Why is it important to distinguish between partnership property and the personal property of individual partners?

	1.	It is important to distinguish between partnership property and the personal property of individual partners since partnership creditors have first call against the assets of individual partners. The distinction is also important when a partnership is dissolved, since it determines what each partner is entitled to receive.
	2.	It is not important to distinguish between partnership property and the personal property of individual partners since creditors have access to everything the partnership and each partner owns, indiscriminately.
	3.	It is important to distinguish between partnership property and the personal property of individual partners since partnership creditors have first call against the partnership assets before the personal creditors of an individual partner. The distinction is also important when a partnership is dissolved, since it determines what each partner is entitled to receive.
	4.	It is not important at all and takes up too much time to do. A guess is sufficient.
	5.	It is important to distinguish between partnership property and the personal property of individual partners so that partners know who has what. The distinction is also important when a partnership is dissolved, since it determines what each partner owes to the partnership from their personal property.

2.

Misrepresentations of a material kind in contract law

	1.	only where negligent, give rise to the right to rescind the contract.
	2.	whether innocent, negligent or fraudulent, give rise to the right to rescind the contract.
	3.	only where innocent and/or negligent - the two unintentional causes, give rise to the right to rescind the contract.
	4.	only where innocent, give rise to the right to rescind the contract.
	5.	only where fraudulent, give rise to the right to rescind the contract.