When the Delegation of a Duty Is a Declaration of Duties,the

question 99

True/False

When the delegation of a duty is a declaration of duties,the delegatee becomes legally liable to the obligee to perform the duty.

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Definitions:

LLLP

A limited liability limited partnership, a type of partnership where some partners have limited liability (similar to limited partners in an LP) while also having the ability to participate in management.

General Partner

A general partner is an owner of a partnership who has unlimited liability and is typically involved in the day-to-day management of the business.

Share of Profit

An individual's or entity's portion of the net profits derived from a business venture, investment, or partnership.

Conversion

The wrongful act of taking or using someone else's property without permission, treating it as if it were one's own.