When continuing partners agree to relieve the withdrawing partners of liability on the debts of the old partnership,the act of novation can take place which involves:
A) an agreement by the creditor with both the withdrawing partners and the continuing partners.
B) an agreement by the creditor with the withdrawing partners themselves and not their representatives.
C) an agreement by the creditor only with the continuing partners.
D) an agreement by the creditor with the new partners replacing the withdrawing partners to hold them liable for the debts.
Correct Answer:
Verified
Q38: Which of the following is true of
Q39: In terms of the RUPA,when a partner
Q40: Jo & Co.Dresses is a partnership firm
Q43: Describe limited partnerships.
Q44: What right does a partner have to
Q45: Paul and Betty were partners doing business
Q46: What is the difference between a limited
Q47: Define partnership and explain its key elements.
Q47: Under the RUPA,when a partnership that has
Q50: Which of the following is true of
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents