Question 1

Dissociation refers to those situations in which the RUPA requires a partnership to wind up and terminate.

Accepted Answer

A) True 
 B)False

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

If the general partnership is bound by a contract,then each individual general partner has unlimited personal liability for that obligation.

Accepted Answer

A) True 
 B)False

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

Under the UPA,which of the following liabilities of a partnership has the highest priority for payment out of partnership assets? Amounts owing to:

Accepted Answer

A) partners for profits. 
B) partners for loans or advances. 
C) creditors other than partners. 
D) partners for capital.

Question 6

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.

Accepted Answer

A) True 
 B)False

Question 7

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.

Accepted Answer

The answer of Austin withdraws from a partnership and the...

Question 8

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

Accepted Answer

A) True 
 B)False

Exam 31: Operation and Dissolution of General Partnerships

Dissociation refers to those situations in which the RUPA requires a partnership to wind up and terminate.

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

If the general partnership is bound by a contract,then each individual general partner has unlimited personal liability for that obligation.

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

Under the UPA,which of the following liabilities of a partnership has the highest priority for payment out of partnership assets? Amounts owing to:

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.

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.

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