In a contractual relationship, both parties ________
A) focus more on maintaining a long-term relationship than on carrying out specific activities
B) enter into a bond based on unlimited commitments, rather than limited purposes
C) are motivated only by self-interest, to the detriment of the interest of the other party
D) emphasize reconciliation of wrongdoers, rather than punishment of wrongdoers
E) base their agreements on trust of the other party, rather than viewing the other party with suspicion
C
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Henry David Thoreau felt that war was unjust and therefore refused to pay his taxes when the United States declared war on Mexico. Thoreau felt that there was a higher law than the law of the land. Which theory of jurisprudence was he applying?
A)Legal positivism B)Natural law C)Legal realism D)Common law
Nick and Rodrigo form the NRC Partnership by combining the assets of their respective businesses. Nick contributes $10,000 and assets worth $90,000 (adjusted basis of $60,000) for a 1/3 interest. Rodrigo contributes $90,000 and assets worth $270,000 (adjusted basis of $150,000) for a 2/3 interest. NRC also assumes $60,000 of debt on Rodrigo's assets. What is Nick's basis in his partnership
interest? a. $70,000 b. $90,000 c. $100,000 d. $120,000 e. $160,000