The exam will last three hours. The exam consists of three questions which will be graded as a whole. Try to be concise and organized. Recognition that certain issues are more difficult than others and require more discussion will aid your cause.
Facts are often important.
If you feel insufficient facts are provided, indicate what additional information would be important and how such information would affect your answer. In general place yourself in the setting of a junior lawyer in a law firm or government office and write a memo as you would in that role. Interests in the partnership will not be traded on any market. The partnership will invest in a diversified portfolio of stocks and bonds and will reinvest any dividends, interest or capital gains. No distributions will be made to partners.