If Your Business Law Professor Discusses the Laws That Specifically

question 74

Multiple Choice

If your business law professor discusses the laws that specifically govern the relationship between partners and third parties,what might you reasonably expect him to identify as the source of those laws?

• A) the Law of Partnership
• B) the Law of Agency
• C) the Partnership Act
• D) the Agency Act

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Definitions:

Appropriation of Funds

The legislative process by which governments allocate funds to various departments, agencies, and programs within the government's budget.

Bank of the United States

A historically significant financial institution in the United States, established in 1791 and 1816 in two iterations, intended to serve as a repository for federal funds and as the government's fiscal agent.

Article I, Section 8

A section of the United States Constitution that outlines the enumerated powers of Congress, including the authority to tax, regulate interstate commerce, and maintain armed forces.

Necessary and Proper

A clause in the U.S. Constitution granting Congress the power to pass all laws deemed necessary and proper for carrying out its enumerated powers.