Unless There Is an Agreement to the Contrary in the Partnership

question 10

Multiple Choice

Unless there is an agreement to the contrary in the partnership agreement, which of the following events will automatically bring a partnership to an end?

• A) The personal bankruptcy of a partner.
• B) The death of a partner.
• C) The expiry of the term of a fixed-term contract.
• D) The willful and persistent breach of the partnership agreement by a partner.
• E) The personal bankruptcy of a partner, the death of a partner or the expiry of the term of a fixed-term contract.

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Definitions:

Mutually Beneficial Trade

Trade agreements between parties that provide gains or advantages to all involved, enhancing each party's welfare.

Relative Cheaper

The comparison of the cost of one product or service to another, indicating that the former is less expensive.

Labor-Intensive

Describing a process or industry that requires a large amount of labor to produce its goods or services.

Comparative Advantage

The ability of a country or firm to produce a particular good or service at a lower opportunity cost than its competitors, which enhances efficiency in international trade.