Tom,Lori,Joseph,and Carol Agree to Do Business Together,but Haven't Agreed on Anything

question 32

True/False

Tom,Lori,Joseph,and Carol agree to do business together,but haven't agreed on anything about profits.The group appoints Tom as 'leader.' A court would consider Tom's appointment by itself as clear evidence of a partnership.

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Definitions:

Production Technique

A method or process employed in the transformation of raw materials, components, or parts into finished goods ready for the market or subsequent processing.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good that consumers are willing and able to purchase at each price level.

Swimwear Market

The industry segment that deals with the production and sale of clothing designed for swimming and related activities.

Government Subsidy

Financial assistance provided by the government to individuals, organizations, or industries to support activities deemed beneficial for the public or economy.