Suppose you form a legal partnership with your best friend, and she purchases consulting services calling for a $100,000 fee. Your business is broke, and you never wanted the consultants to work for you -- only your partner did. For how much of this debt are you legally liable?
a. none of it
b. all of the $100,000
c. the proportion reflected by the proportion of the business owned
d. only an amount equal to the assets of the business
e. $50,000
B
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The production possibilities frontier represents
A) all combinations of consumption and leisure for fixed output. B) all equally affordable combinations of consumption and leisure for a given wage. C) all technologically feasible combinations of consumption and leisure. D) all equally liked combinations of consumption and leisure.
A theory of saving is necessarily a theory of consumption, because ________
A) by definition, any unit of disposable income that is not a consumption expenditure is a unit of saving B) consumption decisions are made after saving has occurred C) private saving is equal to private investment D) the goal of consumption choices is to achieve the desired level of savings