Peter, Kathy, and Soren Are Partners in a Hardware Store

question 45

Multiple Choice

Peter, Kathy, and Soren are partners in a hardware store business. Peter wants to retire and have his son, Mac, assume his place in the partnership. Which of the following is TRUE?

• A) Peter can make Mac a partner because every partner is entitled to choose his or her successor.
• B) Peter cannot make Mac a partner because unanimous consent is required to admit a new partner.
• C) Peter can make Mac a partner by obtaining the consent of one of the other partners.
• D) Peter cannot make Mac a partner unless he has first worked in the partnership business.
• E) Peter can make Mac a partner because partnership interests can be assigned.

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Definitions:

Subduction Zone

A region of the Earth's crust where one tectonic plate moves under another, often causing volcanic activity.

Island Arc

A curved series of volcanic islands that arise from the ocean floor, typically near a convergence zone between tectonic plates.

Lesser Antilles

A group of islands in the Caribbean Sea, forming part of the boundary between the Caribbean Sea and the Atlantic Ocean, located on the eastern edge of the Caribbean plate.

Transform Faults

Boundaries between tectonic plates where the motion is predominantly horizontal, leading to earthquakes but not creating volcanoes.