Mann_BLRB 9_TB_Ch32

Business Law and the Regulation of Business

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Chapter 32—Operation and Dissolution of General Partnerships TRUE/FALSE 1. Any partner by himself has the power to dissolve a term partnership by giving notice to the other partners. ANS: F TOP: AICPA BB-Legal MSC: AACSB Analytic 2. “Dissolution” of a partnership and “termination”of a partnership are synonymous. ANS: F TOP: AICPA BB-Legal MSC: AACSB Analytic 3. Much of the law of partnership is the law of agency. ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic 4. All partners are required to participate in winding up the partnership. ANS: F TOP: AICPA BB-Legal MSC: AACSB Analytic 5. Upon dissolution of a partnership, all authority of a partner to act on behalf of the partnership terminates. ANS: F TOP: AICPA BB-Legal MSC: AACSB Analytic 6. Upon winding up, if a partner pays more than his share of partnership losses, he has a right of contribution against the partners who have not paid their share. ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic 7. The UPA marshaling of assets doctrine is abolished by the RUPA. ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic 8. Dissolution occurs upon the happening of an event specified in the partnership agreement as resulting in dissolution. However, the partners may agree to continue the business. ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic 9. Upon dissolution, a partner still has authority to complete existing contracts. ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic 10. The doctrine of marshaling of assets involves segregation of assets and considers separately the assets and liabilities of the partnership and the respective assets and liabilities of the individual partners. ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic 11. Under the RUPA, the partners are jointly and severally liable for all contract obligations of the partnership.
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ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic 12. Respondeat superior has no application to situations where a partner commits a tort, because only the partner and not the partnership is liable. ANS: F TOP: AICPA BB-Legal MSC: AACSB Analytic 13. Under the RUPA, a judgment creditor of a partnership may first attempt to enforce a judgment against either the separate assets of a partner or the partnership itself. ANS: F TOP: AICPA BB-Legal MSC: AACSB Analytic 14. Randy, Mona, and Richard are partners. Under the UPA, a creditor of their partnership must name all three partners as defendants in a suit on a contract obligation of the partnership. ANS: T TOP: AICPA BB-Legal MSC: AACSB Analytic 15. The actual express authority of partners must be specifically set forth in the partnership agreement. ANS: F TOP: AICPA BB-Legal MSC: AACSB Analytic 16. A person admitted into an existing partnership is personally liable for all of the obligations of the partnership arising before his admission. ANS: F
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Mann_BLRB 9_TB_Ch32 - Chapter 32-Operation and Dissolution...

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