Chuck, Betty, and Bert Form CB&B Partnership to Run a Specialty

question 31

Multiple Choice

Chuck, Betty, and Bert form CB&B Partnership to run a specialty grocery store.Bert is the day-to-day manager of the store, Betty buys the groceries, and Chuck does all the administrative work.Betty decides she would like a new car to use when calling on prospective wholesalers.She makes a contract with Big Ben Motors in the name of CB&B without consulting Chuck and Bert.CB&B and the individual partners are:

• A) not bound because buying a car is outside the scope of the partnership business.
• B) bound by Betty's apparent authority to buy a car.
• C) bound by Betty's actual implied authority to buy a car.
• D) bound by estoppel.

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Definitions:

Competition-oriented

An approach or strategy focused on understanding, adapting to, and outperforming competitors in the marketplace.

Price Level

The current average cost of goods and services in an economy or specific market, which can affect purchasing power and economic health.

Approaches

The methods or strategies used in dealing with or accomplishing a task or goal.

Book Selling Market

The economic sector involved in the retail and distribution of books to consumers.