14. Erica is a partner is a medical firm and applies for a loan with a Bank on behalf of the partnership without the authorization of the other partners. If the bank knows that Erica is not authorized to take out loans on behalf of the partners, then A. The partnership alone will be liable for repayment B. Erica alone will be liable for payment C. The partnership and Erica will be jointly liable for repayment D. The partnership and Erica will be jointly and severally liable for repayment 15. Hugh and Cray are partners in Silver Development, a partnership formed to build and sell Twin Towers, an office and retail-shopping complex. Without Hugh's knowledge, Cray engages in fraud on behalf of Silver that results in Silver's default on several bank loans. Regarding the unpaid loans, Hugh is A. Not responsible under any circumstances B. Not responsible unless he attempts to declare bankruptcy C. Responsible D. None of the above 24. To qualify as a professional corporation, Smith and Jones,P. C A. Must be a corporation formed by professionals B. Must grant all shareholders voting rights C. Must have a least thirty-five shareholders D. All of the above 25. The abbreviation " P.A" in the name "Eastside Medical Clinic, P.A" means that this organization is A. A private association B. A professional association C. A public administration D. A public association 29. Interstate Sales, Inc., obtains a corporate charter. Least likely to appear in the charter is A. The corporate purpose of Interstate Sales B. The exact date of the annuals meeting of the shareholders of Interstate Sales C. The name of the registered agent for Interstate Sales D. The value of the shares of interstate Sales stock