Each partner has the authority to enter into contracts which are binding upon the partnershipGroup of answer choicesTrueFalse

The statement "Each partner has the authority to enter into contracts which are binding upon the partnership" is generally considered True.

Explanation:

In a general partnership, all partners typically have the authority to act on behalf of the partnership. This includes entering into contracts and making decisions that obligate the partnership to third parties. However, this authority can be limited by the partnership agreement or the consent of other partners. If a partner binds the partnership in a contract that is outside the normal course of business and not authorized, the partnership may not be liable unless all partners consent to the action.

Thus, while each partner does have the authority to bind the partnership, there are conditions and limitations that should be noted. In general, for typical business operations, the statement is correct.