Which of the Following Is True About the Effect of Purported

question 12

Multiple Choice

Which of the following is true about the effect of purported partnerships?

• A)Purported partners share profits of the business.
• B)A purported partner does not have authority to make contracts for the partnership.
• C)A purported partner is liable on contracts entered into by third parties on their belief that he is a partner.
• D)A purported partner is not liable for the torts committed in the course of relationships entered by third parties who believed he was a partner.

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Definitions:

Public Bureaucracies

Organizations within the public sector governed by a fixed set of rules and structured hierarchically, tasked with implementing government policies.

Public Choice Theorists

Economists and political scientists who study how public decisions are made, applying theories and methods of economics to analyze political behavior and decision-making.

Market System Failure

An economic situation where the allocation of goods and services by a free market is not efficient, often justifying government intervention.

Unfunded Liability

A future government spending commitment (liability) for which the government has not legislated an offsetting revenue source.