Partner Advances paid by Partners in a Partnership include:

• Property or Funds given by a Partner not as contribution in Capital.
• Property given to the Partnership in contribution to Capital.
• Capital contribute to the Partnership in the form of services provided
• Funds or property given by a Partner as contribution in Capital.

31) An offer can be terminated in a number of ways. Which ONE of the following is NOT an effective way to terminate an offer?

• Lapse of time.
• Revoking the offer prior to acceptance
• Rejection of the offer prior to acceptance
• Revoking the offer following acceptance

32)Where the offeror has promised to keep open an offer for a specific period of time, he/she:

• may revoke the offer before the time has expired where this has been communicated to the offere.
• may not revoke the offer before the expiry of the time limit provided that this is not an option contract.
• may revoke the offer before the expiry of the time limit provided that this is an option contract
• must keep the offer open for this period of time

33) In a secured transaction scenario; which creditor would have priority to satisfy debt from foreclosure to collateral

• First, Second of Third Creditor who Perfected Last
• Third to Sign, First to Attach and Perfect
• First Creditor to Attach but third to Perfect.
• Second to Sign, first to Attach but Last to Perfect.
• Last to Sign, third to perfect second to attach

34) When an agreement has been signed between an agent and a third party on behalf of a disclosed principal. which of the following statement is correct ?

• The agent may enforce the agreement against the third party and the third party may enforce it against the agent
• The principal may not enforce the agreement against the third party and the third party may enforce it against the principal
• None of the above.
• The principal may enforce the agreement against the third party and the third party may enforce it against the principal

35) in a secured transaction scenario; which of the following Creditors (1,2,3,4) would have prior to satisfy debt from foreclosure to collateral

• Creditor 1: Last to Sign, third to perfect but second to Attach
• Creditor 3: third to Sign, Second to Attach and first to Perfect.
• Creditor 4: first to sign, first to attach but did not perfect.
• Creditor 2: Second to Sign, first to Attach but last to Perfect.

36) ABC Partnership has dissolved based on mutual recession of the Partnership Agreement. In the winding up process, what is paid out first for winding up purposes?

• Employee Wages.
• Partner advances and loans.
• Partner contribution in capital.
• The Partnership Agreement would decide.

39) Which of the following would not qualify as a mark?

• The Green Family Fun Experience
• Toys Rus
• Reebok
• North

40) The adequacy of the consideration provided in an agreement in establishing an enforceable contract is

• a matter for the parties to consider at the time of making the agreement.
• assessed in relation to the consideration provided and an independent assessment of the value of the item being contracted for
• assessed by reference to the 'reasonable man'
• what the court considers is adequate.