In Relation to Torts and Crimes, the Partnership Legislation States

question 13

Multiple Choice

In relation to torts and crimes, the partnership legislation states that if one partner causes damage to another person (tort) or incurs a penalty (crime) all the partners will be liable if:

• A)The other partners did not authorise the action.
• B)The partner who committed the wrongful act was acting in the ordinary course of business of the partnership.
• C)The partner who committed the act should not be held personally responsible for their action.
• D)The other partners knew about the wrongful act.

Differentiate monopolistic competition from perfect competition and monopoly in terms of market structure and outcomes.

Understand the concept of monopolistic competition and how it differs from perfect competition and monopoly.

Explain the conditions necessary for price discrimination and its impact on market outcomes.

Identify and describe the characteristics of industries classified under monopolistic competition.

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Definitions:

Statute of Frauds

A legal principle that requires certain types of contracts to be in writing to be legally enforceable.

Real Estate

Property consisting of land or buildings, along with the natural resources of the land including uncultivated flora and fauna, water, and minerals.

Easement

A non-possessory right to use and/or enter onto the real property of another without owning it.

Course of Performance

Course of Performance refers to the conduct between parties in the execution of a contract that helps to interpret and define the contract's terms.