Asked by China lilian on May 29, 2024
Verified
Which of the following is a nonwrongful dissociation?
A) A partner's filing of a bankruptcy petition
B) A partner's retirement at age 60 when the partnership agreement requires the partners to retire at age 70
C) A partner's willful and persistent breach of the partnership agreement
D) A partner's death
Bankruptcy Petition
A legal document filed by an individual or corporation declaring inability to pay debts, which initiates the bankruptcy process.
Retirement
The stage of life where an individual stops employment completely, often to rely on savings or pension for financial support.
Persistent Breach
A continuous or repeated failure to uphold the terms of a contract or agreement.
- Become familiar with the differences between wrongful and nonwrongful dissociation in the framework of partnerships.
Verified Answer
JD
Jeannelle DelgadoJun 05, 2024
Final Answer :
D
Explanation :
A dissociation may be caused by a partner's retirement,death,expulsion,or bankruptcy filing,among other things.The death of a partner before the expiration of the term of a partnership is a nonwrongful dissociation.
Learning Objectives
- Become familiar with the differences between wrongful and nonwrongful dissociation in the framework of partnerships.