A principal can be held responsible for an unauthorized act or transaction of an agent where the principal has acted in a way that manifests approval of the act or where the principal has accepted the benefits of the act, provided that the principal has knowledge of the material facts relating to the transaction.

Group of answer choices

True

False

Flag question: Question 15

Question 152.5 pts

Where a partnership wants to put third parties on notice of limitations on the authority of a partner to act for the partnership, it may file a statement of partnership authority.

Group of answer choices

True

False

Flag question: Question 16

Question 162.5 pts

Where the parties enter into a formal agreement to form and operate a partnership, the document that represents their agreement is often referred to as the ___________.

Group of answer choices

A. Certificate of organization.

B. Memorandum of Understanding

C. Uniform Partnership Act

D. Articles of Partnership.