Chuck, Bob, and Bert form CB&B Partnership to run a specialty grocery store. Bert is the day-to-day manager of the store, Bob buys the groceries, and Chuck does all the administrative work. Bob decides he would like a new car to drive to visit prospective wholesalers. He makes a contract with Big Ben Motors in the name of CB&B without consulting Chuck and Bert. The partnership is: O a bound by Bob's ostensible authority to buy a car. O b. bound by Bob's apparent authority to buy a car. O not bound because buying a car is outside the scope of the partnership business. d. bound by Bob's actual implied authority to buy a car.

Chuck, Bob, and Bert form CB&B Partnership to run a specialty grocery store. Bert is the day-to-day manager of the store, Bob buys the groceries, and Chuck does all the administrative work. Bob decides he would like a new car to drive to visit prospective wholesalers. He makes a contract with Big Ben Motors in the name of CB&B without consulting Chuck and Bert. The partnership is: O a bound by Bob's ostensible authority to buy a car. O b. bound by Bob's apparent authority to buy a car. O not bound because buying a car is outside the scope of the partnership business. d. bound by Bob's actual implied authority to buy a car.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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