Final answer:
The correct answer is 'd. None of the above', as all listed options are integral elements of forming a partnership, including a valid contract, mutual contribution to a common fund, and intent to engage in lawful business.
Step-by-step explanation:
The question asks which of the following is not an element of a partnership. To answer this, it's important to understand the basic elements that comprise a partnership:
All these points are essential for the formation of a partnership. Therefore, the answer to the question is d. None of the above because all the listed options are indeed elements of a partnership.
A general partnership involves two or more individuals who combine resources to conduct business, sharing the responsibilities and profits. Limited partnerships also exist where some partners may only contribute financially and have limited liability. Every type of partnership requires a binding agreement and a common purpose for which the business is conducted, which must be lawful. Notably, a partnership's existence is directly linked to the partners involved. If one partner leaves or passes away, the partnership structure may change, potentially leading to the dissolution of the original partnership unless new agreements are made.