Which of the Following Is True of a General Partnership

question 38

Multiple Choice

Which of the following is true of a general partnership?

• A)Each partner has all the privileges and risks of ownership.
• B)The income of a general partnership is subject to double taxation.
• C)Each partner's liability is limited to their contributed capital.
• D)When a general partner contributes a particular asset to the firm,he or she is considered the sole owner of the asset.

Understand the significance of industry standards and practices in interpreting or completing contracts.

Differentiate between the requirements and exceptions of the statute of frauds in the U.S. and England.

Understand the concept of performance and its effect on the statute of frauds.

Recognize the implications of oral modifications on written contracts.

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Definitions:

Express Warranties

Explicit assurances provided by a seller regarding the quality, condition, or performance of a product or service.

Marketing Brochures

Printed promotional documents used to describe and advertise products or services offered by a business.

Puffery

Exaggerated or hyperbolic claims made by a seller about a product or service, often considered legal and not literally true.

Express Warranty

A guarantee made by a seller that a product will meet certain quality and reliability standards.