Robert and Philip Are Operating a General Partnership

question 67

True/False

Robert and Philip are operating a general partnership. Under the Revised Uniform Partnership Act, if Robert rightfully or wrongfully dissociates from the partnership, the partnership continues to exist.

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Definitions:

Refuse Payment

The act of deliberately not paying for a service or product received.

Consumer Note

A debt instrument where the borrower promises to pay back a certain amount of money to the lender at a future date, typically used for personal, family, or household purchases.

Bills Of Exchange Act

Legislation that regulates the transfer, creation, and definition of bills of exchange, a type of financial instrument.

Endorse

To give support, approval, or recommendation publicly, or to sign the back of a financial instrument, transferring rights or ownership.