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Questions and Answers
What is one of the key features of partnership discussed in the text?
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:
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?
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
