If a Partner Has Paid More Than His Share of Partnership

question 5

True/False

If a partner has paid more than his share of partnership losses, he has a right of contribution against the partners who have not paid their share.

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Definitions:

Unconscionable

Describes terms or agreements that are so unfair to one party that no reasonable or informed person would agree to them.

Life Insurance

A contract between an insurer and a policyholder that pays a designated beneficiary a sum of money upon the death of the insured person.

Necessary

Something essential or required in a particular situation, often used to describe conditions or actions needed to achieve a specific result.

Social Status

The position or rank of a person or group within the society, often determined by wealth, occupation, education, or family lineage.