Which of the following is not a characteristic of a partnership contract?

The statement that a partnership contract is characterized as “real, partners must deliver their contributions” is indeed not a correct characteristic of a partnership contract. While partnerships do require the partners to contribute something of value, the nature of a partnership contract itself doesn’t hinge on the concept of being “real.”

Partnership contracts are typically formed on the basis of mutual consent and intention to share profits and manage the partnership business collaboratively. The core attributes focus more on the relationships and obligations among the partners rather than on the physical or real transfer of property or contributions that would signify a real contract.

On the other hand, recognizing the partnership contract as principal reflects the fact that it stands as an independent legal agreement, establishing the framework for the partnership’s operations without necessarily being dependent on any other contract. The preparatory nature suggests that the partnership could facilitate future business dealings, and the onerous characteristic highlights the expectation of contributions to the common fund, indicating that each partner's investment is essential to the partnership's purpose. Thus, the other options accurately describe elements inherent to partnership agreements, whereas the notion of being "real" does not align with the essential characteristics of this type of contract.