A Partnership Agreement

question 92

Multiple Choice

A partnership agreement:

• A) Is not binding unless it is in writing.
• B) Is the same as a limited liability partnership.
• C) Is binding even if it is not in writing.
• D) Does not generally address the issue of the rights and duties of the partners.
• E) Is also called the articles of incorporation.

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Definitions:

Contracts for Services

Agreements between parties where one agrees to provide a service to the other in exchange for compensation.

Sale of Land

The legal process involving the transfer of property rights in land from one party to another, typically through a deed.

Uniform Commercial Code

A comprehensive set of laws governing commercial transactions in the United States, facilitating the uniformity and predictability of commercial activities across different states.

Common Law

A body of legal rules that have been made by judges as they issue rulings on cases, as opposed to rules and laws made by the legislature or in official statutes.