A tangible or electronic record that evidences both a monetary obligation and a security
interest in or a lease of specific goods is known as:
a. a negotiable instrument.
b. a document of title.
c. a promissory note.
d. chattel paper.
Match each statement with the correct term below.
a. An association of two or more persons to carry on as co-owners a business for profit.
b. Unincorporated business association composed of persons who combine their
resources to carry out a particular business enterprise, usually of short duration, for
profit.
c. An unincorporated organization of two or more persons doing business in a state
other than the one in which it was formed.
d. Total money and property contributed by the partners for use by the partnership;
represents the partners’ equity in the partnership.
e. Duty of utmost loyalty, fairness, and good faith owed by partners to each other and to
the partnership.
f. Duty owed by partners to manage the partnership affairs without gross negligence,
reckless conduct, intentional misconduct, or knowing violation of the law.
g. Imposes partnership duties and liabilities on a non-partner who has either represented
himself or consented to be represented as a partner.