Colour Code GREEN if the statement is True and RED if False. 1. In a partnership agreement, an exit clause is included only if partners fear a potential failure. 2. An exit strategy is to plan on how to optimize the exit situation. 3. Exit strategies are planned for only the following reasons: problems in style of management, failure to meet strategic objectives, fulfillment of partnership objectives, financial issues and breach of agreement by a partner. 4. Some partners may want to exit the partnership even when the business is doing well. 5. Acquisition may also be called the purest form of partnership. 6. Selling ownership to employees could be one of the exit strategies for owners to exit the business. 7. Succession is referred to as extent of success a partnership is experiencing. 8. Exit in case of bankruptcy will have legal authorities intervene to settle issues. 9. Offering shares to the general public is not considered an exit as existing owners may still own part of ownership. 10. In merger, at least one of the partner companies ceases to exist after the merger is completed. 11. Liquidation is when some of the assets of the partnership are offered for sale. 12. Once the conditions of an exit clause are agreed and signed upon, they become binding on partners. 13. An explicit Exit clause could also be referred to as an "implied" or indirect ground of termination of partnership contract. 14. Arbitration as an Alternative Dispute Resolution Method cannot be challenged in a court of law. 15. A decision through Mediation is legally binding. 16. It is best for both partners to have conditions in the exit clause implemented when the business is still running. 17. Trade-based International Entry is mostly used by poor countries to enter markets of economically strong countries. 18. An Agent could act in all matters on behalf of the principal.

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