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:

Utility Function

A mathematical representation that assigns a level of utility or satisfaction to different bundles of goods, allowing preferences to be compared quantitatively.

Indifference Curve

A graph showing different bundles of goods between which a consumer is indifferent, meaning that the consumer has no preference for one bundle over the other.

Apples

Commonly refers to the fruit of the apple tree, but in economic terms, it can represent a simple, tangible commodity for analysis.

Bananas

A fruit that is long and curved with a soft, sweet flesh covered by a yellow peel when ripe, commonly consumed worldwide.