In the Case of Thomas V

question 2

Multiple Choice

In the case of Thomas v. Lloyd , the court held:

• A) the use of land by a partnership is determinative of the fact that the land is owned by the partnership.
• B) whether real estate titled in the names of individual partners is partnership property is a question of fact, and the burden of proof is on the one alleging that the actual ownership does not match the names on the legal title.
• C) payment of real estate taxes out of partnership funds is determinative of the fact that the land is a partnership asset.
• D) payment of promissory note payments for the real estate out of partnership funds is determinative of the fact that the realty is a partnership asset.

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Definitions:

Total Benefit

The complete gain or advantage that an individual, entity, or society receives from consuming a good or service.

Football Games

Competitive sporting events involving two teams aiming to score points by moving a ball into the opposing team's end area, primarily through kicking, carrying, or passing.

Marginal Benefit

The extra pleasure or benefit derived from consuming an additional unit of a product or service.

Marginal Cost

The cost of producing one additional unit of a product.