A Devotes Full Time and B Devotes One-Half Time to Their

question 83

True/False

A devotes full time and B devotes one-half time to their partnership. If the partnership agreement is silent concerning the division of net income, A will receive a $20,000 share of a net income of $30,000.

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Definitions:

Consideration

Consideration, an essential element of a valid contract, consists of the exchange of something valuable between parties, which compels them to enter into an agreement.

Statute Of Limitations

Laws that set the maximum time after an event within which legal proceedings may be initiated.

Creditor

A person to whom a debt or legal obligation is owed and who has the right to enforce payment of that debt or obligation.

Consideration

Something of value (such as money, goods, or services) that is exchanged between parties in a contract, making the agreement legally binding.