'Joint and Several Liability' of Partners Means That If a Third

question 2

Multiple Choice

'Joint and several liability' of partners means that if a third party sues one partner and recovers some but not all of the full amount of the debt they can:

• A)Obtain a floating charge over the assets of the partnership.
• B)Sue the other partner for the balance.
• C)Sue the partnership for the balance.
• D)Seek punitive damages and compounding interest.

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Definitions:

International Success

refers to achieving significant positive outcomes or recognition beyond one's own country, often through business expansion, cultural influence, or technological innovation.

Great Goal

An ambitious objective that requires significant effort and dedication to achieve.

Precise Timetable

A detailed schedule that specifies exact times at which certain events or tasks should occur.

Communication Gap

The discrepancy or disconnect in understanding and interpretation between the sender and receiver during the communication process.