Michigan Bar Exam Flashcards

capacity to be partner {Ans: anyone who is capable of entering into a binding contract may be a partner}partnership capital {Ans: money or property contributed by each partner for the purpose of carrying on the partner's business}when agent has no actual authority {Ans: impostors lingering apparent authority (notice must be sent to third parties, written authority trumps revocation of actual authority, death or incompetency of P does not automatically terminate agent's apparent authority)}who can be enjoined for taking trade secrets {Ans: wrongful taker and/or person who intends to use the trade secret}lump sum payment spousal support {Ans: nonmodifiable fixed amount payable either all at once or broken down into a series of payments survives death}does mi allow common law marriage? {Ans: no but will recognize common law marriage from other state}