In the Case of Thomas V

question 42

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:

Pareto Optimal Allocation

An allocation of resources from which it is impossible to reallocate so as to make any one individual better off without making at least one individual worse off.

Utility Function

A mathematical model in economics that represents an individual's preference system, used to rank choices in order of preference.

Apples

In economic terms, apples can serve as an example of a consumer good, whose supply and demand can be analyzed to understand market dynamics.

Bromides

Compounds containing the bromide ion or compounds that act as a sedative; colloquially used to refer to common sayings or platitudes that lack originality.