Asked by Carol Jasso on May 01, 2024
Verified
Under the UPA, submission of a partnership claim to arbitration requires the consent of all the partners.
Submission
in legal terms means the act of presenting a document, proposal, or application to a person or authority for consideration or judgment.
Arbitration
A method of dispute resolution where an impartial third party, the arbitrator, makes a decision to resolve a conflict outside of court.
UPA
Uniform Partnership Act; a law in the United States that provides a basic framework for the operation of partnerships in the absence of an express agreement.
- Appreciate the differences in terms of authority, liability, and the methods of dissolution between the UPA and RUPA.
Verified Answer
ZK
Zybrea KnightMay 04, 2024
Final Answer :
True
Explanation :
Under the Uniform Partnership Act (UPA), any decision regarding the submission of a partnership claim to arbitration requires the unanimous consent of all partners, as it is considered a matter affecting the partnership as a whole.
Learning Objectives
- Appreciate the differences in terms of authority, liability, and the methods of dissolution between the UPA and RUPA.