When the Obligations of a Partnership Cannot Be Met,each Partner

question 96

Multiple Choice

When the obligations of a partnership cannot be met,each partner is liable for the obligation.This characteristic is called:

• A)limited life.
• B)unlimited liability.
• C)limited liability.
• D)mutual agreement.

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Definitions:

Social Science

The study of human society and social relationships, encompassing disciplines like psychology, sociology, and economics.

Marginal Cost

The change in overall cost resulting from the production of an additional unit.

Marginal Benefit

The gain in satisfaction or usefulness from consuming or producing a further unit of a good or service.

Rational Choice

A theory in economics and sociology that states individuals choose the most advantageous option considering the costs and benefits.