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Question
The Revised Uniform Partnership Act mandates that with regard to partnership debts and liabilities, general partners are:A.not personally liable for non-debt liabilities which may only be charged to the partnership but personally liable for debts.
B.personally jointly liable for unpaid debts and liabilities.
C.personally jointly and severally liable for unpaid debts and liabilities.
D.not personally liable for debts or liabilities which may only be charged to the partnership.
Answer
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Related questions
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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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Why is it so important that the law of contracts be so ordered and strong with regard particularly to the business world?
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Q:
In Lucy v. Zehmer, the two parties were drinking in a bar when Lucy offers to buy Zehmer's farm. After some negotiation a written contract was executed. Zehmer claimed that the whole episode was only a joke and he never intended to sell the farm. The court determined that:
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B.An agreement to sell of a car for $1,500.
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