Question TRUE/FALSE QUESTIONS A1. An association cannot be a partnershi

TRUE/FALSE QUESTIONS

A1. An association cannot be a partnership without an express agreement.

B1. The Uniform Partnership Act has done much to reduce controversies in the law relating to partnerships.

B2. For most purposes, the law recognizes a partnership as an aggregate of its members.

A3. A sharing of profits from the sale of the goodwill of a business

B3. Joint ownership of property in and of itself creates a partnership.

A4. A corporation can be a partner.

B4. A partner may pursue his or her own interest without automatically violating the fiduciary duties that he or she owes to the firm.

A5. A partner may use and possess partnership property for any purpose.

B5. A partner¡¯s fiduciary duties may be waived or eliminated in the partnership agreement.

A6. A partner owes a partnership and its partners a duty of gross negligence and reckless conduct.

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B6. General principles of agency law pertain to a partner¡¯s authority to

bind a partnership in contract.

A7. The extent of implied authority is generally broader for agents than

for partners.

B7. Any limit on a partner¡¯s capacity to act on the partnership¡¯s behalf

does not affect a third party who does not know about it.

A8. A partner cannot ¡°wrongfully¡± dissociate from a partnership.

B8. In most states, a general partner is jointly and severally liable for all

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