Fact Pattern 37-1B (Questions B10-B13 apply)
Bryn, Cornell, and Duke are general partners in Equity Lending, a consumer credit, mortgage, and investment firm. Their agreement states that it is a breach of the agreement for any partner to assign his or her interest to a creditor without the consent of the other partners.
-Refer to Fact Pattern 37-1B. Cornell's assignment of his interest in Equity Lending to Financial Consultants Corporation results in
A) nothing with respect to Cornell or Equity Lending.
B) the automatic termination of Equity Lending's legal existence.
C) Cornell's liability for all of Equity Lending's debts.
D) Cornell's wrongful dissociation and liability for any damages.
Correct Answer:
Verified
Q4: Dissociation normally entitles the partner to buy
Q7: Every act of the partner concerning partnership
Q12: One can join a partnership even if
Q16: On a partner's dissociation,the partner's duty of
Q21: Fact Pattern 37-1B (Questions B10-B13 apply)
Bryn, Cornell,
Q27: Edgar, Jon, and Phoebe do business as
Q32: Commercial Credit & Finance is a limited
Q38: Nazih and Ovidia are limited partners in
Q39: Buckley is a general partner in Cut-Rate
Q47: Quisa and Reilly are partners in Sport
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