Sue,Barb,and Carlotta Agree to Put in $1,000 Each to Set

question 54

Multiple Choice

Sue,Barb,and Carlotta agree to put in $1,000 each to set up a shelter for lost animals.They each work two days a week.Donations fund the day-to-day operations.Do they have a partnership?

• A) Yes,since each has control of the operation
• B) Yes,because they are all co-equals in ownership of the shelter
• C) No,because they have made no formal agreement
• D) No,because there is no business for profit

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Definitions:

Partially Integrated Contract

A written contract that contains some, but not all, of the terms agreed upon by the parties, indicating that other terms or agreements must be established separately or are understood orally.

Ambiguities

Unclear or indeterminate areas within a text or statement that can lead to multiple interpretations.

Divisible

Capable of being divided or separated into distinct parts without losing its inherent nature or functionality.

Promissory Estoppel

A legal principle preventing a party from withdrawing a promise if the other party reasonably relied on that promise and acted upon it to their detriment.