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Self Check Chapter 38 Quiz (WK2)

Self Check Chapter 38 Quiz (WK2) - Self Check Chapter 38...

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Self Check Chapter 38 Quiz (WK2) 1 Unless there is some agreement otherwise, partners share profits according to their  proportional capital contribution to the partnership. A) True B) False 2 Unless there is some understanding otherwise, partners share losses equally. A) True B) False 3 Partners have unlimited personal liability to business creditors of the partnership. A) True B) False 4 Normally, a partner who commits an intentional tort may cause the partnership and the  other partners to be liable. A) True B) False 5 Will, Alex, Dean, and Michl each agreed to share profits as follows: Will at 40%, Alex,  Dean and Michl each at 20%. They must, therefore, share losses in the same  proportions. A) True B) False 6 The Blue Rings Farm was the property of the Blue Rings Partnership. The deed to this  farm was recorded in Connie's name alone. Connie was one of the partners in the Blue  Rings Partnership. Without her partners' consent, Connie sold the farm to Gianni. Select 
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the best statement. A) As long as he was unaware of Blue Ring's interest in the ranch, Gianni takes  title to the property. B) Connie has no liability to her partners to account for the money she received  from Gianni. C) Connie lacked both the right and power to sell the ranch. D) Gianni will lose since the partnership will remain the equitable owner 7 Caroline and Petey ran a partnership called Coastal Investments. Together they owned  one asset: 3,000 shares of stock in Microtech, Inc. which they purchased at $84 per  share. Their plan was to hold the stock hoping that the price would rise, and then sell it.  The stock was held in Caroline's name alone. Caroline sold the stock when the price  reached $102 per share. Petey later protested on the basis that Caroline should have  gotten a higher price. He sued to rescind the transaction. Petey will probably be A) Successful, pursuant to the Statute of Frauds.
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