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A Disadvantage of a Partnership Is That

question 50

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A disadvantage of a partnership is that:


Definitions:

Doctrine Of Part-Performance

A legal concept in contract law that allows an unwritten contract to be enforced if one party has taken significant steps to perform their part.

Quantum Meruit

A doctrine in contract law that allows a person to recover reasonable value of services rendered, when a contract does not exist or is unclear, based on the idea of preventing unjust enrichment.

Abandoned Contract

A contract that is no longer active because all parties have ceased to perform their obligations.

Quantum Meruit

A Latin term meaning "as much as he has earned," used in legal context to denote compensation deserved for services or work done when no contract exists.

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