CHAPTER 19 - C HAPTER 19 1 In most states what governs the operation of partnerships when there is no express agreement*The UPA 2 In disputes over

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CHAPTER 19 1. In most states, what governs the operation of partnerships when there is no express agreement? **The UPA 2. In disputes over whether a partnership exists, which of the following IS NOT considered to be an essential element? **The consultation on business strategy. 3. The question for the court to decide in the case of Cap Care group, Inc. V. McDonalds was **Whether a partnership existed 4. How were partnerships treated under the common law? **As aggregates of members 5. Partnerships may be classified as general or limited and also as: **An aggregate or an entity 6. The arrangement or ranking of assets in a certain order toward the payment of outstanding partnership debt is known as: **marshaling of assets 7. When assts are marshaled, what property is used to satisfy partnership debts? **partnership property 8. Kyle and Larsen enter into a partnership agreement to sell gourmet dog biscuits; they fail, however, to specify how long the partnership will last. In this situation: **The partnership is “at will”
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9. Assume that Kyle and Larsen have a general partnership. In this case, what
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This note was uploaded on 11/16/2010 for the course BUS bus 340 taught by Professor R during the Spring '10 term at American River.

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CHAPTER 19 - C HAPTER 19 1 In most states what governs the operation of partnerships when there is no express agreement*The UPA 2 In disputes over

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