Asked by
Hannah Carter
on Nov 30, 2024
Verified
Rosella, a general partner of Leafe and Thorne, extends credit of $2,000 to a friend. This is in violation of a specific agreement not to extend credit over $1,000 without the other partners' approval. Rosella will be held personally liable to the partners for any unpaid debt since she violated the duty of obedience.
Duty Of Obedience
An obligation to act in accordance with the directives or policies of an organization, typically refers to nonprofit boards or similar entities.
Personally Liable
The responsibility of an individual to fulfill debt or obligations from their own assets, rather than those of a corporation or entity.
- Recognize the duties and obligations of collaborators in a partnership, particularly in relation to fiduciary responsibilities and the requirement of compliance.
Verified Answer
MM
Learning Objectives
- Recognize the duties and obligations of collaborators in a partnership, particularly in relation to fiduciary responsibilities and the requirement of compliance.