The Partnership Act Provides That If the Partners Do Not

question 28

Multiple Choice

The Partnership Act provides that if the partners do not agree otherwise, certain terms of a partnership agreement will be implied. Which of the following is not such an implied term?

• A) Each partner shall be responsible for the losses of the firm only to the limit of that partner's initial cash contribution.
• B) Every partner may take part in the management of the partnership business.
• C) No partner is entitled to a wage for acting in the partnership business.
• D) No person may be introduced as a new partner without the consent of all of the existing partners.
• E) The partners will share the profits equally.

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Definitions:

Behavior

The actions or reactions of individuals or groups in response to external or internal stimuli, observable through various means.

Second Shift

The phenomenon where working individuals, especially women, take on the majority of domestic chores and childcare after their workday ends.

Domestic Responsibilities

Tasks and duties related to the management and upkeep of a household, including caregiving, cleaning, and financial management.

Paid Jobs

Work for which individuals receive compensation in the form of wages or salary.