____22.A partner cannot "wrongfully" dissociate from a partnership. ____23.A partnership dissolves when a partner ceases to be associated with the carrying on of partnership business. ____24.In a limited partnership, the liability of a
partner is limited to the amount of capital he or she hasinvested in the partnership. ____25.Express powers of a corporation can be found in the law of the state of incorporation. ____26.In some states, a close corporation can operate without formal directors' meetings. ____27.To a corporation, bonds represent ownership. ____28.The holder of a life estate does
have the right to mortgage the property. ____29.A quitclaim deed warrants more than any other deed. ____30.When a landlord sells leased premises to a third party, any existing leases terminate automatically.
Identify the letter of the choice that best completes the statement or answers the question.
____31.Ann and Burt sign a contract in which Ann agrees to paint Burt's house for $2,000. They agree later that Burtwill pay Ann's supplier, City Paint Store, the $2,000 directly. City Paint Store isa.a delegatee. b.an assignee.c.an incidental beneficiary.d.an intended beneficiary. ____32.A contract between Lee and Mary may
be assigned if ita.does not expressly permit assignment. b.involves a sale of goods.c.involves personal services.d.is oral. ____33.Fred and Gail enter into a contract by which Fred promises to deliver fertilizer to Gail. Fred subsequentlydelegates this duty to Holly. Fred isa.the delegatee and the obligee. b.the delegatee but not the obligee.c.the delegator and the obligor.d.the delegator but not the obligor. ____34.Ace Finance Company is a creditor beneficiary in a deal that involves Brad and Carol. Ace, like most creditor beneficiaries, isa.a donee beneficiary. b.an incidental beneficiary.