'Joint and several liability' of partners means that if a third party sues one partner and recovers some but not all of the full amount of the debt they can:
A) obtain a floating charge over the assets of the partnership.
B) sue the other partners for the balance.
C) sue the partnership for the balance.
D) seek punitive damages and compounding interest.
Correct Answer:
Verified
Q7: Which of the following is not one
Q8: A sole trader is:
A)entitled to business profits
Q9: Venardos and Aaberg agreed to enter into
Q10: 'Mutual liability' in relation to a partnership
Q11: The authority directly and overtly given by
Q13: The silent partners in a tyre manufacturing
Q14: A partner:
A)is not personally liable for business
Q15: Partners do not have an implied authority
Q16: Each partner in a partnership is liable
Q17: Fred Fender, Dan Dunlop and David Harley
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