Regarding the formation of a general partnership,which of the following is not a legal requirement but has been described as "highly desirable"?
A)A formal,written partnership agreement
B)An oral agreement
C)An exchange of mutual consideration
D)An agreement limiting the liability of the partners

Question

Quizplus · Accepted Answer

Although a partnership agreement is not required to form a partnership,it is highly desirable for the same reasons that written contracts are generally preferred.In addition,the statute of frauds requires a writing for a partnership having a term of a year or more.

Regarding the Formation of a General Partnership,which of the Following