Under the theory of joint and several liability, what do we call the partner who can afford to pay if the other partners are unable to pay damages awarded to a victim?

deep pockets More test answers on https://studyhippo.com/business-organizations-review/

Sydney, Bailey, and Calle form a partnership under the Revised Uniform Partnership Act. During the first year of operation, the partners have fundamental questions regarding the rights and obligations of the partnership as well as the individual partners. Which of the following questions can correctly be answered in the affirmative? I. Is the partnership allowed legally to own property in the partnership’s name? II. Do the partners have joint and several liability for breaches of contract of the partnership? III. Do the partners have joint and several liability for tort actions against the partnership? 1) I only. 2) I and II only. 3) II and III only. 4) I, II, and III.

4) I, II, and III. Under RUPA, the partnership is a legal entity that can own property in its own name. The partners also have joint and several liability for all debts whether they are based in contract or tort. More test answers on https://studyhippo.com/business-structure/

Under the Revised Uniform Partnership Act, partners have joint and several liability for 1) Breaches of contract. 2) Torts committed by one of the partners within the scope of the partnership. 3) Both of the above. 4) None of the above.

3) Both of the above. Under the Revised Uniform Partnership Act, partners have joint and several liability for not only torts but also breaches of contract. This is a change from previous law. More test answers on https://studyhippo.com/business-structure/

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