Which of the following statements is INCORRECT?Group of answer choicesPartners have a duty to act in good faith in the best interests of the partnershipPartners are agents of each otherPartners receive a share of the product of the undertakingPartners are jointly liable for contract entered into on behalf of the partnership

Which of the following statements is INCORRECT? Select one: a. A partnership agreement must be in writing. It cannot be reached orally or by a course of conduct. b. The Partnership Act determines partners’ rights, duties and interests, if not included in the partnership agreement. c. The rights and obligations of partners to each other arise from the partnership agreement, the statute, and the equitable concept of the fiduciary. d. If an agreement provides that a person should be paid a percentage of the profits made by their firm, they may be a partner and jointly liable to creditors of the firm.

Which of the following statements is false:Group of answer choicesPartnerships are limited to 200 individual partnersA sole trader has unlimited liability as its only one personNone of the statements are falseOnly some companies have their shares traded on the share market

Which of the following statements is correct?Group of answer choicesThe legal duties for directors under Corporation Act and CATSI Act are different.

In which of the following circumstances will the rest of the partners NOT be liable for the conduct of a partner?Group of answer choicesA partner enters into a contract on behalf of the partnership, which is not expressly required by the partnership agreement, yet is within the scope of the firm’s normal businessAn outsider entered into a series of agreements with a partner in the name of the partnership. The other partners have no knowledge of this partner’s actions and the partner did not have the authority to enter into the agreements. However, the type of agreements entered into could be considered by an outsider to be of a type that such a firm would legitimately have enteredWhile acting within the scope of his/her apparent authority, a partner advises a client of the partnership to invest in a company which the partner knows is a mere shell company. This shell company has no shares, has no bank account and does not engage in business. The client followed the advice of the partner and invested as instructed. The client loses all of his money when the same partner takes the money and goes into hiding. The client seeks compensation in tort from the remaining partnersA partner, who is also a trustee of the firm, improperly employs trust property on account of the partnership without the knowledge of the other partners

A(n) ___________ partner is liable only to those persons who rely on the representation and enter into a transaction with the actual or _________ partnership. (Choose ONE correct answer)Ask StudybuddyMultiple choice question.limitedrumoredpurportedapparent