Partners Who Wind Up the Business of a Dissociated Partnership

question 37

True/False

Partners who wind up the business of a dissociated partnership have implied authority to sell all the assets of the partnership.

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Definitions:

Note

A short written record intended to assist the memory or serve as a temporary communication.

Primarily Liable

Being directly responsible or obligated in a legal or financial context, often referring to the party most accountable for fulfilling an obligation.

Authorized

Having official permission or power to do something or for something to take place.

Accepted Draft

An agreement or negotiable instrument that has been formally acknowledged by the addressee, promising to pay the specified amount by a certain date.