Question: Assume same facts as in Question # 6 . When word got out that the cupcakes made by W&G Cupcakes could make people sick, W&G

Assume same facts as in Question #

6 .

When word got out that the cupcakes made by W&G Cupcakes could make people sick, W&G Cupcake's sales dried up and it was unable to pay the last $

10, 000

of its loan back to Big Bank. So

,

Big Bank sued both Walter and Gary "dba W&G Cupcakes" alleging that W&G Cupcakes breached its loan agreement. Under the UPA, what are Walter and Gary's potential personal liabilities to Big Bank for the breach of contract?

Walter and Gary would each have personal joint liability for

100 %

of the amount W&G Cupcakes owes to the Bank

Gary's maximum liability would be

40 %

of the amount W&G Cupcakes owes to the Bank because he only has a

40 %

ownership interest.

Gary's maximum liability would be

50 %

of the amount W&G Cupcakes owes to the Bank because he is one of the two Partners.

Walter and Gary would not have any personal liability as their business meets the legal definition of a General Partnership.

Assume same facts as in Question #6. When word got out

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!

Complete three Tax Forms (Attached blank forms 2015 schedule D, 1040 and 8949). (Refer to the instructions PDF attached): Spencer Duck (SSSN 000-22-111) is single and his eight year old son, Mitch,...

Please answer the below questions about Amazon . I have attached their 10-K which you should be able to find all this information. For each question, please write 2-3 paragraphs. If you use any other...

i need help with understanding and answers. final exam questions from old test as a study guide ACCT 553 Final Exam IF You Want To Purchase A+ Work then Click The Link Below For Instant Down Load...

Assume same facts as in Question # 6 . When word got out that the cupcakes made by W&G Cupcakes could make people sick, W&G Cupcake's sales dried up and it was unable to pay the last $ 1 0 , 0 0 0 of...

Project is to be completed individually or in pairs (no more than 2 people). Please note that if you use ChatGPT or BingAI on this assignment, provide the output. Markup the feedback from the...

Go towww.canlii.org and search "Wallace v. United Grain Growers ltd" https://canlii.ca/t/1pfl8 (or see below) Review the case Using the following questions as your guideline, summarize your...

KEY IDEAS Revise your response so that the organization is clear to the reader. e Make sure that paragraph breaks fall in the right places. e Check for faulty transitions and irrelevant details....

(A @ D] e Use precise words instead of vague ones. e Express your ideas in as few words as possible. e When writing a response, use formal language instead of slang. HiSET EXAM TIP When you read your...

I've attached the question as a word file as well as the class text to help with the assignment. Thanks! c05MerchandisingOperationsandtheMultiple-StepIncomeStatement.qxd 8/14/10 2:14 PM Page 226...

The following values are from an independent-measures study comparing three treatment conditions. a. Compute the variance for each sample. b. Compute MSwithin, which would be the denominator of the...

D Consider the functions F(x) and glx), for which FC0)=5, g(0) = 5, f'co) =-4, and g'(o)=-4 Find h'(0) for the function h(x) = h'(0)= 9Cx) 9 Consider the function hCx), for whch hC2) = 9 and x)...

why does an auditor, fraud examiner, and forensic accounting have different approaches?

-/1 View Policies Current Attempt in Progress The following amortization and interest schedule reflects the issuance of 10-year bonds by Bridgeport Corporation on January 1, 2014, and the subsequent...