Which of the Following Is True of the Liability to Creditors

question 27

Multiple Choice

Which of the following is true of the liability to creditors in the process of continuation of partnership beyond an agreed-on term?

• A) Withdrawing partners are liable for new obligations though they have given a notice of withdrawal.
• B) New partners are liable for prior obligations only to extent of contribution unless they agree to greater liability.
• C) Continuing partners are the only people liable for prior obligations.
• D) Withdrawing partners are liable for prior obligations even though they are released by novation.

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Definitions:

Negative Punishment

A behavior modification technique involving the removal of a desirable stimulus following an undesired behavior to decrease the likelihood of the behavior’s occurrence.

Positive Punishment

Adding an unpleasant stimulus to decrease a behavior, part of operant conditioning in psychology.

Operant Responding

A form of learning where behavior is modified by its consequences, such as rewards or punishments.

Operant Responding

A process in behavior analysis, emphasizing the influence of consequences on subsequent behavior.