Exam 31: Operation and Dissolution of General Partnerships

Explore all topics

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?

Free

(Essay)

4.9/5

(41)

Question 1

Correct Answer:

Verified

She may protect herself by giving notice that she is no longer a member of the firm.Otherwise,she will be liable for debts incurred to creditors who had no notice or knowledge of her withdrawal.Persons who had extended credit to the partnership prior to its dissolution must receive actual notice.Constructive notice by newspaper publication is sufficient for those who knew of the partnership but had not extended credit to it before it was dissolved.

"Dissolution" of a partnership and "termination" of a partnership are synonymous.

Free

(True/False)

4.8/5

(43)

Question 2

Correct Answer:

Verified

False

A partner may bind the partnership by her act if she has:

Free

(Multiple Choice)

4.7/5

(39)

Question 3

Correct Answer:

Verified

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.

(True/False)

4.9/5

(34)

Question 4

Under the UPA,after dissolution:

(Multiple Choice)

4.7/5

(34)

Question 5

Smarth,King,and Finkel have been partners for years,but a court of equity is now segregating and considering separately the assets and liabilities of the partnership and the respective assets and liabilities of the individual partners.This process is called:

(Multiple Choice)

4.8/5

(35)

Question 6

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

(True/False)

4.8/5

(33)

Question 7

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

(True/False)

4.8/5

(36)

Question 8

Jane,Kelly,and Lois are partners in an accounting firm 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:

(Multiple Choice)

4.9/5

(37)

Question 9

John,Samuel,and Jim are general partners in the development of an electric car.Jim pours all his money into the project,but it never seems to work out.Eventually the partnership and Jim cannot meet their daily obligations,and the partnership is dissolved.Jim files for bankruptcy.If the partnership assets are insufficient to pay all claims against the partnership:

(Multiple Choice)

4.9/5

(24)

Question 10

David,a partner in the Speedy Delivery partnership,negligently drove his delivery truck onto the curb during a rush-hour package delivery.Marlene was injured.Against whom can Marlene collect?

(Multiple Choice)

4.9/5

(36)

Question 11

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

(Multiple Choice)

4.9/5

(37)

Question 12

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?

(Multiple Choice)

4.9/5

(34)

Question 13

Under the UPA,submission of a partnership claim to arbitration requires the consent of all the partners.

(True/False)

4.8/5

(36)

Question 14

A partner has the power to dissociate at any time by expressing the intent to withdraw.

(True/False)

4.8/5

(41)

Question 15

Carolee,Joanna,and Ellen form Capital City Partnership.Carolee contributes expertise; Joanna,$15,000; and Ellen,$20,000.After a year,Joanna adds $12,000 as a loan.Ten years later,Capital owes $44,000 to creditors,total assets are $112,000,and the partners decide to dissolve the business.How will the assets be distributed under the UPA,and what will each partner receive?

(Essay)

4.7/5

(33)

Question 16

Under the RUPA,a partner in a term partnership who wrongfully dissociates before the end of a definite term cannot receive payment of a portion of the buyout price before the expiration of the term.

(True/False)

5.0/5

(39)

Question 17

Define dissolution under the UPA and discuss its three causes.

(Essay)

4.9/5

(38)

Question 18

Jacob dissociates from the Applegate Partnership,which continues to operate.Discuss Jacob's authority to act for the partnership after his dissociation and his possible liability under the RUPA to the partnership or third parties for transactions entered on behalf of the partnership.

(Essay)

4.7/5

(44)

Question 19

Shannon has just become a partner in A & R Accounting Partnership.Her capital contribution is $10,000,which she paid from her savings. Shannon:

(Multiple Choice)

4.8/5

(29)

Question 20

Showing 1 - 20 of 68

Exam 31: Operation and Dissolution of General Partnerships

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?

"Dissolution" of a partnership and "termination" of a partnership are synonymous.

A partner may bind the partnership by her act if she has:

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.

Under the UPA,after dissolution:

Smarth,King,and Finkel have been partners for years,but a court of equity is now segregating and considering separately the assets and liabilities of the partnership and the respective assets and liabilities of the individual partners.This process is called:

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

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

Jane,Kelly,and Lois are partners in an accounting firm 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:

David,a partner in the Speedy Delivery partnership,negligently drove his delivery truck onto the curb during a rush-hour package delivery.Marlene was injured.Against whom can Marlene collect?

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

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?

Under the UPA,submission of a partnership claim to arbitration requires the consent of all the partners.

A partner has the power to dissociate at any time by expressing the intent to withdraw.

Under the RUPA,a partner in a term partnership who wrongfully dissociates before the end of a definite term cannot receive payment of a portion of the buyout price before the expiration of the term.

Define dissolution under the UPA and discuss its three causes.

Jacob dissociates from the Applegate Partnership,which continues to operate.Discuss Jacob's authority to act for the partnership after his dissociation and his possible liability under the RUPA to the partnership or third parties for transactions entered on behalf of the partnership.

Shannon has just become a partner in A & R Accounting Partnership.Her capital contribution is $10,000,which she paid from her savings. Shannon:

Introduction to Law

Business Ethics

Civil Dispute Resolution

Constitutional Law

Administrative Law

Criminal Law

Intentional Torts

Negligence and Strict Liability

Introduction to Contracts

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Contracts in Writing

Third Parties to Contracts

Performance, Breach, and Discharge

Contract Remedies

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Product Liability: Warranties and Strict Liability

Sales Remedies

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

Financial Structure of Corporations

Management Structure of Corporations

Fundamental Changes of Corporations

Secured Transactions and Suretyship

Bankruptcy

Securities Regulation

Intellectual Property

Employment Law

Antitrust

Accountants Legal Liability

Consumer Protection

Environmental Law

International Business Law

Introduction to Property, property Insurance, Bailments, and Documents of Title

Interests in Real Property

Transfer and Control of Real Property

Trusts and Wills

Filters