Which Statement Is True Regarding the Rights of Partners to a Rightful

question 52

Multiple Choice

Which statement is true regarding the rights of partners to a rightful dissolution of a partnership?

• A) All partners can demand that the partnership be wound-up but only the managing partner may participate in the wind-up.
• B) The partners may continue the partnership upon majority vote.
• C) If the partners unanimously agree, they can continue the business using the partnership's name.
• D) Rightful dissolution is by act of a partner only.
• E) Rightful dissolution is by act of court only.

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Definitions:

Injunction

A judicial order that restrains a party from beginning or continuing an action threatening or invading the legal right of another.

Legal Position

The specific rights, duties, or standpoints held or taken in a legal action or argument.

Compensation

Payment or remuneration given to someone in exchange for loss, damage, or suffering.

Partial Performance

Completion of only part of the obligations specified in a contract, which may affect the enforceability or terms of the contract.