A Partner's Transferable Interest Is Subject to the Claims of That

question 49

Multiple Choice

A partner's transferable interest is subject to the claims of that partner's creditors who may obtain a judicial lien known as a(n) __________ against the partner's transferable interest.

• A) foreclosure
• B) redemption
• C) charging order
• D) None of these.

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Definitions:

Quasi-Contract

A legal concept where the court imposes a contractual obligation on a party who has not actually entered into a contract, to prevent unjust enrichment.

Mutual Assent

In contract law, the state of mind that exists between an offeror and an offeree once a valid offer has been accepted and once the parties know what the terms are and have agreed to be bound by them. Also known as “a meeting of the minds.”

Unenforceable Contract

A contract that cannot be upheld by a court because of some rule of law.

Complete Contract

A contract that outlines all the relevant and necessary conditions and terms of the agreement between parties for a particular transaction or arrangement.