The Partnership Act Provides That If the Partners Do Not

question 28

Multiple Choice

The Partnership Act provides that if the partners do not agree otherwise, certain terms of a partnership agreement will be implied. Which of the following is not such an implied term?

• A) Each partner shall be responsible for the losses of the firm only to the limit of that partner's initial cash contribution.
• B) Every partner may take part in the management of the partnership business.
• C) No partner is entitled to a wage for acting in the partnership business.
• D) No person may be introduced as a new partner without the consent of all of the existing partners.
• E) The partners will share the profits equally.

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Definitions:

Psychodynamic Theory

A theory in psychology that emphasizes systematic study of the psychological forces that underlie human behavior, feelings, and emotions and how they might relate to early experience.

Locus of Control

A psychological concept that refers to how strongly people believe they have control over the situations and experiences that affect their lives.

Reticular Activating System

A network of neurons located in the brainstem that plays a crucial role in controlling arousal and alertness.

Biological Explanations

Justifications of behavior or phenomena based on biological factors, such as genetics, brain structures, or biochemical imbalances.