Jim and Kyle Are Partners in J&K Sales, Which Exports

question 22

Multiple Choice

Jim and Kyle are partners in J&K Sales, which exports technical equip?ment under a three-year partnership agreement. The U.S. gov?ernment declares that the equipment can no longer be ex?ported. J&K

• A) dissolves as soon as the stated term expires.
• B) dissolves as soon as the partners agree to dissolve it.
• C) dissolves immediately unless the partners change its business.
• D) does not dissolve.

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Definitions:

Implied Authority

The power or right assumed to be held by a person in a position of leadership or responsibility, based on the role rather than explicitly stated.

Maverick Buyers

Individuals within an organization who make unauthorized purchases outside of agreed contracts or procurement policies, often leading to inefficiencies and increased costs.

Apparent Authority

This refers to a situation where someone seems to have the power to act on behalf of a business or an organization, even if they haven't been officially given this authority.

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