Question

In: Finance

Under the doctrine of ______________, a partner in a partnership can be sued and held liable...

Under the doctrine of ______________, a partner in a partnership can be sued and held liable for conduct which he did participate in, ratify, or know about:

a. vicarious liability

b. joint and several liability

c. strict liability

d. agency

Expert Solution

Vicarious liability

When a party is held responsible for the unlawful actions of a third party.

The third party is also held responsible for their unlawful action.

The party that is held responsible for the third party's actions exercises control

over the third party and is therefore held liable along with the third party.

Joint and several liability

When two or more parties are held independently responsible for an unlawful act.

A single party can be held totally responsible for the unlawful act even if that party

was responsible for some part of the unlawful act.

Strict liability

When a party is held responsible for an unlawful action even if the party was

not at fault or did not act with negligence.

Strict liability applies to defectively manufactured products.

Under the doctrine of joint and several liability, a partner in a partnership can be sued and held liable for conduct which he did participate in, ratify, or know about.

b. joint and several liability

jeff jeffy answered 2 years ago

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