Asked by Areej Jamal on May 25, 2024
Verified
Simon, a partner in Big City Law Firm, uses the firm's credit card to purchase tickets for front row seats at the World Series for himself and his son. Whose property are the tickets?
A) Simon's property, as long as the price was de minimus.
B) Big City Law Firm, unless Simon reasonably believed that property purchased with that partnership credit card would become his personal property.
C) Simon's property, because a partnership is not a person.
D) Big City Law Firm.
E) It would depend on the terms of the credit card agreement.
Partnership Credit Card
A partnership credit card is a credit card issued to a partnership firm, allowing the partners to make business-related purchases up to a certain credit limit.
Personal Property
Any item of property that is not permanently attached to or part of real estate; essentially, any property that is movable.
Big City Law Firm
A legal practice based in a major metropolitan area, typically characterized by a large number of attorneys and significant influence or resources.
- Comprehend the procedures and entitlements associated with the property of a partnership and the administration of assets within the partnership.
Verified Answer
MM
Maximilian MulyonoMay 30, 2024
Final Answer :
D
Explanation :
The tickets are the property of Big City Law Firm because they were purchased with the firm's credit card, indicating that they are assets of the firm unless there's a specific agreement or policy that states otherwise.
Learning Objectives
- Comprehend the procedures and entitlements associated with the property of a partnership and the administration of assets within the partnership.