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Question
Ace Software Co. signed a deal with Gill Associates, a partnership, and has extended credit to it. Paul, a partner in Gill associates, retires but his partners continue the business. In order to release Paul from the debt owned to Ace, which of the following must occur?
A. The continuing partners must release Paul from liability on the debt.
B. Paul must not secure his release from Ace.
C. Paul has to contribute toward the debt as early as possible.
D. The continuing partners should volunteer to set off Paul's liability.
Answer
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Related questions
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C. $20,000 fine and five years' imprisonment.
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