$1.$ Many partnership management articles give the managing partner or a managing partners' committee control over day$-$to$-$day management of the partnership, including:

Multiple Choice

Investing the firm's excess cash and indorsing partnership checks.

Firing.

All of the above.

Promotion of employees.

Hiring.

$2.$ Even if a partner commits an act without authorization, such as entering into a contract, that act may still bind the partnership if a partner with express authority $\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ the contract.

Multiple Choice

memorializes

ratifies

performs

signs

executes

$3.$ According to the default rules of the Revised Uniform Partnership Act $($RUPA$),$ how are profits distributed to partners?

Multiple Choice

Profits are distributed once a year.

Profits are distributed on the first day of each month.

Profits are not distributed.

Profits are distributed twice a year.

Profits are distributed to partners in an amount and at a time determined by a majority of the partners.

$4.$ When a partnership and the other partners are held liable for a partner's tort, they may recover the amount of their vicarious liability from the wrongdoing partner, but only if the partner fails to comply with the fiduciary duty $\_\_\_\_\_\_\_\_.$

Multiple Choice

of care

to not compete against the partnership

to account

to serve

to keep information confidential

$5.$ Under default RUPA rules, how many votes does each partner receive?

Multiple Choice

One.

Unlimited.

Five.

It depends on what percentage of profits the partner receives.

The RUPA rules do not address this issue.

$6.$ While a partnership and its partners are usually liable for a partner's $\_\_\_\_\_\_,$ they usually have no liability for partner's $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

Multiple Choice

negligence, intentional torts.

illegal activity, mistakes.

intentional torts, negligence.

crimes, negligence.

recklessness, negligence.

$7.$ If partners make no agreement on how to share profits, but do agree on a method for sharing losses, does that method govern the sharing of profits?

Multiple Choice

Yes. If there is an agreement on how to share losses, that agreement also applies to sharing profits.

It depends on whether the partnership is limited$.$

It depends on whether silent partners are included.

It depends on whether the profits can be divided evenly between the partners.

No$.$ In the absence of an agreement on how to share profits, they are shared equally according to RUPA.

$8.$ Gavin is a partner in a partnership. The authority given to Gavin that was created by stated agreement of the partners is which of the following types of authority?$\text{'}$

Multiple Choice

Express authority.

Good authority.

Implied authority.

Apparent authority.

Actual authority.

$9.$ If a partner profits personally by receiving an undisclosed kickback from a partnership supplier, what duty has the partner breached?

Multiple Choice

Duty to account.

Duty of care.

Duty to serve.

Duty not to have an interest adverse to the partnership.

Duty to keep information confidential.

$10.$ The requirement that partnership property only be used for partnership purposes, and not a partner's personal use is included in what duty?

Multiple Choice

Duty not to compete against the partnership.

Duty to keep information confidential.

Duty to serve.

Duty of care.

Duty to account.