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How are disputes in the ordinary course of partnership business settled?

User Karola
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Final answer:

Partnership business disputes are settled through internal procedures including negotiation, mediation, and possibly arbitration, often detailed in a partnership agreement. Court intervention serves as a last resort, where the right to a jury trial may apply for disputes over twenty dollars.

Step-by-step explanation:

Disputes in the ordinary course of partnership business are generally settled through designated internal procedures agreed upon by the partners. These procedures typically include negotiation and mediation, where the partners attempt to reach a consensus. If an agreement cannot be reached through these means, the partnership might turn to arbitration, where a neutral third party will make a decision that is often binding.

It's important to have a well-drafted partnership agreement that outlines these procedures. Meanwhile, the court system can be a last resort when other methods fail, and in certain instances, a trial by jury might be an option, preserving rights under common law for disputes exceeding twenty dollars in value.

User MartinByers
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