Jo & CoDresses Is a Partnership Firm Dealing in the Manufacture of Manufacture

question 5

Multiple Choice

Jo & Co.Dresses is a partnership firm dealing in the manufacture of casual clothes.One of the partners of Jo & Co.thinks that they should clear the old stock during Thanksgiving.For this purpose:

• A)he requires unanimous agreement of all the partners.
• B)he requires unanimous agreement of the general partners only.
• C)he has the express authority to act.
• D)he requires his decision to be ratified by any two general partners.

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Definitions:

Joint Tenants

Co-owners of property who have equal rights to the whole property and a right of survivorship, meaning if one owner dies, the remaining owner(s) inherit the deceased's share directly.

Right Of Survivorship

A feature of some types of co-ownership of property causing a co-owner’s interest in property to be transferred on his death immediately and by operation of law to his surviving co-owner(s). See also tenancy by the entirety and joint tenancy.

Tenancy In Common

A form of co-ownership of property that is freely disposable both during life and at death, and in which the co-owners have undivided interests in the property and equal rights to possess the property.

Right Of Survivorship

A legal principle in property law where, upon the death of one owner, the ownership interest of the deceased automatically transfers to the surviving owner(s) without the need for probate.