'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:

Punishment

An unpleasant consequence given to reduce the occurrence of a particular behavior.

Stimulus Response Bond

The connection formed between a specific stimulus and a specific response through conditioning.

Matching Law

A principle in behavioral psychology stating that the proportion of responses directed toward an option matches the proportion of reinforcements obtained from that option.

Contend

To strive in opposition or against difficulties; to compete or argue.