set forth in the partnership agreement.

A partner has implied authority to hire and fire employees whose services are necessary to carry on the partnership business.

Shannon has just become a partner in A & R Accounting Partnership.Her capital contribution is $10,000, which she paid from her savings.Which of the following is correct with respect to Shannon's liability for partnership obligations?

Under the UPA, dissolution by operation of law occurs:

Authority that a third person, in view of the circumstances, the conduct of the parties, and a lack of notice or knowledge to the contrary, may reasonably consider to exist is known as:

Powell falsely tells Dunagan that she is a member of the partnership of Morgan and Stiles.Dunagan mentions this information to Trammell, who in reliance sells equipment on credit to Morgan and Stiles.Trammell can hold Powell liable for the misrepresentation.

Which of the following is NOT considered to be dissolution by operation of law under the UPA?

Paul 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 $8,000 in damages.Under the RUPA:

All partners are required to participate in winding up the partnership.

Austin withdraws from a partnership and the remaining three partners decide to continue in business.Discuss the effect of the withdrawal on the partnership and on creditors rights under the UPA.

Which of the following can be done with the consent of only a majority of the partners in a partnership?

Under the RUPA, it is possible to cure an illegality within 90 days after notice to the partnership of the event dissolving the partnership for illegality.

A person who represents himself to third persons as being a partner when in fact he is not, may have the liability of a partner.

The RUPA requires a central filing of a statement of partnership authority specifying the names of partners authorized to execute instruments transferring real property held in the name of the partnership.

Under the RUPA, a judgment creditor of a partnership may first attempt to enforce a judgment against either the separate assets of a partner or the partnership itself.

Upon dissolution, a partner still has authority to complete existing contracts.

A person admitted into an existing partnership is personally liable for all of the obligations of the partnership arising before his admission.

ABC Partnership agrees to hire an "errand runner" 20 hours per week for the summer.Alan, a partner, interviews a college student and decides to offer her the job.But she says she needs a 40-hour-a-week job, so Alan agrees to make it 40 hours.What result?