Law

Which of the following is correct? A general partner shares profits and losses, and is personally liable for the losses, if the partnership cannot pay from its assets. A general partner must share profits and losses in the same manner and has unlimited liability for losses. A person can be a general partner if she does not share in the profits, but gets paid a monthly salary. If a person shares in the profits of the business, she must share those profits equally with other general partners to be legally regarded as a partner. On july 15. Joe contracted to buy 1,000 pounds of pipe from Waterlog Piping Corp. for a pnce of $1.50 per pound. Delivery was to occur in 60 days. Wateriog Piping fails to deliver the pipe at the contracted time. Delivery occurs two days later, which was accepted by joe. At the time of the breach, the price for such piping was 51.75 per pound in addition, because of the breach, Joe lost two days of profits and during the contract negotations, Joe stated to Waterlog's CEO that the contract delivery had to be on time or else joe would lost profits for every day it was late. What would be the amount of damages which could be recovered? $250 plus damages for the lost profits. 5250, but no additional damages (C) $1,000, plus damages for the lost profits: Nothing, except for specific performance