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

Q: a. All statements are correct b. Only S2 is incorrect c. Only S3 is incorrect d. All statements are…

A: Here discuss about three important factors of insurance business such as proportional reinsurance,…

Q: The agent has a duty to act only for the benefit of the principal, and not for their own, personal…

A: Personal benefit refers to an advantage or gain that an individual receives, typically in the form…

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: QUESTION 27 A General Partnership is dissolved upon the death of any of the partners. ( ) True False

A: Partnership means where two or more person comes together to run the business and share profit or…

Q: Give the SECOND exception to the general rule that: If the consideration of the contract consists…

A: If the consideration of the contract consists partly in money, and partly in another thing, the…

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: 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: 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: In duty to compensate the agent owes to pay an agreed-upon amount to the principal Select one True…

A: Solution Concept Agent principal relationship                 Agent are the person who works on…

Q: Which is/are the adjustments necessary while admitting a new partner? a. Both Transfer of…

A: Both, undistributed profit or loss and accumulated reserves are the result of work of existing…

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: S1: Pactum commissorium is a stipulation whereby the thing used as security shall automatically…

A: Upon the debtor's failure to pay the principal obligation, automatic appropriation is done by the…

Q: 20. Which of the following does not discharge a contract by operation of law? A - Bankruptcy B -…

A: Contract is referred as the legal enforceable agreement, which helps in creating, defining, and also…

Q: Under Article 2 of the UCC, even though one or more terms are left open a contract for sale does not…

A: Under Article 2 of the UCC, even though one or more terms are left open a contract for sale does not…

Q: QUESTION 31 Leo offers to sell Mona a computer. Mona sends an acceptance via the mai. This…

A: As per Bartleby honor code, when multiple questions are asked, the expert is required only to solve…

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 one of the following is a nontax characteristic of a custodial account established under the…

A: UTMA stands for the Uniform Transfer to Minors Account. This act gives rights to minors to receive…

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: Similar to a like-kind exchange, the receipt of “boot” under Sec. 351 can cause loss to be…

A: A like-kind exchange refers to a transaction in which one asset is disposed of and another asset is…

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: Statement 1 – The retirement or withdrawal of a partner from a partnership requires termination of…

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

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: 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: 14 Is donations tax payable on a donation between spouses? Does it matter whether the marriage is in…

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: Fraud exists when a person represents as a fact something he or she knows (or should know) is…

A: Fraud is a deceptive practice involving the presentation of false information as a fact. In legal…

Q: TRUE or FALSE 1. A hedge with a forward contract always increases income associated with a…

A: 1. Hedge is a tool for minimizing risks of loss. Therefore, there is no question of increase or…

Q: Which principles ensures that an insured does not profit by insuring with multiple insurers?

A: The Principles of Contribution ensures that an insurance that an insured does not profit by insuring…

Q: True False

A: The contribution of property to a partnership involves transferring assets or rights by a partner to…

Q: True False 1. Contracts involve at least two parties. 2. Meeting of the minds could happen…

A: Answer:- 1) true 2)false 3)true 4)true 5)true

Q: 9. Unless otherwise agreed, a partnership dissolves if___ Group of answer choices A. An event occurs…

A: A partnership is a legally enforceable agreement between two or more people to run a business and…

Q: A limited partnership is formed once two individuals agree to be limited partners.

A: A partnership is a form of business that agrees to carry a business and share the profits according…

Q: S1: Forming a partnership requires two or more people agreeing partners Contributing all their…

A: A partnership is an agreement between two or more partners to start a firm and share its profit and…

Q: 11. Statement 1. An industrial partner is not exempted from sharing in the loss of the partnership…

A: Let's understand the basics  Partnership is an agreement between two or people to run and monitor…

Q: Which type of contract contingency is most likely to A O Financing contingency. BO Partner approval…

A: The right answer  is  option a  Financing contingency

Q: Question 16 If the seller creates a belief in the buyer's mind as to the character, quality, or…

A: Warranties are guarantee related to sold goods. Warranties gives relief from breach of contract.…

Q: Statement I: If an agent acts in his name, the principal shall have a right of action against the…

A: An accumulation of funds set aside for a specific goal is called a fund. A fund may be established…

Q: True or false The dissolution of a partnership occurs only when the partnership is terminating…

A: Meaning of the Dissolution of partnership is the winding up process of the business activities of…

Q: When goodwill already appears in the books of accounts, what should be the desired option under…

A: Goodwill is an intangible asset appearing under the heading fixed assets in the balance sheet.

Q: A general partnership, unlike a limited partnership, is an entity that legally functions separate…

A: A general partnership consists of two or more owners doing business together for profit. These…

Q: A partnership is an association of no more than two persons to carry on as co-owners of a business…

A: The question is based on the concept of Partnership Accounting.

Q: As a rule, when the substitute obligation is lost prior to substitution, the obligation becomes a…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Question 9 I. As a rule, when a partnership is dissolved, any of the partners can bind the…

A: I. As a rule, when a partnership is dissolved, any of the partners can bind the partnership. The…

Q: Which of the following is a FALSE statement? A mortgage does not give the lender a right to be paid…

A: A mortgage is an agreement between banks or other persons wherein money is lent to the borrower by…