If a Partnership Does Not Notify Third Parties of a Dissolution,a

question 16

Multiple Choice

If a partnership does not notify third parties of a dissolution,a partner can still have authority to bind the partnership.

• A)No
• B)Supposed
• C)Actual
• D)Implied
• E)True

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Definitions:

Unconditional Promise

A pledge or commitment that is absolute and not subject to any conditions or contingencies.

Sum Certain

A specified amount agreed upon within a contract that is clear and not subject to change.

Negotiable Instrument

A document guaranteeing the payment of a specific amount of money, either on-demand or at a set time.

Payable on Demand

A financial term indicating that a debt or other financial obligation is due for payment immediately or whenever the creditor requests it.