Max,Jenny,and Craig Are Partners

question 21

Multiple Choice

Max,Jenny,and Craig are partners.They have purchased an elegant Victorian home and converted it into an office for their partnership.Craig decides to use the partnership's office to host some evening parties.Craig has a sideline business of arranging expensive gatherings and charging each person a handsome price to attend these "elite" parties.When Max and Jenny find out what Craig is doing,they demand that he pay them for the use of the property.How much money,if any,is Craig required to pay the partnership?

• A)Nothing.He is free to use partnership property for his own uses.
• B)Nothing,but he will be removed from the partnership for violating his fiduciary duty.
• C)He must turn over any profits he earned from this activity.
• D)He must pay the fair market value for the use of the house.

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Definitions:

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A French military leader and emperor in the early 19th century, known for his significant impact on European politics and warfare.

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Compulsory financial charges levied by a government on individuals and organizations to fund public expenditures, including infrastructure, services, and security.

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The governing body of the United States under the Articles of Confederation, consisting of representatives from each state and possessing limited powers.

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Territorial disputes and claims in the Northwestern territories of the United States, primarily during the late 18th and early 19th centuries, involving land rights and settlement.