The Form of Business Association Known as a Partnership Can

question 10

True/False

The form of business association known as a partnership can be traced to ancient Babylonia and classical Greece and was used in England during the Middle Ages.

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Definitions:

Majority

A term used to describe persons who have reached the legal age of adulthood.

Equal Dignities Rule

The legal rule that provides that when a party appoints an agent to negotiate an agreement that must be in writing, the appointment of the agent must also be in writing.

Consideration

In contract law, something of value exchanged between parties that is required for the formation of a legal contract.

Assignment

The transfer of a contract right from one person to another.