Where No Partnership Agreement Exists, Will a Court Dismiss a Suit

question 55

Multiple Choice

Where no partnership agreement exists, will a court dismiss a suit concerning the existence or terms of the partnership?

• A) No, informal documentation, such as e-mails, notes, and memos may be used to identify the existence of a partnership and/or the terms of a partnership.
• B) No, under federal law, oral testimony is sufficient to set forth the existence and terms of the partnership.
• C) Yes, because of the statute of frauds.
• D) Informal documentation is sufficient to set forth the existence of the partnership, but not sufficient to set forth the terms of the partnership.
• E) Yes, the written agreement is necessary.

Model exponential growth and decay in various scenarios including population and investment growth.

Analyze and solve real-world problems using exponential and logarithmic functions.

Interpret the results of exponential and logarithmic equations in the context of the problem.

Calculate principal amounts and investment balances in compounding interest scenarios.

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Definitions:

Tax Benefit

A financial advantage that results from specific tax laws or regulations, allowing for reductions in tax liability.

Avoidance

A legal principle that allows a party to cancel or annul a contract under certain conditions.

Profit Distributions

The allocation of a portion of a company's earnings to its shareholders, typically in the form of dividends or share buybacks.

De Facto Corporation

A business operating as if it were a legally incorporated company, despite not having completed the formal incorporation process, and is often treated as such by the law under certain conditions.