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:

Collateral

Assets pledged by a borrower to secure a loan or credit, which can be seized by the lender if the borrower fails to make required payments.

Secures

Generally refers to providing protection or ensuring the enforcement of a legal agreement, often involving financial assets as collateral.

Ordinary Course

Actions and transactions that are considered normal or routine within the scope of a business's operations or an individual's usual undertakings.

UCC

The Uniform Commercial Code, a comprehensive set of laws governing all commercial transactions in the United States.