Which Stage(s) Must Be Completed Before a Partnership Is Considered

question 70

Multiple Choice

Which stage(s) must be completed before a partnership is considered completely terminated?

• A) Dissolution only
• B) Winding up only
• C) Dissolution and release of claims, but not winding up
• D) Release of claims and winding up, but not dissolution
• E) Dissolution and winding up, but not release of claims

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Definitions:

Merchantability

A warranty that a product sold will meet reasonable expectations of the buyer, including that it is of average acceptable quality and is fit for the purpose for which it is sold.

Defective

Pertaining to a lack of perfection, flaws, or deficiencies in a product, service, or legal document that impair its quality, functionality, or legality.

Security Interest

Any interest “in personal property or fixtures which secures payment or performance of an obligation” [UCC 1–201(37)].

Repossesses

The act of taking back an item, typically a vehicle or property, when the buyer fails to make the required payments.