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In General, If a Partnership Agreement Does Not Specify What

question 58

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In general, if a partnership agreement does not specify what happens in case of the death or departure of a partner, one looks to:


Definitions:

Bailment

A legal relationship where physical possession of personal property is transferred from one person to another under the agreement that the property will be returned.

Ordinary Care

The level of care that a reasonably prudent person would exercise in a similar situation to prevent harm.

Damaged

Refers to the physical harm or deterioration suffered by goods, property, or reputation.

Lawnmower

A machine equipped with blades for cutting grass on lawns.

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