Reference - Big Spender

question 62

Multiple Choice

Reference - Big Spender. Wally was a partner in XYZ law firm. He decided to withdraw from the partnership because he wanted to retire early somewhere in the Caribbean. The partnership agreement of XYZ law firm did not specify the objective or duration of the partnership. Although Wally gave proper notice prior to his withdrawal and the dissolution of the partnership, the other partners claimed that he acted illegally. Wally was angry and decided to get even. He went to the office supply store at which he typically purchased supplies on account for the firm. He purchased several cameras, a computer, and other items which he placed on the firm account. Wally just smiled when Sam, the manager at the store, told Wally that he really appreciated the law firm's business. The next day Wally headed for the Caribbean and cannot be located. Sam later requests that XYZ firm pay the bill for Wally's purchases. The law firm, whose members had decided to continue the partnership after the dissolution resulting from Wally's resignation, refused on the basis that Wally was not a partner when the purchases were made. Sam says that he thought Wally was a partner and that he expects to be paid immediately. Which of the following is true regarding whether Wally had actual authority to bind the partnership in regard to his purchases at the office supply store?

• A) Wally did not have actual authority to bind the partnership.
• B) Wally had actual authority to bind the partnership because the law firm had not notified anyone at the office supply that he was no longer authorized to make purchases for the law firm.
• C) Wally had actual authority to bind the partnership so long as the purchases were made within seven days of his resignation.
• D) Wally had actual authority to bind the partnership so long as the purchases were made within ten days of his resignation.
• E) Wally had actual authority to bind the partnership only if he cannot be found within one year of the date the purchases were made.

Explain the concepts of attitudes, perceptions, and heuristics in consumer behavior.

Understand the significance of the Internet in altering the information search stage of the buyer decision process.

Identify the primary functions of each plant tissue system.

Distinguish between different types of plant tissues and their characteristics.

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Definitions:

Dividend

A portion of a company's earnings distributed to its shareholders, usually in cash or additional shares.

Dividend

A portion of a company's earnings distributed to its shareholders, usually in the form of cash or additional stock.

Record Date

The specific date set by a company on which the investors must own shares to be entitled to dividends.