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Family and Civil Code Provisions Quiz

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Questions and Answers

When a new partner joins a partnership, what is their liability for previous obligations?

They are not liable at all.
They are liable for obligations to the extent of their contribution. (correct)
They are liable to the extent of their personal property.
They are liable for all obligations, regardless of contribution.

What is the liability of a new partner for subsequent obligations in a partnership?

They have no liability for any subsequent obligations.
They are liable to the extent of their contribution.
They are liable to the extent of their personal property. (correct)
They are liable for all obligations equally.

Which statement best describes dissolution in a partnership?

It is the settling of business affairs after winding up.
It signifies the termination of the partnership.
It indicates the completion of winding up partnership affairs.
It is the change in the relation of partners caused by one ceasing to be associated in carrying on the business. (correct)

What happens to a partnership on dissolution?

The partnership continues until all affairs are settled. (B) Signup and view all the answers

What is the process of settling business affairs after dissolution called?

Winding up (D) Signup and view all the answers

Match the following with the correct liability in a partnership:

Loss or injury caused to a third party by a partner's wrongful act = Partnership is liable to the same extent as the partner Misapplication of money or property by a partner within the scope of apparent authority = Partnership and all partners are solidarily liable Receiving money or property of a third person and misapplying it while in custody of the partnership = Partnership is liable for misapplication by any partner Representation as a partner of an existing partnership without consent = Deceiver becomes a partner by estoppel but no partnership liability exists Signup and view all the answers

Match the following scenarios with the correct outcomes in terms of partnership liability:

Partner acting in ordinary course causing loss to a non-partner = Partnership liable to the same extent as the acting partner Receiving money of a third person and misapplying it while in custody of partnership = Partnership liable for misapplication by any partner Representation as a partner of a nonexistent partnership = Liability of parties is pro rata with no partnership liability Misapplication of money or property within apparent authority = Partnership and all partners are solidarily liable Signup and view all the answers

Match the following situations with their respective consequences on partnership liability:

Partner causing injury to a non-partner through wrongful omission = Partnership is liable to the same extent as the omitting partner Receiving property of a third party and misapplying it within partnership custody = Partnership is liable for misapplication by any partner Representation as a partner of an existing partnership with consent = A partnership by estoppel is created with liability for deceiver Representation as a partner of a nonexistent partnership = Liability shared pro rata with no partnership liability Signup and view all the answers

Match the following acts with their outcomes on partnership liability:

Partner wrongly causing loss to an external party = Partnership is equally liable as the acting partner Misapplication of money or property within partnership custody = Partnership bears liability for misapplication by any partner Falsely representing oneself as a partner of an existing partnership without consent = Deceiver becomes a partner by estoppel with no partnership liability Receiving and misapplying money or property within apparent authority = Partnership and all partners are solidarily liable Signup and view all the answers