The Partnership Act provides that if the partners do not agree otherwise, certain terms of a partnership agreement will be implied. Which of the following is NOT such an implied term?
A) Each partner shall be responsible for the losses of the firm only to the limit of each partner's initial cash contribution.
B) Every partner may take part in the management of the partnership business.
C) No partner is entitled to a wage for acting in the partnership business
D) No person may be introduced as a partner without the consent of all the existing partners.
E) The partners will share the profits equally.
A
You might also like to view...
This question has two parts; be sure to answer both. First, distinguish among a hollow structure, a modular structure, and a virtual structure. Second, specify whether each of the following companies has a hollow, modular, or virtual structure.
What will be an ideal response?
Why do some employers forbid employees to use instant messaging (IM) and texting?
A) Instant messaging and texting are more expensive to use than faxes or phone calls. B) Some employers consider IM and texting distractions. C) Delivery of instant and text messages takes longer than e-mail message delivery. D) According to federal regulations, businesses cannot conduct business using instant or text messaging.
A ________ is a name, term, symbol, design, or any combination of these that identifies and differentiates a firm's products.
Fill in the blank(s) with the appropriate word(s).
Vehicle Wholesale Company and Walt's Retail Motors enter into a contract for a sale of used cars. Vehicle Wholesale assures Walt's that it has valid title to the vehicles. Under the UCC, warranties of title arise A) automatically in most sales contracts
B) only if the buyer asks for such a warranty. C) only if the seller expresses such a warranty. D) only in conjunction with lease contracts, not sales contracts.