Exam 36: Partnerships: Nature, formation, and Operation

Simon,a partner in Big City Law Firm,uses the firm's credit card to purchase tickets for front row seats at the World Series for himself and his son.Whose property are the tickets?

Which of the following is false regarding the rights and obligations of partners?

Which of the following statements is true under the Uniform Partnership Act,regarding profit and partnerships?

Partnership by estoppel applies only when there is no partnership agreement in place;when there is a written partnership agreement,partners not named in the agreement can deny they are partners.

Kayla and Yoshi form a partnership to sell rocks for landscaping purposes.They are having trouble getting customers as well as loans for inventory.Kayla falsely tells ABC bank and customers that her parents are partners in the business.Her parents find out but take no steps to provide correct information.Kayla and Yoshi default on a loan to ABC Bank,and the bank sues Kayla's parents.Will the bank likely prevail,and why or why not?

Which of the following statements is false regarding the implied authority of partners?

Can a partner enter into a written agreement with a supplier for goods without the other partners' signatures on the agreement?

Did Kenya commit any breach of duty to the partnership?

What is meant by the term "keiretsu," in relation to partnerships between local and multinational companies?

Is Kenya's statement that she had greater management rights because she was doing a greater percentage of work for the partnership correct?

Which of the following was the result in Robert Law,on Behalf of the Robert M.Law Profit Sharing Plan v.Ronald Zemp,the case in the text which considers how the partnership can be adversely affected by the negligence of one partner?

Under the Uniform Partnership Act,which of the following is defined as a "person"?

Did Kyle have a right to sell the boat without Felix's agreement?

A partner who refuses to obey the articles of partnership may be held liable for any losses that the partnership incurs.

The proper reference for Andrew's request to review all partnership assets and profit statements listing the distributions to partners is known as a[n] ________.

Carmine owed Geoffrey two million dollars due to a judgment in a negligence lawsuit.When Geoffrey was unable to pay the judgment,Carmine sought to have the debt paid through G&J Antiques,a firm in which Geoffrey was a partner.Which of the following statements is true regarding what Carmine can recover?

Can a minor serve as a partner in a partnership?

Is Andrew entitled to a review of all partnership assets and profit statements listing the distributions to partners?

In a partnership,every partner is considered to be an agent.

Can the two potential new partners be added to the partnership without Igor's vote in favor of doing so?