A Firm Has Two Partners: Jim and Bill

question 69

Multiple Choice

A firm has two partners: Jim and Bill. Jim owns 60% of the partnership and Bill owns 40%. In which of the following transactions will the partnership be responsible for the partners' actions?

• A)Jim signing the contract as a guarantor for Bill's personal loan
• B)Jim buying a laptop on credit for personal use
• C)Bill signing a contract to buy furniture for official use in the partnership
• D)Bill defaulting on payment of his credit card bill

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Definitions:

Mediated

This refers to communication or information that is conveyed through an intermediary medium, such as television, radio, or the internet, rather than direct, face-to-face.

Society

A group of individuals involved in persistent social interaction, or a large social grouping sharing the same geographical or social territory, typically subject to the same political authority and dominant cultural expectations.

Sociological Studies

The examination of social life, social change, and the social causes and consequences of human behavior.

Agency

Denotes the capability of individuals to act independently, making their own free choices.