The Characteristic of a Partnership Where Specific Assets Contributed by a Partner

question 38

Multiple Choice

The characteristic of a partnership where specific assets contributed by a partner lose their identity as to source and become shared property of the partnership is:

• A)a fiduciary relationship
• B)tenancy in partnership
• C)mutual agency
• D)the proprietary theory

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Definitions:

Signature Requirement

The legal or regulatory mandate that a document must be signed by one or more parties to validate or acknowledge it.

Uniform Commercial Code

A comprehensive set of laws governing commercial transactions in the United States, intended to harmonize laws across states and simplify transactions.

Agent

A person authorized to act on behalf of another person, typically in a business or legal matter.

Negotiable

A term denoting something that can be transferred or assigned from one party to another, typically referring to financial instruments or goods.