38. Which one of these statements is NOT the element of 'holding out'?*

The third party knows he is not a partner

He allows himself to be represented as one of the partners

A person holds himself out as a partner to the third party

The third party relies on the presentation made by that person

6. Ramesh, a partner acting in his individual capacity as a trustee for Yaya (the client), have misappropriate the trust property without the knowledge of the existing partners. Thus, _____.*

Ramesh will be personally liable

all the partners including Ramesh will be liable for the misappropriation of the trust property

all the partners except Ramesh will be liable for the misappropriation of the trust property

the firm will be liable