Ted's Partnership Agreement with Two Other Men Was a Bit

question 200

Multiple Choice

Ted's partnership agreement with two other men was a bit unsound.One of the problems the men were encountering was uneven productivity among the partners.The agreement required each partner to contribute to every aspect of the business to receive an equal portion of the profits.This agreement did not reflect the idea that

• A) all partners need not be equal; that is, there are different types of partners.Some may be fully active in running the business, whereas others may have a more limited role.
• B) general partners are required to be active in day-to-day business operations.
• C) customers and creditors of a limited partnership need not be protected.
• D) the Uniform Partnership Act requires every general partnership to have at least one limited partner.
• E) each partner may enter into contracts on behalf of all the others.

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Definitions:

Root

The basic cause, source, or origin of something or the fundamental part of a word to which affixes can be added.

Maxim

A concise statement expressing a general truth or rule of conduct.

Eti/o

A prefix in medical terminology referring to causes or origins of diseases.

Combining Form

In the context of word formation, a form of a word that is used in combination with another form to create a new word or express a specific meaning.