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Cengage Advantage Books: Introduction to Business Law 4th Edition by Timothy Koch, Jeffrey Beatty, Jeffrey Beatty, Susan Samuelson, Susan Samuelson
Edition 4ISBN: 978-1133709107Cengage Advantage Books: Introduction to Business Law 4th Edition by Timothy Koch, Jeffrey Beatty, Jeffrey Beatty, Susan Samuelson, Susan Samuelson
Edition 4ISBN: 978-1133709107 Exercise 18
Joint and several liability means that:
(a) A creditor of the partnership must sue all of the partners together.
(b) A creditor of the partnership must sue the partnership and all of the partners together.
(c) A creditor of the partnership can recover the full amount owed from the partnership or from any of the partners.
(d) A creditor of the partnership can recover the full amount owed from the partnership and from each partner, even if this results in the creditor receiving more than his original debt.
(e) A creditor of the partnership can recover from the partners individually, but not from the partnership.
(a) A creditor of the partnership must sue all of the partners together.
(b) A creditor of the partnership must sue the partnership and all of the partners together.
(c) A creditor of the partnership can recover the full amount owed from the partnership or from any of the partners.
(d) A creditor of the partnership can recover the full amount owed from the partnership and from each partner, even if this results in the creditor receiving more than his original debt.
(e) A creditor of the partnership can recover from the partners individually, but not from the partnership.
Explanation
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• The option "A" is not correct because ...
Cengage Advantage Books: Introduction to Business Law 4th Edition by Timothy Koch, Jeffrey Beatty, Jeffrey Beatty, Susan Samuelson, Susan Samuelson
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