A Partnership Agreement Should Include All but Which One of the Following

question 21

Multiple Choice

A partnership agreement should include all but which one of the following?

• A) The duties of the partners.
• B) The capital contribution of the partners.
• C) The agreement for dividing tax liability of the partnership.
• D) The division of profits and losses.

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Definitions:

Reasonable Person

A hypothetical individual in law whose behavior serves as a standard to determine what a prudent person would or would not do under similar circumstances.

Elements Of Negligence

The requisite criteria that must be established to prove negligence, including duty of care, breach of that duty, causation, and resulting harm.

Foreseeable Risk

A potential danger or issue that a reasonable person would anticipate in a given set of circumstances, often discussed in negligence and tort cases.

Compensatory Damages

Money awarded equivalent to the actual value of injuries or damages sustained by the aggrieved party.