Practice and Review: All Forms of Partnerships

Grace Tarnavsky and her sons, Manny and Jason, bought a ranch known as the Cowboy Palace, and the three verbally agreed to share the business for five years. Grace contributed $50$ percent of the investment, and each son contributed $25$ percent. Manny agreed to handle the livestock, and Jason agreed to handle the bookkeeping. The Tarnavskys took out joint loans and opened a joint bank account into which they deposited the ranch's proceeds and from which they made payments for property, cattle, equipment, and supplies.

Several years later, Manny severely injured his back while baling hay and became permanently unable to handle livestock. Manny therefore hired additional laborers to tend the livestock, causing the Cowboy Palace to incur significant debt. The following year, Al's Feed Barn filed a lawsuit against Jason to collect $$32,400$ in unpaid debts. Using the information presented in the chapter, answer the following questions.

Was this relationship a partnership for a term or a partnership at will?