Luke Typically Spends 50-55 Hours Per Week Working in the Real

question 59

Multiple Choice

Luke typically spends 50-55 hours per week working in the real estate partnership he co-owns with Spencer. Spencer only spends about 30 hours a week on partnership business. Under the RUPA:

• A) Luke would be entitled to payment from the partnership for the extra 20-25 hours per week he spends on partnership business unless a partnership agreement denies this right.
• B) the partners cannot agree to deny extra payment for extra work by a partner.
• C) unless the partners have otherwise agreed, Luke is not entitled to payment for his work for the partnership, even if it is disproportionate to his partner's work.
• D) Luke would be entitled to payment from the partnership only if the amount of time and effort he expends on partnership business is grossly disproportionate to that spent by his partner.

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Definitions:

Oral Contract

An agreement between parties that is not written but is fully valid and enforceable if it meets certain legal criteria.

Interest in Land

Interest in land refers to legal rights over property, including ownership, use, or other financial benefits associated with real estate.

Statute of Frauds

A legal concept requiring certain types of contracts to be executed in writing and signed by all parties involved, in order to be enforceable.

Parol Evidence Rule

A legal principle that prevents parties from presenting extrinsic evidence that contradicts or adds to the terms of a written contract.