Partnership and Trust in Business
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Questions and Answers

What is one of the key features of partnership discussed in the text?

  • The requirement for partners to never trust each other
  • The level of competition between partners
  • The focus on individual success over collective advantage
  • The degree of good faith expected from each partner (correct)

    • In partnership, each partner is considered as:

  • A competitor to the other partners
  • An outsider with no influence on firm decisions
  • A representative who binds all partners (correct)
  • An adversary of the firm

    • According to Section 9 of the Act mentioned in the text, what are partners bound to do?

  • Sabotage the efforts of their co-partners
  • Act in good faith and carry on the business for common advantage (correct)
  • Compete against each other for personal gain
  • Take actions that harm the firm's reputation

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