Which of the following is true regarding the liability of the partners in a limited partnership?
A) Both the limited and general partners have unlimited liability for the partnership debts.
B) If a corporation is a partner, its shareholders have unlimited liability for the partnership
debts.
C) The limited partners have limited liability and the general partners have unlimited
liability for the partnership debts.
D) The limited partners have unlimited liability and the general partners have limited
liability for the partnership debts.
E) Neither the limited nor the general partners have unlimited liability for the partnership
debts.
C
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In China, signed contracts ________
A) mean a final agreement B) must be honored C) are not open to renegotiation D) signal interest in doing business E) are a binding commitment
Acme Restaurants offered to buy 1000 serving trays from American Tray Company. The written offer provides for 1000 trays at $10 per tray, to be delivered May 1 . The offer has no other provisions. American Tray sent a written acceptance. The acceptance stated that if any controversies arise under this contract, the dispute will be submitted to arbitration. Acme does not object to this provision
Both parties are merchants. Which of the following best describes this situation? a. No contract exists. The purported acceptance contains additional terms, so it is a counteroffer, which has not been accepted. b. No contract exists if the additional terms are construed to be material terms. An arbitration clause is material. c. A contract exists. If the additional terms are construed to be material, they are not part of the contract. If the additional terms are not material, they are part of the contract. d. A contract exists, but the additional terms are not part of the contract.
Revenues that are legally restricted for expenditure on specified operating purposes should be accounted for in special revenue funds, including
A. Endowment where the investment earnings are to be used for public purposes. B. Accumulation of resources for payment of general long-term debt principal and interest. C. Pension trust fund revenues. D. Gasoline taxes to finance road repairs.
Sweet Plantation, Inc. made a written contract with Candy, Inc. whereby Sweet Plantation agreed to supply all of Candy's sugar requirements for the next year at $.25 per pound. A dispute arose as to how much sugar Sweet is to supply. The parol evidence rule will bar Sweet's introduction of evidence concerning the intent of the requirements of Candy.
Answer the following statement true (T) or false (F)