The correct answer is option 'A', Partnership at Will.

Partnership at Will refers to a type of partnership where no provision is made by contract between the partners for the duration of the partnership or the determination of their partnership. In simple terms, it means that the partnership agreement does not specify a fixed period for which the partnership will exist or the circumstances under which it will be dissolved.

Explanation:

1. Partnership Agreement:
A partnership is a business structure where two or more individuals come together to carry on a business with the objective of earning profits. Normally, partners enter into a partnership agreement which outlines various terms and conditions regarding the partnership. However, in the case of a partnership at will, the agreement does not include any provisions related to the duration or termination of the partnership.

2. Lack of Fixed Term:
In a partnership at will, there is no predetermined period for which the partnership will continue. The partnership may continue indefinitely until any of the partners decide to dissolve it. This means that the partnership can be dissolved at any time, as long as one of the partners gives notice to the other partners.

3. Dissolution:
Since there is no fixed term or provision for dissolution in a partnership at will, any partner can dissolve the partnership by giving notice to the other partners. The notice period is usually specified in the partnership agreement or can be determined by the prevailing partnership laws in the jurisdiction.

4. Rights and Liabilities:
Partners in a partnership at will have equal rights and liabilities. Each partner has the authority to act on behalf of the partnership and bind it to contracts or other legal obligations. Additionally, partners share profits and losses equally unless otherwise specified in the partnership agreement.

5. Legal Implications:
In the absence of a partnership agreement or provision for duration or termination, the partnership is governed by the default provisions of the partnership laws in the respective jurisdiction. These laws provide guidelines for the rights and obligations of partners, the distribution of assets upon dissolution, and other related matters.

In conclusion, a partnership at will is a type of partnership where no provision is made for the duration or termination of the partnership. It continues until dissolved by any partner, subject to notice requirements and the applicable partnership laws.