Law on Partnerships (Chapter 1 - General
Provisions)
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Terms in this set (30)
Statement 1: The partnership
c) True, False
comes into existence only by
an agreement.
Statement 2: A person who
receives a profit is always a
partner
a) True, True
b) False, True
c) True, False
d) False, False
All are essential features of a
a) The primary purpose must be to obtain profits
partnership, except:
and to divide it equally among the parties.
a) The primary purpose must
be to obtain profits and to
divide it equally among the
parties.
b) There must be mutual
contribution of money,
property, or industry. c) There
must be a valid contract.
d) The object must be lawful.
It is a characteristic of a
partnership that does not
depend upon any other
contract for its existence.
a) Principal
b) Onerous
c) Nominate
d) Preparatory
a) Principal
Statement 1: A limited
d) True, True
partnership cannot be cannot
be created by mere voluntary
alone.
Statement 2: The parties must
have legal capacity to enter
into the contract.
a) False, False
b) True, False
c) False, True
d) True, True
A partnership is:
d) A and B only
a) A joint undertaking
b) An organization
c) An artificial being
d) A and B only
Statement 1: The sharing of
profits in a partnership must be
always equal to all parties.
Statement 2: If the division of
profits is merely used as a
guide to determine the
compensation due to one of
the parties, such one is not a
partner.
a) True, False
b) False, False
c) False, True
d) True, True
c) False, True
Two or more persons bind
b) Partnership
themselves to contribute
money, property, or industry to
a common fund, with the
intention of dividing the profits
among themselves.
a) Sole Proprietorship
b) Partnership
c) Corporation
d) Cooperatives
The delectus personae' refers
c) To choose the persons whom he wants to be
to the right of a person to:
associated in the partnership.
a) To choose the business he
wants to engage with.
b) To give his personal opinion
for the establishment of the
partnership.
c) To choose the persons
whom he wants to be
associated in the partnership.
d) None of the above.
It is a characteristic of a
b) Nominate
contract which has a special
name given to it by the law.
a) Onerous
b) Nominate
c) Principal
d) Consensual
Which of the following may be
contributed by partner in a
partnership:
a) Money
b) Industry
c) Property
d) All of the above
d) All of the above
Composed of capitalist and
b) General partnership
industrial partners
a) Universal partnership
b) General partnership
c) Limited partnership
d) None of the above
When cash or property worth
b) It will not affect the liability of the partnership
P3,000 or more is contributed
and the partners to third parties.
as capital. The Articles of
CoPartnership shall be in a
public instrument and be
registered with the Securities
and Exchange commission. If
the said requirements are not
complied with
a) It will render the partnership
void.
b) It will not affect the liability
of the partnership and the
partners to third parties.
c) It will not give a legal
personality to the partnership.
d) It will give the partnership a
de-facto existence.
Statement 1: A partner cannot
assign his interest in the
partnership to a third person
without the consent of the
other partners.
Statement 2: A partner's
interest in the partnership is his
personal property.
a) True, True
b) True, False
c) False, False
d) False, True
d) False, True
Which is not true with regards
c) It can sue due to its legal personality
to associations?
a) Any of the members may
contract in his own name with
third persons.
b) It shall be governed by the
provisions relating to coownership.
c) It can sue due to its legal
personality.
d) Fees are usually collected
from members to maintain the
organization.
Which analogy is incorrect?
b) Universal partnership : present property
a) Particular partnership :
generic things
b) Universal partnership :
present property
c) De jure partnership :
compliance with some legal
requirements
d) General partnership : no
fixed term
Partners shall enjoy practically
a) Universal partnership
all the profits:
a) Universal partnership
b) General partnership
c) Limited partnership
d) None of the above
One of the following incidents
may be a cause for involuntary
dissolution of a partnership.
Which is?
a) Termination of the term of
the partnership
b) Insolvency of any partner
c) Express will of any partner
d) Expulsion of any partner
a) Termination of the term of the partnership
All present properties are
a) Universal partnership
contributed
a) Universal partnership
b) General partnership
c) Limited partnership
d) None of the above
Statement 1: Dissolution does
a) True, True
not terminate the partnership.
Statement 2: Insanity of a
general partner in a limited
partnership dissolves the
partnership.
a) True, True
b) True, False
c) False, False
d) False, True
Statement 1: If the capital
contribution of the partners
amount to P3,000 or more the
contract of partnership must
be in public a public
document, otherwise the
contract is void.
