Question 15 Although a mutual promise to marry falls within the statute of frauds, prenuptial agreements do not. false true

Q: Assess the truth of this statement: For a partnership, when a transaction is first recorded (put in…

A: Every transaction recorded in a journal affects at least two accounts while debits and credits…

Q: 26. TRUE or FALSE: Joint and severally liability for partners in a partnership means that a creditor…

A: Partnership is one of the agreement or arrangement between two or more than two persons, under which…

Q: First Statement: If the words of the contract are clear and leave no doubt on the intention of the…

A: Contract is made between the parties so that there will be no confusion left to either the parties…

Q: Which of the following is not a characteristic of a partnership? A. The partnership itself pays no…

A: A partnership can be started without any written articles of partnership. It is not mandatory to…

Q: s TF.01.005 Question 33 of 37 A disadvantage of the corporate form of organization is that corporate…

A: A corporation is a legal entity separate from its owners, with limited liability and ownership…

Q: As a general rule, one of the elements needed to make an agreement binding is consideration. True…

A: Consideration: A promisee gives a promisor something in exchange for it. Real or personal property,…

Q: Assess the truth of this statement: One of the rules of debits and credits and account balances for…

A: Partnership: Partnership is a form of business organization in which two or more two individuals…

Q: 16- Mutual agency means Top of Form Multiple Choice Creditors can apply their claims to…

A: A mutual agency is an agreement where one partner can bind the entire partnership into a contract.

Q: l partnership business has no legal obligation to keep the books and prepare accounts. Is this true…

A: A partnership is a business agreement signed up of two or more people who share profits and losses.…

Q: O Limited partners are: O Allowed to withdraw from a partnership at any time. O More restricted than…

A: A partnership is a form of business organization where two or more individuals, known as partners,…

Q: A withdrawing or retiring partner cannot sell his interest to any person without informing first the…

A: A partnership is a business form that is conducted by two or more partners who are agreed to share…

Q: 75. Which of the following is not a characteristic of most partnership? * A. Limited liability O B.…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: Puestion 10 A contract or agreement of a partnership: OA Must be in a written fom only. O B. Is…

A: Partnership refers to the legal act between two or more parties who mutually agree to share the…

Q: Question 8 I. The transfer by a partner of his partnership interest does not make the assignee of…

A: A partner's transfer of his interest in the firm, whether absolute or by mortgage, or the creation…

Q: Which of the following procedures is not necessary steps affecting a dissolution of partnership?…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: A partner will not bind the partnership to an outside purchase contract when the a.) the item…

A: Partnership: It is a legal form of business formed by a group of people who conducts and manages the…

Q: What is the difference between an unconditional and conditional pledge ?  How are the two pledges…

A: the pledge refers to something that held as a  security on the contract, which can be a  promise, or…

Q: the effect of the doctrine of privity of contract is that

A: The doctrine of privity of contract states that the contract law would not impose any obligation and…

Q: 45 Which of the following accounts is not maintained for each partner in its accounting records?…

A: In a partnership, each partner has several accounts to track various financial transactions. These…

Q: Question 8 One of the characteristics of a general partnership is voluntary association. O True O…

A: The answer for the true or false question and relevant explanation are presented hereunder :…

Q: Which of the following statements about a business combination is valid? The acquirer should…

A: The acquirer should recognise the net assets acquired and the fair value of consideration…

Q: solute because the laws on partnership specifically states that pursuant to the Doctrine of Delectus…

A: Partnership refers to the legal form of agreement between two or more partners who have mutually…

Q: ue or false The credit is legally quite independent of the underlying transac

A: Step 1 The credit letter has a different function than the contract attached to it (the contract…

Q: The rules governing the allocations of liabilities to partners are contained in the regulations…

A: The allocation of liabilities to partners in a partnership refers to the distribution of the…

Q: What is one of the drawbacks of the parol evidence rule? It permits the acceptance of extrinsic…

A: First let us discuss what parol evidence rule is. The term parol means extra. This rule comes under…

Q: Why an outstanding weakness of a limited partnership interest as an investment is its lack of…

A: Partnership: It can be defined as an arrangement in which all the parties provide their respective…

Q: If a partnership contract does not state the period of time the partnership is to exist, when does…

A: Partnership deed is a written declaration of agreement among the partners specifying rules and…

Q: Partners who are not legally responsible for unpaid partnership debts. A partnership that protects…

A: Partnership:   A partnership is a business entity where two or more persons come together to perform…

Q: Which of the following statements is not correct? * O A bonus us normally shared by the existing…

A: The question is related to Partnership Accounting.

Q: The party making the promise to pay is called the maker. O True O False

A: A promissory note has usually two parties, promisor and a promisee. Promisor is a person who makes…

Q: The following item indicates that the promise good and service are not distinct, except

A: Explanation : Good and service are not highly dependent and not highly interrelated with the goods…

Q: 28. TRUE or FALSE: Partners are liable for ordinary negligence. Group of answer choices True False

A: As per Partneship Act, Partnership is the relation between persons who have agreed to share the…

Q: Besides drawing a written partnership agreement, it is legally possible to start a partnership on…

A: Introduction: Partnership is a one form of business in which two or more person joins hands to carry…

Q: Domestic partnerships and S Corps need not file K-2 & K-3 if the following are true

A: A. Companies need to keep records and books of account for a year for review by the Inland Revenue…

Q: jos= dition esolutory

A: The answers have been mentioned below.

Q: In accordance with the INCORPORATED PRIVATE PARTNERSHIPS ACT, 1962 (ACT 152) as amended, answer the…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: The partners can enter into an agreement where the automatic dissolution of partnership brought…

A: Partnership is the business which has been established by the partners to form a business which has…

Q: A partnership involves partners' contributions of capital or services, but not both. True O False

A: Partnership is the business form that is owned and controlled by two or more partners in order to…

Q: Bank 1 is offering interest rate of 8.4% (compounds semiannually) on fixed deposits. Bank 2 is…

A: Investor invested in the bank which is offering highest effective annual rate. Thus, it is important…

Q: A contract that only one of the parties can enforce in a court is not valid. True False

A: An agreement containing various terms and conditions; rights and obligations to perform that are…