A single partner's knowledge of material information relating to partnership affairs is:
A)imputed to the partnership.
B)only considered partnership knowledge if all partners are put on notice.
C)not enough to impute knowledge of such to the partnership.
D)irrelevant when determining whether the partnership had actual knowledge.

Question

Quizplus · Accepted Answer

A partnership is bound by admissions or representations made by a partner concerning partnership affairs that are within her express,implied,or apparent authority.Likewise,notice to a partner is considered to be received by the partnership.Also,a partner's knowledge of material information relating to partnership affairs is imputed to the partnership.These rules reflect the reality that a partnership speaks,sees,and hears through its partners.

A Single Partner's Knowledge of Material Information Relating to Partnership