[Fishing Kings] Kyle and Felix Have a Business Called Fishing

question 28

Multiple Choice

[Fishing Kings] Kyle and Felix have a business called Fishing Kings, which escorts tourists on fishing expeditions in Florida. Fishing Kings is doing poorly. Ernesto, a contractor, wants $10,000 for the work he did on Kyle's house. Colin, a tech consultant, wants $7,000 owed to him for setup and purchase of computers in Fishing Kings' office. Kyle sells one of Fishing Kings' boats in order to pay some of the debts. When Felix finds out about the sale, he is furious and yells that Kyle had no right to sell the boat without his permission. Kyle responds that he was acting as an agent of the partnership in selling the boat.
-Did Kyle have a right to sell the boat without Felix's agreement?

• A) No, because all partners must participate in the transaction.
• B) Yes, because he was acting as an agent of the partnership.
• C) Yes, but only if Kyle identified himself in writing as an agent of the partnership in the transaction.
• D) Yes, because there is no evidence of fraud.
• E) No, because he sold the boat for his own personal gain.

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