The Partnership Act provides that if the partners do not agree otherwise, certain terms of a partnership agreement will be implied. Which of the following is not such an implied term?
A) Each partner shall be responsible for the losses of the firm only to the limit of that partner's initial cash contribution.
B) Every partner may take part in the management of the partnership business.
C) No partner is entitled to a wage for acting in the partnership business.
D) No person may be introduced as a new partner without the consent of all of the existing partners.
E) The partners will share the profits equally.

Question

Quizplus · Accepted Answer

The Partnership Act typically implies that each partner is jointly and severally liable for the debts and obligations of the partnership, not limited to their initial cash contribution.

The Partnership Act Provides That If the Partners Do Not