Which of the following is false regarding the rights and obligations of partners?
A) Each partner can serve as an agent for the partnership.
B) As long as the partner has authority to act, each partner's act in performing business duties is binding on the partnership.
C) As long as the partner has authority to act, each partner's act in making agreements with third parties is binding on the partnership.
D) As long as one partner has authority to act and the partnership is bound by the act, each partner has unlimited personal liability for the obligation.
E) A partner cannot serve as an agent for other partners.

Question

Quizplus · Accepted Answer

A partner can indeed serve as an agent for the partnership and, by extension, for the other partners in the conduct of the partnership's business. This is a fundamental principle of partnership law, where each partner has the authority to bind the partnership (and thus the other partners) in transactions related to the partnership's business, assuming they have the authority to act on behalf of the partnership.

Which of the Following Is False Regarding the Rights and Obligations