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Partnership Law Key Concepts Quiz

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Questions and Answers

What is Lola's legal obligation regarding the commissions she receives from suppliers?

She can keep them without informing her partners.

She does not need to report them at all.

She can choose to report only a portion of them.

She must account for them to the firm. (correct)

Is the law firm bound by John's appointment as a junior solicitor?

Yes, all partners are bound by Hank's decision. (correct)

No, Jane's appointment invalidates John's authority.

No, only Hank is responsible for his own appointments.

Yes, if all partners approve of the appointment.

What legal duty does a partner typically have when receiving personal benefits from the partnership?

To share them equally with all partners.

To keep them confidential from other partners.

To spend them solely on business-related expenses.

To disclose and account for them to the partnership. (correct)

What happens if a partner makes appointments without the consent of the other partners?

<p>The appointments may still bind the partnership depending on authority.</p> Signup and view all the answers

Which of the following best describes a partner's ability to act for the partnership?

<p>Any partner can make decisions that bind the partnership.</p> Signup and view all the answers

Study Notes

Partnership Law: Key Concepts and Scenarios

A partner's duty includes accounting for all profits and commissions received, even if not directly related to the firm's business.
Partners have limited authority to bind a partnership by their individual actions, especially regarding appointments.
The validity of an appointment made by a partner depends on the partner's authority and the terms of the partnership agreement.

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Description

Test your knowledge on key concepts and scenarios in partnership law. This quiz covers essential duties of partners, authority limitations, and validity of appointments within a partnership agreement. Dive into the intricacies of partnership responsibilities and legal implications.