Final Answer
The partnership described is known as a "partnership at will." A partnership at will refers to a business arrangement where partners come together to share all profits generated through their collective work or industry during the existence of the partnership.
Thus the correct option is d.
Step-by-step explanation
"A partnership at will" refers to a business arrangement where partners come together to share all profits generated through their collective work or industry during the existence of the partnership. Unlike a partnership formed for a specific term or purpose, a partnership at will has no fixed duration or defined objective, and it continues until one of the partners decides to dissolve it. This type of partnership is characterized by its flexibility, as partners have the freedom to contribute their skills and efforts towards generating profits without the constraints of a predetermined timeframe or specific business goals.
In a partnership at will, the absence of a fixed term provides partners with the liberty to adapt and evolve their business strategies as circumstances change. The partnership's duration is contingent upon the mutual consent of the partners, allowing for ongoing collaboration or termination based on the agreement of the involved parties. This flexibility can be advantageous in dynamic business environments where partners want the freedom to adjust their focus, explore new opportunities, or conclude the partnership when it aligns with their interests. Overall, a partnership at will offers a versatile and adaptable structure for partners seeking a collaborative business venture without the constraints of a predetermined timeframe or specific objectives.