10.077 A general partner of a mercantile partnership a. Can by virtue of his act
ID: 2579260 • Letter: 1
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10.077 A general partner of a mercantile partnership a. Can by virtue of his acts, impose tort liability upon the other partners. b. Has no implied authority if the partnership agreement is contained in a formal and detailed signed writin c. Can have his apparent authority effectively negated by express limitations in the partnership agreement. d. Can not be sued individually for a tort he has committed in carrying on partnership business until the partnership has been sued and a judgment returned unsatisfied. Which of the following is a correct statement concerning a partner's power to bind the partnership? a. A partner has no authority to bind the partnership after dissolution. b. A partner can not bind the partnership based upon apparent authority when the other party to the contrac 10.078 knows that the partner lacks actual authority c. A partner has no authority in carrying on the regular business of the partnership to convey real property held in the partnership name. A partner, acting outside the scope of the partner's apparent authority, but with express authority to act, can not bind the partnership unless the third party knows of the express authority 10.079 In determining the liability of a partnership for the acts of a partner purporting to act for the partnership without the authorization of fellow partners, which of the following actions will bind the partnership? a. The renewal of an existing supply contract whirh the other partners had decided to terminate and which they had specificailly voted against. b. An assignment of their partnership assets in trust for the benefit of creditors. c. A written admission of liability in a lawsuit brought against the partnership d. Signing the partnership name as a surety on a note for the purchase of that partner's summer home. as arisen in determining the partnership's liability for actions taken for and on behalf of a but which were i n fact without express or implied authority. Which of the following actions partnership. t aken by a general partner will bind the partnership? a. Renewin g an existing supply contract which had previously been negotiated, but which the partners had specifically voted not to renew b. Submitting a claim against the partnership to binding a c. Taking an action which was known by the party with whom he dealt to be in contravention of a restrictio on his authority d. Signing the firm name as an accommodation coma ker on a promissory note not in furtherance of firm business. 10.081 Which of the following may a partner not do without the express unanimous assent of the remaining partners a. Assign his entire partnership interest to an outsider b. Dismiss the accounting firm engaged to audit the partnership's accounts. c. Submit a long-standing dispute regarding a partnership claim against a r d. Obtain a short-term loan from the to irn ecalcitrant customer to arbitratic rship's banker to increase the partnership's working capital 10:15 AM 11/25/2017 ^Explanation / Answer
10.097 Correct answer is Option C i.e. Not affect the rights of partnership creditors to hold Fein personally liable for those liabilities of ABC existing at the time of his withdrawal.
10.098 Correct answer is Option D i.e. Limit White's liability on partnership debts arising prior to her admission as a partner to her interest in partnership property.
10.099 Correct answer is Option A i.e Rice will personally have to contribute an additional $8,000
Explanation: ($10,000 (short contributed) - $2,000 (balance asset share)) = $8,000
10.100 Correct answer is Option B i.e. Firm creditors are not precluded from asserting rights against Donaldson for debts incurred while she was a partner, the agreements of Donaldson and the remaining partners notwithstanding.
10.101 Correct answer is Option C i.e. It effectively eliminates the legal necessity of a winding up of the partnership upon the dealth or withdrawal of a partner.
10.102 Correct answer is Option C i.e. Holmes is fully liable to firm creditors for liabilities occurring before and after his entry into the partnership.
10.103 Correct answer is Option A i.e. General creditors, including partners who are also general creditors, are ranked first.
10.104 Correct answer is Option B i.e. Grand has the apparent authority to bind the partnership in contracts she makes with persons unaware of her retirement who have previously dealt with the partnership.
10.096 Correct answer is Option B i.e. Has the right to participate in the management of ABC.
10.093 Correct answer is Option A i.e. $37,000
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