The UPA Grants Each Partner the Right to an Account

question 64

Multiple Choice

The UPA grants each partner the right to an account whenever:

• A) his partners wrongfully exclude him from the partnership business.
• B) a partner makes a profit in violation of his fiduciary duty.
• C) circumstances render it just and reasonable.
• D) All of these are reasons a parter may demand an account.

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Definitions:

Wasted Resources

Resources that are not utilized in an efficient manner, often leading to economic inefficiency or loss.

Price Floor

A government-imposed minimum price that can be charged for a good or service, designed to protect producers by ensuring that market prices do not fall below a certain level.

Surplus

The situation where the quantity of a good or service supplied exceeds the quantity demanded at the current price.

Shortage

A situation where the demand for a product exceeds its supply at a specific price.