Jim Braun Has Been a Partner in a Real Estate

question 122

Multiple Choice

Jim Braun has been a partner in a real estate investment partnership with Alicia Kaynes for 10 years.When the real estate market took a downward turn,one of their investments in a strip mall became a cash drain.Jim refused to contribute any more cash and withdrew from the partnership.Alicia was left to manage the property.Before she could sell it,Alicia had put in $125,000 into the strip mall property.Following the sale,Alicia demanded one-half of the $125,000 from Jim.Jim said he is not liable because he left the partnership.

• A)Jim is correct; he withdrew and his liability ended.
• B)Alicia is correct; Jim owes her his share of what she paid.
• C)Neither is correct; how much Jim owes depends on when he withdrew.
• D)none of the above

---

Definitions:

Signed

A document or agreement that has been autographed by one or more individuals, indicating acceptance or confirmation of its contents.

Partially Integrated Contract

A written contract that contains some, but not all, of the terms agreed upon by the parties, indicating that other terms or agreements must be established separately or are understood orally.

Ambiguities

Unclear or indeterminate areas within a text or statement that can lead to multiple interpretations.

Divisible

Capable of being divided or separated into distinct parts without losing its inherent nature or functionality.