Peter, Paul, and Mary have formed a partnership to buy and sell musical instruments. The partnership operates under the name of PPM Music. The PPM Music partnership agreement states that the partnership is for a term of 10 years, but otherwise the partnership agreement is subject to the rules of the Revised Uniform Partnership Act (RUPA). After 4 years, at a meeting attended by all three partners, Paul announces, "That's it! I quit and I want out of this partnership today."  

Two weeks later, Paul takes one of the partnership's broken guitars to Ralph of Ralph's Rapid Repair to have it fixed. Paul drops the instrument off and asks if Ralph can fix it. Ralph agrees to fix it, explaining that it will take one week to complete, after which Paul leaves the store. The entire transaction happens in about 5 minutes. Ralph's Rapid Repair has been fixing PPM Music's broken instruments for the last 3 years, and Paul and Ralph have grown fond of each other. Over the years, Ralph and Paul have bonded over the challenges of running a small business. From these conversations, Ralph knows well that Paul is a partner at PPM Music. It takes Ralph a full week to fix the broken guitar that Paul brought in, at which point Ralph sends the bill for the repair, as he always does, to the official address of PPM Music for payment.

 Does Paul's departure from PPM Music result in a dissolution of the partnership?Explain

Answer rating: 100% (QA)

Pauls announcement that he wants to quit and leave the partnership on its own does not automatically ... View the full answer