Short clear and correct answer

1. Dissolution of a partnership relieves the partners of their duties to each other. True False 2. After dissolution, a third person making a contract with the partnership stands in a similar position as a person dealing with an agent whose authority has been revoked. True False 3. Brothers Inc., a partnership, consisted of three partners Jessie, Mark, and Jake. However, Jessie was declared bankrupt at a time the company suffered considerable losses. Which of the following is likely to be true? A) Jessie's unlimited liability is destroyed B) Jessie can continue to be a partner in the firm. C) Jake and Mark can enforce liability for partnership debts on Jessie D) Jessie's trustee must be admitted as a full partner 4. Explain the dissolution of a partnership on the basis of futility. 5. The powers of public corporations may be much greater than those of private corporations. True FALSE 6. Certificates called shares of stock represent ownership in a stock corporation. True FALSE 7. In the state in which it received its initial charter a corporation is called a domestic corporation. True FALSE 8. A corporation can be organized in any state the promoter chooses. True FALSE 9. Stock preferred as to assets gives the holder an advantage only in the event of liquidation. True FALSE 10. Preferred stockholders may receive a preference as to dividends, assets or both. True FALSE 11. is preferred stock on which all dividends must be paid before the common stock receives any dividend. A) Par value preferred stock B) Participating preferred stock C) Noncumulative preferred stock D) Cumulative preferred stock 12. Which of the following is true about par-value stock? A) The par value of the stock must equal the value of money, property, or services received by the corporation. B The par value of the stock must equal the value of money, property, or services received by the stockholder who sells it. C) Common stock usually has a par value. D) When sold by a corporation discount the c is liable to make up the discount.|