A Partner in a Partnership Firm Should Make All Attempts

question 50

Multiple Choice

A partner in a partnership firm should make all attempts to take decisions that are in the best interest of the firm.This is related to the concept of _____.

• A) duty to serve
• B) duty to act within actual authority
• C) duty of care
• D) duty to account

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Definitions:

Businessperson

An individual who is involved in activities for the purpose of generating revenue and profit.

Legal Concessions

Rights or privileges granted by a government or authority to an individual or company, often relating to the use of land or natural resources.

Without Prejudice

Words that, when used during negotiation, are a declaration that concessions, compromises, and admissions made by a party cannot be used against that party in subsequent litigation.

Litigation

The process of taking legal action; the act of contesting a case in a court of law.