Match the Following: A.An Association of Two or More Persons to Carry on to Carry

question 13

Essay

Match the following:
a.An association of two or more persons to carry on as co-owners a business for profit.b.An organization has a separate legal existence from its members/owners.c.A creditor must bring suit against all partners as a group,and the judgment must be against all of the obligors.d.Total money and property contributed and dedicated by the partners for use by the partnership.e.Combination of all assets of two or more entities.f.The right one person has to choose her partners.g.Imposes partnership duties and liabilities on a nonpartner who has either represented himself or consented to be represented as a partner.h.Situations in which the RUPA requires a partnership to wind up and terminate;under the UPA,the change in relation of partners caused by any partner's ceasing to be associated in the carrying on of the business.i.Type of judicial lien against a partner's transferable interest.j.Completing unfinished business,collecting debts,and distributing assets to contributors and partners;also called liquidation.k.Noncorporate business organization that provides limited liability to all of its owners and permits all of its members to participate in management of the business.l.Under the RUPA,a partner's ceasing to be associated in carrying on of the business.m.A partnership formed by two or more persons under the laws of a state and having one or more general partners and one or more limited partners.n.General partnership that,by making a statutorily required filing,limits the liability of its partners for some or all of the partnership's obligations.o.A group of individuals having no legal existence separate from that of its members.
-partnership

Identify exceptions to the statute of frauds.

Understand the requirements for writings under the Uniform Commercial Code (UCC) and how they differ from common law.

Analyze the concept and purpose of the parol evidence rule.

Understand the practical applications and exceptions to the parol evidence rule.

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Definitions:

Transferable Ownership

The ability to legally transfer the possession or control of something, such as property or shares, from one entity to another.

C Corporation

A legal structure for a corporation in which the owners, or shareholders, are taxed separately from the entity.

Laws of Inheritance

The principles that govern the passing of traits from one generation to the next through the transmission of genetic information.

Limited Partnership

A form of partnership where one or more partners have limited liabilities and limited involvement in the day-to-day management, while at least one partner has unlimited liability.