A Good Reason Why Partners Should Spell-Out the Details of Their

question 173

Multiple Choice

A good reason why partners should spell-out the details of their partnership arrangements in writing is:

• A)The partnership is not a legally recognized business unless they do so.
• B)A written agreement will help reduce misunderstandings and disagreements among the partners.
• C)Putting the agreement in writing will limit the liability of each partner to a specified level.
• D)Doing so will make it easier to convert the business to a corporation at a later date.

Grasp the notions of contributory negligence, comparative negligence, and assumption of risk, and how they affect liability and damages.

Understand the special duty cases such as premises liability and the duty of landowners towards invitees and licensees.

Comprehend the concept of strict liability and how it differs from negligence.

Identify the legal theories and defenses available in negligence cases, including res ipsa loquitur, assumption of risk, and exculpatory clauses.

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Definitions:

Governor Edmund Andros

A colonial administrator in North America, known for his unpopular governorship in the Dominion of New England, where his actions sparked resistance among the colonists.

Glorious Revolution

The overthrow of King James II of England in 1688 by a union of Parliamentarians and the Dutch stadtholder William III of Orange-Nassau, leading to a constitutional monarchy in England.

Charter Revoked

A situation where an official document granting rights, privileges, or authority is taken back or annulled by the granting authority.

King William

A title referring to several European monarchs; most commonly recognizes King William III of England, who reigned from 1689-1702, notable for his role in the Glorious Revolution.