Corbin, a partner in Doctors Medical Clinic, applies for a loan with Evermore Bank allegedly on Doctors' behalf but without the authorization of the other partners. Evermore knows that Corbin is not authorized to take out the loan. Corbin defaults on the loan. Liability for its unpaid amount is imposed on

a. Corbin and Doctors, jointly.
b. Corbin only.
c. Doctors only.
d. Evermore only.


b

Business

You might also like to view...

What are regional management centers? What are the advantages of having such centers in global businesses?

What will be an ideal response?

Business

Kirk Corporation owns 25 percent of the voting stock of Allen Corporation and accounts for the investment using the equity method. Allen reports a net loss of $40,000. Kirk Corporation's entry to record its share of loss is:

A) Cash 10,000 Investment in Allen Corporation 10,000 B) Loss on Investments 40,000Investment in Allen Corporation 40,000 C) Loss, Allen Corporation Investment 10,000 Investment in Allen Corporation 10,000 D) Cash 10,000 Loss, Allen Corporation Investment 10,000

Business

Criminal acts are prohibited by

A) local statutes only. B) state statues only. C) federal statutes only. D) local, state, and federal statutes.

Business

Most Americans appreciate personal space of

a. 5 to 12 inches b. 12 to 18 inches c. 18 inches to 4 feet d. 12 inches to 2 feet

Business