Partners Are Responsible for the Debts and Obligations of the Partnership.With

question 121

Multiple Choice

Partners are responsible for the debts and obligations of the partnership.With respect to contracts,each partner is considered to be:

• A)the primarily liable party if the partner takes on the role of agent.
• B)a principal of any contract entered into by an employee of the partnership.
• C)an agent of the other partners so that any contract entered into by one partner with respect to the partnership business is binding on them all.
• D)an agent of the partnership only so that any contract entered into by one partner only binds the partnership entity itself and not the other partners.
• E)liable only for his or her capital investment should a breach of contract occur.

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Definitions:

Storage

The process of retaining information over time in memory.

Rehearsal

The cognitive process of repeatedly practicing or reviewing material to enhance memory retention.

Five-Dollar Bill

A banknote valued at five units of currency, typically issued by national governments.

Encoding Failure

A situation in which information does not enter the brain's long-term memory and is thus forgotten.