'Joint and Several Liability' of Partners Means That If a Third

question 19

Multiple Choice

'Joint and several liability' of partners means that if a third party sues one partner and recovers some but not all of the full amount of the debt they can:

• A)obtain a floating charge over the assets of the partnership.
• B)sue the other partners for the balance.
• C)sue the partnership for the balance.
• D)seek punitive damages and compounding interest.

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Definitions:

Procedural Due Process

A legal principle requiring that the government follow fair procedures before depriving a person of life, liberty, or property.

Substantive Due Process

A principle allowing courts to protect certain fundamental rights from government interference, even if procedural protections are upheld.

Police Power

The inherent authority of a government to impose restrictions on private rights for the sake of public welfare, order, and security.

Jurisdiction

The official power to make legal decisions and judgments, often within a defined area of responsibility or over certain types of legal cases.