Which of the Following Is Correct with Respect to the Law

question 157

Multiple Choice

Which of the following is correct with respect to the law of partnership?

• A) All partnerships must be registered.
• B) Partnership is generally a less costly method of carrying on business than incorporation.
• C) All partners have a right to an equal say in the management of the partnership and this cannot be changed by agreement.
• D) The partnership relationship is governed by legislation that states that profits and losses are to be shared equally, and this cannot be modified by agreement.
• E) Any major change in the partnership must be made by unanimous agreement, and this cannot be changed by partnership agreement.

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Definitions:

Transfer

In legal terms, it refers to the act of moving the ownership, title, or rights of a property or asset from one entity to another.

Article 3

Typically refers to a segment of a constitution, legal code, or treaty that outlines specific powers, rights, or obligations.

Indorsements

Signatures or statements on a negotiable instrument (like a cheque or bill of lading) that specify the terms under which the document is to be transferred or can enforce rights under it.

Negotiation

The process where two or more parties discuss and modify terms of an agreement to reach a mutually acceptable solution.