Terry Smith has spent the last six months preparing to purchase a Beano's Ice Cream franchise. Because his personal assets were limited, Smith needed a partner who could finance the purchase. After Smith found a prospective partner, Barney Harris, they negotiated a purchase price with Beano's. Then, Harris gave Smith a partnership proposal. As the case opens, Smith is evaluating the partnership proposal. His three choices are: to accept Barney Harris's partnership proposal, to make a counter proposal, or to try to find a new partner.
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