22. Cobb, Inc., a partner in TLC Partnership, assigns its partnership interest to Bean, who is not made a partner. After the assignment, Bean asserts the rights to 1. Participate in the management of TLC. II. Cobb's share of TLC's partnership profits. Bean is correct as to which of these rights? a. I only. b. II only. c. I and II. d. Neither I nor II 25. Which of the following statements about the form of the DFV partnership agreement is correct? a. It must be in writing because the partnership was to last for longer than one year. b. It must be in writing because partnership profits would not be equally divided. c. It could be oral because the partners had explicitly agreed to do business together. d. It could be oral because the partnership did not deal in real estate. 26. Vick's share of the undistributed losses will be a. $0 b. $1,000 c. $9,000 d. $10,000 23. Unless the partnership agreement prohibits it, a partner in a general partnership may validly assign rights to Partnership property Partnership distributions Yes Yes b. No No Yes d. No No a. Yes c. 27. If Frey died before the partnership terminated a. Downs and Vick, as a majority of the partners, would have been able to continue the partnership b. The partnership would have continued until the five year term expired. The parti would automatically dissolve. d. Downs and Vick would have Frey's interest in the partnership 24. The partners of College Assoc., a general partnership, decided to dissolve the partnership and agreed that none of the partners would continue to use the partnership name. Under the Revised Uniform Partnership Act, which of the following events will occur on dissolution of the partnership? Each partner's Each partner's existing liability apparent authority would be discharged would continue 28. A joint venture is aan) a. Association limited to no more than two persons in business for profit. b. Enterprise of numerous co-owners in a nonprofit undertaking, c. Corporate enterprise for a single undertaking of limited duration. d. Association of persons engaged as co-owners in a single undertaking for profit. a. Yes b. C. d. Yes No No Yes No Yes No a Items 25 through 27 are based on the following: Downs, Frey, and Vick formed the DFV general partnership to act as manufacturers' representatives, The partners agreed Downs would receive 40% of any partnership profits and Frey and Vick would each receive 30% of such profits. It was also agreed that the partnership would not terminate for five years. After the fourth year, the partners agreed to terminate the partnership. At that time, the partners' capital accounts were as follows: Downs, $20,000, Frey, $15,000; and Vick, $10,000. There also were undistributed losses of $30,000. 29. Unless otherwise provided in general partnership agreement, which of the following statements is correct when a partner dies? The deceased The deceased partner's partner's executor estate would The would be free partnership automatically from any would be become a partnership dissolved partner liabilities automatically Yes Yes Yes b Yes No No c. No Yes No d No No No a
