When a partner acts outside the scope of the partnership's authority, it is known as:a.Fraudulent misrepresentationb.Breach of contractc.Tortious liabilityd.Ultra vires act

occurs when a party fails to perform certain express or implied obligations, which impairs or destroys the very essence of a contract.(1 Point)FraudMaterial breach of contractBreach of contractMisrepresentation

A partner that has the full power of participating in the conduct and management of the partnership business is called

He or she is one who is not really a partner, but is liable as a partner for the protection of innocent third parties.Group of answer choicesContinuing PartnerManaging PartnerOstensible PartnerPartner by Estoppel

A partnership is an onerous contract because the law provides a name for it.Group of answer choicesTrueFalse

In which of the following circumstances will the rest of the partners NOT be liable for the conduct of a partner?Group of answer choicesA partner enters into a contract on behalf of the partnership, which is not expressly required by the partnership agreement, yet is within the scope of the firm’s normal businessAn outsider entered into a series of agreements with a partner in the name of the partnership. The other partners have no knowledge of this partner’s actions and the partner did not have the authority to enter into the agreements. However, the type of agreements entered into could be considered by an outsider to be of a type that such a firm would legitimately have enteredWhile acting within the scope of his/her apparent authority, a partner advises a client of the partnership to invest in a company which the partner knows is a mere shell company. This shell company has no shares, has no bank account and does not engage in business. The client followed the advice of the partner and invested as instructed. The client loses all of his money when the same partner takes the money and goes into hiding. The client seeks compensation in tort from the remaining partnersA partner, who is also a trustee of the firm, improperly employs trust property on account of the partnership without the knowledge of the other partners