When Entering into a New Partnership, a Good Strategy Is

question 168

Multiple Choice

When entering into a new partnership, a good strategy is to:

• A)Avoid putting their agreement in writing since this would limit the flexibility of the partnership.
• B)Put the partnership agreement in writing.

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Definitions:

Contract

A contract between two or more parties that is recognized and enforceable under the law.

Consideration

Something of value that is exchanged between parties in a contract, making the agreement legally binding.

Extra Vacation Week

An additional week of vacation granted beyond the standard allocated time, often as a benefit or reward.

Valid Contract

An agreement between two or more parties that is enforceable by law, having all essential elements like offer, acceptance, and consideration.