LAW 531 UOP Tutorials,LAW 531 UOP Assignments,LAW 531 UOP Entire Class

partners, then to general partners, then to creditors. Hilda is a limited partner and
feels relieved that she will receive at least a portion of her capital. Henry, one of
the general partners, said that this provision is void and unenforceable. Which of
the following best describes this situation?
The distribution, as called for in the agreement, would be enforceable if it had
been included in any filings related to the limited partnership.
The distribution of assets in the event of dissolution is one of the few provisions
where the Revised Uniform Limited Partnership Act does not
allow modification.
The provision placing the partners ahead of creditors is not enforceable, but the
priority of limited partners over general partners is enforceable.
The provision placing limited partners ahead of general partners is unenforceable,
thus all partners would be on an equal footing and ahead of creditors.
7.) Fred and Ginger are general partners in a business. They decide to purchase a
building for the partnership. Ginger will put up the money for the building, and
Fred will complete the remodeling. While inspecting the building, Fred is informed
that the building is packed full of asbestos. He fails to tell Ginger of the presence
of the substance. They buy the building and go into business. During the
remodeling of the building, people from the neighborhood begin complaining
about the dust from the building. Some of them even threaten to sue. Who is
liable?
Both Ginger and Fred are liable, regardless of the circumstances, by virtue of the
fact that they are partners.
Fred is liable because he was put on notice of the presence of the substance.
Ginger is not liable because she did not have actual knowledge.
Neither Ginger nor Fred are liable personally, nor is the partnership, as they did
not put the substance in the building.