A Partnership Agreement Includes All of the Following EXCEPT The

question 71

Multiple Choice

A partnership agreement includes all of the following EXCEPT the:

• A)provisions for the issue of ordinary shares.
• B)name and initial investment of each partner.
• C)procedures for liquidating the partnership.
• D)method of sharing profits and losses.

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Definitions:

Delegation

A contracting party’s (a delegator’s) transfer of his or her duty to perform to a third party who is not part of the original contract (a delegatee).

Personal Services

Services provided by individuals based on their unique skills or talents, often involving physical or mental efforts rather than producing goods.

Delegatee

A third party who is not part of the original contract but to whom duties to perform are transferred by one of the contracting parties (a delegator).

First-Assignment-In-Time Rule

A rule which states that the first party granted an assignment is the party correctly entitled to the contractual right.