'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:

Case Study

A research method involving an up-close, in-depth, and detailed examination of a subject of study (the case), as well as its related contextual conditions.

Experimental Study

A research methodology involving the manipulation of variables to determine their effect on a particular outcome or to test a hypothesis.

Masked Design

A research design in which participants do not know which treatment group they are in to prevent bias; also known as a blinded design.

Placebo

An inert or non-therapeutic substance given to a control group in clinical trials to assess the psychological impact of receiving a treatment.