cueprepBar Exam General Partnerships: Third-Party Liability Flashcards
Master 7 general partnerships: third-party liability concepts for the Bar Exam.
Partners as Agents
3 cardsQuestion
When does a partner have apparent authority to bind the partnership?
Question
When does a partner need authorization to bind the partnership to a transaction outside the ordinary course of business?
Civil Liability of Partners
4 cardsQuestion
What is the extent of a partner's liability for partnership obligations under joint and several liability?
Question
When is a partner required to exhaust partnership assets before pursuing a partner's individual assets?
Also study
Agency: Formation and Termination9Agency: Contract Liability (Authority)16Agency: Tort Liability (Vicarious Liability)13Agency: Fiduciary Duties9General Partnerships: Formation and Nature9General Partnerships: Relations Among Partners14General Partnerships: Dissociation and Dissolution11Limited Partnerships (LP) and Limited Liability Partnerships (LLP)8
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