Partners Have No Authority After Dissolution to Create New Obligations

question 5

True/False

Partners have no authority after dissolution to create new obligations, but they do retain authority to perform any acts necessary to wind up the business.

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Definitions:

Majority-Rule Voting

A decision-making process where the option that receives more than half of the votes is chosen, commonly used in democratic systems and organizations.

Voting Paradox

A situation in social choice theory where collective preferences can be cyclic (i.e., not transitive), even if the preferences of individual voters are not, leading to a lack of consistent aggregation of individual preferences into a coherent group order.

Impossibility Theorem

A principle, also known as Arrow's impossibility theorem, stating that it is impossible to devise a social welfare function that fairly ranks societal preferences in the presence of three or more options.

Voting Scheme

A method or system used for casting votes and determining the outcome in an election or decision-making process.