A Partnership That Has at Least Two Classes of Partners,general

question 23

Short Answer

A partnership that has at least two classes of partners,general and limited,that allows the limited partners to have no personal liability beyond the amounts they invest in the partnership and the limited partners have no active role except as specified in the partnership agreement is a ________________________ partnership.

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Definitions:

Commercial Impracticability

A doctrine under contract law that excuses a party from performance of the contract when unforeseen events make the fulfillment extremely difficult or expensive.

Florist

A professional or business that arranges and sells flowers and ornamental plants.

Right to Cure

A legal principle that allows a party who has breached a contract to rectify the breach within a specified period to avoid further legal action or penalties.

UCC

The Uniform Commercial Code provides an exhaustive array of legislation to control commercial operations within the United States.