A partner will not bind the partnership to an outside purchase contract when the a.) the item purchased is considered immaterial in amount b.) item purchased is not within the normal scope of the business c.) partner who made the purchase withdraws from the partnership d.) partner was not authorized by the other partners to make the purchase
A partner will not bind the partnership to an outside purchase contract when the a.) the item purchased is considered immaterial in amount b.) item purchased is not within the normal scope of the business c.) partner who made the purchase withdraws from the partnership d.) partner was not authorized by the other partners to make the purchase
Chapter21: Partnerships
Section: Chapter Questions
Problem 5BCRQ
Related questions
Question
100%
A partner will not bind the partnership to an outside purchase contract when the
a.) the item purchased is considered immaterial in amount
b.) item purchased is not within the normal scope of the business
c.) partner who made the purchase withdraws from the partnership
d.) partner was not authorized by the other partners to make the purchase
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,