Articles of Partnership

question 52

Multiple Choice

Articles of partnership:

• A) are required to form a partnership by federal law.
• B) are a formal written agreement that states the partners' relationship.
• C) may be an oral agreement.
• D) Both B and C are correct.

Distinguish between illusory and actual promises and their significance in contract formation.

Grasp the concept of adequacy of consideration and its relevance in court evaluations of contracts.

Understand bilateral and unilateral contracts through the lens of consideration and promises.

Examine exceptions to the rule requiring consideration in contract formation and enforceability.

---

Definitions:

Debt Settlement

A process in which a debtor negotiates with creditors to pay off a portion of their total debt in exchange for the creditor considering the debt as fully repaid.

Land

An asset representing real estate property that a company owns, which can include natural resources or buildings, used in the business operations or as an investment.

Bond Classifications

Categories of bonds based on issuer type, maturity, credit quality, and other factors influencing risk and return.

Appropriate Characteristic

A quality or feature that is suitable, fitting, or right for a particular purpose or situation.