A Partnership Agreement

question 92

Multiple Choice

A partnership agreement:

• A) Is not binding unless it is in writing.
• B) Is the same as a limited liability partnership.
• C) Is binding even if it is not in writing.
• D) Does not generally address the issue of the rights and duties of the partners.
• E) Is also called the articles of incorporation.

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Definitions:

Course of Performance

A term used in contract law referring to the conduct between parties that can help interpret the agreement's terms over time.

Express Terms

Specific conditions and provisions explicitly stated in a contractual agreement.

UCC Article 2

A section of the Uniform Commercial Code that governs the sale of goods, ensuring standardized transactions across state lines.

Statute of Frauds

A legal requirement that certain types of contracts be in writing and signed by the parties involved to be enforceable.