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Question
Bill is a general partner in a four member limited partnership with two general and two limited partners. The partnership is silent with regard to the duration of the partnership and Bill wishes to retire.A.Bill may withdraw at any time and the partnership continues.
B.Bill must give six months notice before being permitted to withdraw.
C.The other general partner and the limited partner with the largest liability must agree to his withdrawal.
D.The court must grant permission for him to withdraw since the agreement was silent and the other partners and third party customers of the partnership must be protected.
Answer
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Related questions
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Which of the following involves a third party substitution?
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B.accord and satisfaction
C.substitute agreement/modification
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In Mobil Oil Exploration & Producing Southeast, Inc. v. United States:
A.Mobil was able to get out of the contract for the $156 million lease because the new law passed at the last minute changed the terms of the original contract amounting to repudiation by the United States.
B.Mobil was able to get out of the contract for the $156 million lease because the new law passed at the last minute changed the terms of the contract, barring certain types of oil exploration, frustrating Mobil's contractual purpose.
C.Mobil could not claim an anticipatory repudiation because even though as new law had been passed, they had not yet filed their oil excavation plan so they could not know whether they were facing a problem.
D.Mobil could not claim an anticipatory repudiation because even though as new law had been passed, it did not substantially change the terms of the original contract.
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Each of the following is a discharge by mutual consent except:
A.accord and satisfaction.
B.novation.
C.rescission.
D.frustration of purpose.
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Q:
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Q:
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B.An agreement to sell of a car for $1,500.
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