X and Y Are Partners

question 9

Multiple Choice

X and Y are partners.Z is a third party who deals with Y.X will not be liable for an act by Y done in the usual way of business of the kind carried on by the partnership if:

• A)Y has express authority to act for the partnership in the particular matter.
• B)Z knows that Y has authority.
• C)Z believes Y to be a partner.
• D)Z does not know that Y is a partner.

---

Definitions:

Loanable Funds

The money available for borrowing in the financial markets, determined by the savings of individuals and entities and the banking system's capacity to lend.

Usury Law

Regulations governing the maximum interest rate that can be charged on loans, aimed at protecting consumers from excessively high rates.

Loanable Funds

A theory in economics that suggests the market interest rate is determined by the demand for and supply of money available for lending.

Usury Laws

Regulations governing the maximum interest rate that can be charged on loans.