Final answer:
In the context of a business partnership, the written partnership agreement typically takes precedence over verbal agreements. It serves as the primary reference in legal disputes and outlines procedures for resolving conflicts or dissolving the partnership. Written agreements provide clarity that verbal agreements might lack.
Step-by-step explanation:
In the event of a written partnership agreement existing within a business arrangement, the correct answer to the question is that the written agreement prevails. This is generally true in the eyes of the law as written contracts tend to provide a clear and explicit statement of the terms agreed upon by the parties involved. Should disputes arise within the partnership, the written agreement acts as the primary point of reference. Verbal agreements may supplement the terms of the written agreement, but they generally do not take precedence over the written document unless specifically stated. Moreover, the existence of a written agreement does not imply that the partnership is automatically dissolved; instead, it typically outlines procedures for resolution or termination.
When interpreting the terms of a partnership, courts often look favorably on the clarity and formality of written agreements, especially when compared to verbal agreements which can be notoriously difficult to prove and enforce. Therefore, in matters of business partnerships, the documented terms as set forth in the written agreement are key to upholding the understanding between partners.