Which of the following statements is correct with respect to the Partnership Act?
A) The Partnership Act always overrides any provisions contrary to it set out by the partners in the partnership agreement.
B) The Canadian Partnership Act is enacted by the federal government and creates a uniform and cohesive system of partnership law for all of Canada.
C) The Partnership Act states clearly that a partnership is only created by specific agreement between the partners to that effect.
D) The Partnership Act sets out provisions that will govern the relations between the partners unless those partners have agreed otherwise.
E) When in conflict, the terms of the federal Partnership Act override the provincial partnership acts.

Question

Quizplus · Accepted Answer

The Partnership Act generally provides default rules that govern the relations between partners in the absence of specific agreements to the contrary. Partners are free to agree on their own terms which can override the default provisions of the Act, as long as those terms do not violate any laws.

Which of the Following Statements Is Correct with Respect to the Partnership