Under Which of the Following Conditions Is a Contract Said

question 57

Multiple Choice

Under which of the following conditions is a contract said to have legal value?

• A) the promisor receives a legal benefit
• B) the promisor suffers a legal detriment
• C) both promisor and promisee receives a legal benefit
• D) both promisor and promisee suffers a legal detriment

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Definitions:

Sole General Partner

is an individual or entity that is the only general partner in a partnership, responsible for the management of the partnership and personally liable for its debts.

Limited Partnership

A form of business partnership where there is at least one general partner liable for the debts of the business and one or more limited partners whose liability is limited to their investment.

Corporation

A legal entity that is separate and distinct from its owners, established to conduct business or engage in activities, with the ability to own assets, incur liabilities, and sell shares.

Certificate of Limited Partnership

A legal document filed with a state governmental body to form a limited partnership, outlining the rights and obligations of each partner.