A Contractual Joint Venture Differs from a Partnership in That

question 37

Multiple Choice

A contractual joint venture differs from a partnership in that

• A)there is a fiduciary relationship between the participants.
• B)it pools assets and expertise for a business endeavour.
• C)it is a relationship for a specific undertaking with a limited duration.
• D)profits are retained jointly for use in another project.
• E)the liability will be construed to be joint and several.

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Definitions:

Abstract Word

A word that represents an idea, quality, or state rather than a concrete object or physical thing.

Overconfidence Influence

The phenomenon where an individual's confidence in their judgments and abilities is higher than the accuracy of those judgments.

Retroactive Interference

The phenomenon where newly learned information interferes with the recall of previously learned information.

Hindsight Bias

The tendency to believe, after an event has occurred, that one would have predicted or expected the outcome, known also as the "I-knew-it-all-along" phenomenon.