White, Gray, and Greene enter into a contract to form a partnership, but the contract says nothing about the sharing of profits and losses. Which of the following will take place?
A) Profits and losses will be shared in a ratio based on the dollar amount of their capital investments.
B) Profits will be shared equally; losses will be absorbed based on dollar amount of capital investment.
C) Profits will be based on amount of time each partner spends working for the firm; losses will be shared equally.
D) Profits and losses will be shared equally.
D
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