Frank and Jesse Are Operating as a General Partnership

question 57

Multiple Choice

Frank and Jesse are operating as a general partnership. A question has arisen that is not covered under their partnership agreement and also not addressed by the Revised Uniform Partnership Act. What will the courts do to resolve the situation?

• A) dissolve the partnership and allow them to reform
• B) look to foreign partnership laws because the RUPA encompasses all U.S. partnership law
• C) look to common law
• D) look to the UCC for a gap filler

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Definitions:

Price-Consumption Curve

A curve that shows how a consumer's optimum basket varies with changes in the price of a good, holding other factors constant.

Shifting Demand Curve

A shifting demand curve occurs when there is a change in a non-price factor, such as consumer preference or income, altering the quantity demanded at any given price.

Price-Consumption Curve

A graphical representation that shows the combination of two goods that a consumer can purchase at different prices, keeping utility constant.

Utility

A measure of satisfaction or happiness that a consumer derives from consuming goods and services.