MNO was a partnership which contracted for and performed all types of painting jobs.Before the partnership was dissolved,MNO had entered into a contract under which MNO was to paint every room in the state capitol building.At the time of the partnership dissolution,MNO had not yet performed the work called for by such contract.If the partners involved in the winding up elect to perform the contract,they:

Question

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In a partnership involved in the construction business,it may be desirable to finish contracts for constructing large buildings that may take two or three years to complete.In order to finish these jobs,the winding-up partners would have authority to enter into new contracts with subcontractors,with material suppliers,and with workers.As a result,it may be necessary that the winding-up partners borrow money on behalf of the partnership in order to complete these contracts.

MNO Was a Partnership Which Contracted for and Performed All