The States Have a Severely Restricted Power to Enact Laws

question 35

Multiple Choice

The states have a severely restricted power to enact laws that affect interstate commerce.This concept is called

• A)federalism.
• B)the undue burden concept.
• C)constitutional hierarchy.
• D)the dormant aspect of the Commerce Clause.

Comprehend how partners in a partnership are taxed.

Identify and differentiate between various types of partnerships and the legal implications for each.

Learn the process and implications of a partner's withdrawal or addition in a partnership.

Understand the concept of mutual agency within a partnership.

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Definitions:

Attorney-In-Fact

An agent who is given express, written authorization by his principal to do a particular act or series of acts on behalf of the principal.

Express Authorization

Explicit permission granted by one party to another to perform actions or activities on its behalf.

Principal

In agency law, one under whose direction an agent acts and for whose benefit that agent acts.

Implied Trust

A trust not created by explicit words but inferred by law to avoid injustice or to reflect the presumed intention of the parties involved.