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musickatia [10]
3 years ago
11

Ernest Burns, Orlando summemour, and randy Hatcher formed swi Partners, a general partner- ship. J. t. turner Construction Compa

ny obtained a judgment against swi Partners and Burns for breach of contract and negligent construction. as a judgment creditor, J. t. turner then filed a lawsuit against summemour and Hatcher, alleging that they were jointly and severally liable for the judg- ment against swi Partners. summemour and Hatcher responded that they could not be held liable for the judgment against swi Partners until they "had their day in court." were summemour and Hatcher liable?
Business
1 answer:
SpyIntel [72]3 years ago
6 0

Answer:

Summemour and Hatcher WERE JOINTLY and SEVERALLY LIABLE

Explanation:

What is Partnership

Partnership is a form of business, where individuals come together to carry on business with the primary intention of making profit. Mostly, they come together by contributing capital and expertise to make the business work . Every partner is however liable and responsible for both the profit made and the losses or liabilities of the partnership.

Although the general partner has unlimited liability, every partner is however jointly and severely liable for the business

Were Summemour and Hatcher Liable?

This case is referred in the J.T. Turner Construction Company v. Summerour and Hatcher(2009). The court this case declared that both Hatcher and Summemour were jointly and severally liable as a result of the following reasons.

A partner becomes liable especially for a prior judgment based on the following

1. The partnership has proven indebtedness

2. A general partner in the partnership was sued to court

Based on these, Summemour and Hatcher WERE JOINTLY and SEVERALLY LIABLE

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kifflom [539]
Problem: Total of Leiff's online purchase 
Given: $ 128 for video game
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3 years ago
Which of the following pairs are characteristics of price-takers?
son4ous [18]

Answer:

C. Target costing and heavy competition

Explanation:

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Reinhardt Furniture Company has 40,000 shares of cumulative preferred 2% stock, $150 par and 100,000 shares of $5 par common sto
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3 years ago
Suppose that the quantity of DVD players sold increased from 200 to 400 when the price fell from $225 to $175. Over this price r
Nataly_w [17]

Answer:

Option D.

Explanation:

Given information:

Q_1=200, Q_2=400

P_1=225, P_2=175

Formula for price elasticity of demand is

E_d=\frac{Q_2-Q_1}{P_2-P_1}\times \frac{P_1+P_2}{Q_1+Q_2}

Substitute the given values in the above formula.

E_d=\frac{400-200}{175-225}\times \frac{225+175}{200+400}

E_d=\frac{200}{-50}\times \frac{400}{600}

E_d=-\frac{8}{3}

E_d\approx -2.67

Absolute value is

|E_d|= |-2.67|=2.67

The absolute value of the price elasticity of demand for DVD players is 2.67.

Therefore, the correct option is D.

6 0
3 years ago
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