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

Solutions

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

Related Solutions

Auditors can be held liable under two classes of law when sued by clients, investors, creditors...
Auditors can be held liable under two classes of law when sued by clients, investors, creditors , or the government. Identify and briefly explain both classes of law.
Under the Respondeat Superior Doctrine, generally, the employer is vicariously liable for the negligent acts of...
Under the Respondeat Superior Doctrine, generally, the employer is vicariously liable for the negligent acts of an Independent Contractor that occur within the Scope of the Contract and cause harm to a third party resulting from: i) Negligence, ii) Intentional Torts, iii) Both, iv) Neither? Group of answer choices Intentional Torts Negligence Both Neither
product safety for engineers Why can a manufacturer be held liable if an injury is due...
product safety for engineers Why can a manufacturer be held liable if an injury is due to person’s use of the manufacturer’s product in a way which was not intended?
Discuss the tax implications for the different types of partnership transactions, such as partner-partnership, partner-partner, partner-external...
Discuss the tax implications for the different types of partnership transactions, such as partner-partnership, partner-partner, partner-external partner. How are gains and losses allotted for each pass-through entity?
Should companies be held strictly liable for their products?
Should companies be held strictly liable for their products?
A disadvantage of a partnership is that any one partner can act on behalf of the...
A disadvantage of a partnership is that any one partner can act on behalf of the partnership in legal and financial dealings and the other partners will also be held responsible. True False A limited liability company automatically continues in the event of the death of a member. True False
1. An organization can be held legally liable for what kinds of discriminatory behavior? Please fully...
1. An organization can be held legally liable for what kinds of discriminatory behavior? Please fully describe at least 3 examples.
Homer is a 10% partner and Burns is a 90% partner in a partnership that owns...
Homer is a 10% partner and Burns is a 90% partner in a partnership that owns a piece of land outside of Springfield with a tax basis of $50,000 and a value of $750,000. Homer and Burns formed the partnership years ago. The land is encumbered by a $200,000 nonrecourse mortgage. If Homer sells his entire interest to Moe for $55,000 how much gain is recognized by Homer? What is the character of the gain? What are the tax consequences...
When can the corporate veil be lifted under the Corporations Act to make directors liable for...
When can the corporate veil be lifted under the Corporations Act to make directors liable for corporate debts? Please i Need answer without plagiarism. Please help
When can the corporate veil be lifted under the Corporations Act to make directors liable for...
When can the corporate veil be lifted under the Corporations Act to make directors liable for corporate debts? Please answer this question without plagiarism. thank you very much.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT