A Retiring Partner Cannot Be Discharged from Existing Liabilities of the Partnership

question 45

True/False

A retiring partner cannot be discharged from existing liabilities of the partnership except by payment.

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Definitions:

Preference

An individual's choice or inclination towards a specific option among a set of alternatives based on tastes, utility, or desirability.

Coconuts

Tropical fruit known for its water and flesh, often used as food and in various products, representing a good in economics.

Normal Good

A good for which demand increases as consumer income rises, and decreases as consumer income falls.

Consumers Believe

Refers to the perceptions or expectations that consumers hold about a product, service, or market, which can significantly impact their purchasing decisions.