When the Articles of Partnership Do Not Address the Matter,which

question 56

Multiple Choice

When the articles of partnership do not address the matter,which of the following is true regarding a partner's right to sell a partnership interest to a creditor?

• A) A partner can sell his or her interest in a partnership to a creditor.
• B) A partner cannot sell any of his or her interest in a partnership to a creditor.
• C) A partner can sell only up to 75% of his or her interest in a partnership to a creditor.
• D) A partner can sell only up to 50% of his or her interest in a partnership to a creditor.
• E) A partner can sell only up to 25% of his or her interest in a partnership to a creditor.

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Definitions:

Representation

The act of standing in for or acting on behalf of others, or the presentation of information in a particular manner.

Detrimental Reliance

A legal term describing a situation where an individual suffers harm by relying on a promise or representation made by another.

Rescind

To revoke, cancel, or repeal a contract, agreement, or order.

Estimate of Value

An approximation of something's worth, determined through analysis or professional appraisal techniques.