1- The Revised Uniform Partnership Act ( RUPA) allows default rules to fill in the gaps when the partnership does not have a partnership agreement or if the partnership agreement does not cover a particular area

TRUE

FALSE

2- Under the Uniform Partnership Act (UPA) partnership are treated as entities so that they are seen as having a separate existence than the partners and they can survive a partner leaving the partnership

TRUE

FALSE

3- Admitting a new partner into the partnership requires an agreement by a majority of the partners

TRUE

FALSE

4- If limited partnership was formed effectively, the limited partner could be liable as a general partner

TRUE

FALSE

5- In RNR Investments Limited Partnership v. Peoples First Community Bank, the court found that the bank had a duty to verify the general partners authority to sign a note and obtain a mortgage on behalf of the partnership

TRUE

FALSE