Fact Pattern 32-1

question 51

Multiple Choice

Fact Pattern 32-1
Brad, Carlos, and Dora are general partners in Eastside Physicians, a medical clinic.
-Refer to Fact Pattern 32-1. Brad, Carlos, and Dora decide to admit Faisal as a new partner in Eastside Physicians. Faisal's liability for partnership debts incurred before his admission is

• A) limited to his capital contribution to the firm.
• B) limited to his personal assets.
• C) nothing.
• D) unlimited.

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Definitions:

Mailbox Rule

A legal principle that deems an offer as accepted once the acceptance is dispatched, not when it is received by the offeror.

Dispatched

refers to sending off to a destination or for a specific purpose.

Effective

Achieving a desired or intended result, or coming into force; successfully producing a desired or intended result.

Mirror Image Rule

A principle in contract law that requires the acceptance of an offer to be identical to the offer itself, without any modifications, for a contract to be legally binding.