Fact Pattern 27-3 ​Bryn, Cornell, and Duke Are General Partners in Equity Lending

question 38

Multiple Choice

Fact Pattern 27-3
​Bryn, Cornell, and Duke are general partners in Equity Lending, a consumer credit, mortgage, and investment firm. Their agreement states that it is a breach of the agreement for any partner to assign his or her interest to a creditor without the consent of the other partners.
-Refer to Fact Pattern 27-3. Cornell's assignment of his interest in Equity Lending to Financial Consultants Corporation results in

• A) ​nothing with respect to Cornell or Equity Lending.
• B) ​the automatic termination of Equity Lending's legal existence.
• C) ​Cornell's liability for all of Equity Lending's debts.
• D) Cornell's wrongful dissociation and liability for any damages.

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Definitions:

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Fundamental beliefs about what is right and wrong that guide ethical behavior.

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