A Special Type of Partnership in Which All Partners, Who

question 22

Multiple Choice

A special type of partnership in which all partners, who in many states must be professionals, are limited partners is called ________ partnership.

• A)general
• B)limited
• C)silent
• D)limited liability

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Definitions:

Arbitration Clauses

Provisions within a contract that require disputes arising under the contract to be resolved through arbitration rather than through court litigation.

Uniform Arbitration Act

A model statute adopted by some states to provide a standardized approach to the arbitration of disputes.

Arbitration Act

Legislation that provides a legal framework for arbitration, a form of alternative dispute resolution outside of courts.

Mini-trial

A voluntary, private, informal dispute resolution process where each party to a dispute presents a summarized version of its case to a panel, often as a prelude to other negotiations.