Lisa and Tara Are Operating a Business as a General

question 60

Multiple Choice

Lisa and Tara are operating a business as a general partnership without an express partnership agreement. Should a dispute arise, the courts will look to ________ to resolve the issue regarding operation of the partnership.

• A) common law
• B) state contract law
• C) the Revised Uniform Partnership Act
• D) federal contract law

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Definitions:

Freight

The charge imposed for the transport of goods by sea, air, or land.

Property, Plant, and Equipment

Property, Plant, and Equipment (PP&E) are tangible assets that are expected to be used in operations for more than one period.

Patent

An exclusive right to sell or produce one’s discovery or invention. A patent is good for 20 years.

Copyright

The exclusive right that is granted by the federal government to sell and reproduce literary, musical, or artistic works for a period of time.