[Big Spender] Ryan Was a Partner in ZYX Law Firm

question 46

Multiple Choice

[Big Spender] Ryan was a partner in ZYX law firm. He decided to withdraw from the partnership because he wanted to retire early in Costa Rica. The partnership agreement of ZYX law firm did not specify the objective or duration of the partnership. Although Ryan gave proper notice, the other partners claimed that he had no right to withdraw. Ryan was angry and decided to get even. Two days after he withdrew and before the partnership had provided notification to any suppliers of his departure, Ryan went to the office supply store at which he typically purchased supplies on account for the firm. He purchased several cameras, a computer, and other items, which he placed on the firm's account. Ryan just smiled when Joe, the manager at the store, told Ryan that he really appreciated the law firm's business. The next day Ryan headed for Costa Rica and cannot be located. Joe later requests that ZYX firm pay the bill for Ryan's purchases. The law firm, whose members had decided to continue the partnership after the dissolution resulting from Ryan's resignation, refused on the basis that Ryan had no authority to make the purchases. Joe says that he did not know that and that he expects to be paid immediately.
-Which statement is true regarding whether the law firm is liable for purchases made by Ryan?

• A) The law firm is liable for the purchases because it had not provided notification to the office supply that Ryan was no longer authorized to make purchases for the firm.
• B) The law firm is liable for the purchases because Ryan's authority continued for seven days after his resignation.
• C) The law firm is liable for the purchases because Ryan's authority continued for ten days after his resignation.
• D) The law firm is liable for the purchases only if Ryan was treated inequitable during the winding-up process.
• E) The law firm is liable for the purchases only if Ryan cannot be found within one year of the date the purchases were made.

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Definitions:

Social Structure

The complex system of relationships, hierarchies, and institutions within a society that shape individuals' roles and interactions.

Innate Psychology

Theoretical concept suggesting that aspects of human psychology are inherent and present at birth, rather than learned through experience.

Generational Difference

The social, cultural, and technological disparities observed between different age cohorts or generations.

Age Cohorts

Groups of people categorized based on their age, often used in social science for statistical analyses and comparisons across generations.