A Partnership Is Primarily a Contractual Relationship and Can Be

question 160

True/False

A partnership is primarily a contractual relationship and can be created verbally or implied from conduct.

---

Definitions:

Twenty-One Years

An age often associated with full legal adulthood in many jurisdictions, granting all legal rights and responsibilities.

Necessaries

Basic needs or essential services required for individuals to maintain a standard of living, such as food, clothing, and shelter.

Contractual Liability

The legal obligations arising from contracts entered into by an entity or individual.

Age of Majority

The legally recognized age at which an individual is considered an adult and capable of making certain legal decisions.