Which Statement Is Correct Regarding the Liability of a Partner

question 29

Multiple Choice

Which statement is correct regarding the liability of a partner for a mistake?

• A)A partner who makes an honest mistake in fulfilling his or her responsibilities to the partnership is held fully personally liable for the mistake.
• B)A partner who makes an honest mistake in fulfilling his or her responsibilities to the partnership is held personally liable for the mistake,but only to the extent of his or her capital contribution.
• C)A partner who makes an honest mistake in fulfilling his or her responsibilities to the partnership is held personally liable for the mistake,but only to the extent that he or she shares in profits.
• D)A partner who makes an honest mistake in fulfilling his or her responsibilities to the partnership is not held personally liable for the mistake.
• E)A partner who makes an honest mistake in fulfilling his or her responsibilities to the partnership is held personally liable for the mistake,but only to the extent that he or she shares in losses.

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Definitions:

Watson

Psychologist John B. Watson, known as the father of behaviorism, emphasized the study of observable behavior.

Thorndike

An American psychologist known for his work on learning theory that led to the development of operant conditioning within behaviorism.

Operant Conditioning

A method of learning that occurs through reinforcements and punishments for behavior, influencing the likelihood of that behavior being repeated.

Higher-Order Conditioning

A form of learning in which a stimulus is first made meaningful through classical conditioning. Then, another stimulus is paired with the first, causing the second stimulus to elicit the conditioned response even in the absence of the first.