4. Which of the following is NOT an element of a partnership? A. Partners share profits and losses. B. Partners owe each other fiduciary duties. C. Partners are entitled to participate in the management of the business. D. Partners may freely transfer their entire partnership interest to third parties. 5. Which of the following would be necessary for a valid ratification by a principal of an agent's unauthorized transaction? A. The principal must ratify the entire transaction. B. The principal must have complete knowledge of all pertinent facts regarding the transaction. C. The transaction ratified must be valid and lawful. D. All the above. 6. Which form of compensation is a partner entitled to receive from a partnership? A. Reasonable salary for work performed. B. Fair market value for services rendered. C. A share of partnership profits. D. A reasonable management fee for managing the business. 7. In Finch v. Raymer, the court ruled that the plaintiff and defendant had formed a partnership to renovate real property because: A. Title to the real property was held in the names of both parties. B. Defendant had drafted the partnership agreement and therefore any ambiguity regarding the parties' relationship had to be construed against her. C. Plaintiff proved that the parties had agreed to combine their assets, labor, and skill with the understanding that profits would be shared between them. D. All of the above