Ace Software Co

question 7

Multiple Choice

Ace Software Co.signed a deal with Gill Associates,a partnership,and has extended credit to it.Paul,a partner in Gill associates,retires but his partners continue the business.In order to release Paul from the debt owned to Ace,which of the following must occur?

• A) The continuing partners must release Paul from liability on the debt.
• B) Paul must not secure his release from Ace.
• C) Paul has to contribute toward the debt as early as possible.
• D) The continuing partners should volunteer to set off Paul's liability.

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Definitions:

Top Management

The highest level of administrative and executive officers who direct and control an organization.

Interactive Network

A complex system of interconnected individuals or entities that actively exchange information, resources, or influence.

Official Doctrine

A set of formal principles, policies, or beliefs officially adopted and promoted by an organization or government.

Computer Files

Computer files are digital documents, images, videos, or other data stored on a computer or digital storage medium.