A Partnership

question 92

Multiple Choice

A partnership:

• A) Is also called a sole proprietorship.
• B) Has unlimited liability for its partners.
• C) Has to have a written agreement in order to be legal.
• D) Is a legal organization separate from its owners.
• E) Has owners called shareholders.

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Definitions:

Postbox Rule

A legal principle that states an offer is considered accepted at the moment the acceptance is sent, not when received.

Online Communications

The exchange of messages or information over the internet or other digital networks.

Uniform Electronic Commerce Act

An act designed to standardize the rules and regulations governing electronic commerce and communications across jurisdictions.

Electronic Documents

Digitally formatted documents that can be created, viewed, modified, and distributed electronically.