In Mortgage Grader,Inc

question 11

Multiple Choice

In Mortgage Grader,Inc.v.Ward & Olivo,L.L.P. ,the case in the text,the court held that:

• A)when one partner commits malpractice,the other partners in the LLP can be held jointly and severally liable for the malpractice.
• B)when one partner commits malpractice,the other partners in the LLP cannot be held vicariously liable for the malpractice.
• C)when one partner commits malpractice,the other partners in the LLP cannot be held jointly and severally liable for the malpractice.
• D)when one partner commits malpractice,the other partners in the LLP can be held vicariously liable for the malpractice.

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Definitions:

Statement of Cash Flows

A financial statement that provides aggregate data regarding all cash inflows a company receives from its ongoing operations and external investment sources, as well as all cash outflows that pay for business activities and investments during a given period.

Bonds Payable

A financial accounting term that represents the amount owed by an entity to bondholders, typically a long-term liability on a company's balance sheet associated with borrowing through issuing bonds.

Separate Schedule

A detailed plan or chart made independently from other planning documents, focusing on specific activities or resources.

Statement of Cash Flows

A financial statement that provides aggregate data regarding all cash inflows and outflows a company receives from its ongoing operations and external investment sources.