A Third Person Should Recognize That a Partner Has Limited

question 30

Multiple Choice

A third person should recognize that a partner has limited or no authority if:

• A) the partner seeks to act for the partnership concerning a matter not within the usual business of the firm.
• B) the third person knows that the partnership has been terminated.
• C) the partner seeks to pay a personal obligation by issuing a promissory note in the name of the firm.
• D) all of the above.

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Definitions:

Macroeconomics

The study of economy-wide phenomena, including inflation, unemployment, and economic growth.

Consumption

The use of goods and services by households for personal needs or the process of using up resources or goods, leading to a decrease in their availability.

Investment Incentives

Investment incentives are benefits or policies designed to encourage businesses or individuals to invest in certain areas or sectors.

Interest Rate

Lenders require a payment, portrayed as a percentage of the principal, from borrowers for the use of their assets.