Statement 2: A contract of
partnership is void, whenever
immovable property is
contributed thereto if an
inventory of said property is
not made, signed by the
parties and attached to the
public document.
a) True, True
b) True, False
c) False, False
d) False, True
d) False, True
It is one in which the partners
a) Universal partnership of all present property
contribute all the properties
which actually belong to each
of them at the time of the
constitution of the partnership
to a common fund, with the
intention of dividing the same
among themselves as well as
the profits which they may
acquire therewith.
a) Universal partnership of all
present property
b) Universal partnership of
profits
c) Universal partnership of
Rights and duties
d) Universal partnership of
Property subject to appraisal
In Article 1779, a universal
d) the common property of all the partners, as well
partnership of all present
as all the profits which they may acquire therewith.
property, the property which
belonged to each of the
partners at the time of the
constitution of the partnership,
becomes ___________ .
a) the intention of dividing the
same among themselves, as
well as all the profits they may
acquire therewith.
b) present property or o all the
profits.
c) the time of the celebration
of the contract shall continue
to pertain exclusively to each,
only the usufruct passing to the
partnership.
d) the common property of all
the partners, as well as all the
profits which they may acquire
therewith.
In universal partnership of all
d) Statement 2 is true.
present property, the following
become the common property
of all the partners:
Statement 1: Property which
belonged to each of them at
the place of the constitution of
the partnership; and
Statement 2: Profits which they
may acquire from the property
contributed. Choose the best
answer.
a) Statement 1 and 2 are true.
b) Statement 1 and 2 are false.
c) Statement 1 is true.
d) Statement 2 is true.
Regarding the contribution of
future property, the general
rule is that future
properties____________?
a) will become common
property only is there's a
stipulation.
b) can be included by
stipulation except the fruits
thereof.
c) cannot be contributed.
d) is returned to the partners
who own it.
c) cannot be contributed.
Profits from other sources will
a) not from properties contributed.
become common property
only is there's a stipulation. The
profits from other sources are
______________
a) not from properties
contributed.
b) from properties contributed.
c) the profits or income and the
use or usufruct of the same.
d) included by express
stipulation.
Where the articles of
c) a universal partnership of profits imposes less
partnership do not specify the
obligations on the partners, since they preserve the
nature of the partnership,
ownership of their separate property.
whether it is one of the
"present property" or of
"profits" only, it will be
presumed that the parties
intended merely a partnership
of profits. The reason for this
presumption is that ___________
a) a universal partnership of
profits imposes more
obligations on the partners,
since they preserve the
ownership of their separate
property.
b) a universal partnership of
profits imposes less obligations
on the partners, since they
preserve the ownership of their
mixed property. c) a universal
partnership of profits imposes
less obligations on the
partners, since they preserve
the ownership of their separate
property.
d) a universal partnership of
profits imposes more
obligations on the partners,
since they preserve the
ownership of their mixed
property.
Article 1782 states that "Persons
who are prohibited from giving
each other any donation or
advantage cannot enter into
universal partnership." Persons
who are prohibited by law to
give donations cannot enter
into a universal partnership for
the reason that _______
a) each of the partners cannot
virtually makes a donation.
b) each of the partners virtually
makes a donation.
c) each of the partners virtually
makes a donation. To allow
persons who are not
prohibited to give each other a
donation or advantage to form
a universal partnership will be
like permitting them to do
indirectly what the law
expressly prohibits.
d) each of the partners virtually
makes a donation. To allow
persons who are prohibited to
give each other a donation or
advantage to form a universal
partnership will be like
permitting them to do directly
what the law expressly
prohibits.
b) each of the partners virtually makes a donation.
A particular partnership has for
c) is neither a universal partnership of present
its object determinate things,
property nor a universal partnership of profits.
their use or fruits, or a specific
undertaking, or the exercise of
a profession or vocation. It is a
partnership which ___________
a) is either a universal
partnership of present
property or a universal
partnership of profits.
b) the partners may acquire by
their industry or work during
the existence of the
partnership and the usufruct of
movable or immovable
property which each of the
partners may possess at the
time of the celebration of the
contract.
c) is neither a universal
partnership of present
property nor a universal
partnership of profits.
d) is ordinarily formed for the
transaction of a general
business of a particular kind.
A partnership is a consensual
c) the essential requisites of a contract of
contract; hence, it exists from
partnership are present even when the partners
the moment of the celebration
have not yet actually given their contributions.
of the contract by the partners.
What is necessary is that
_________a) the essential requisites of a
contract of partnership are not
present even when the
partners have not yet actually
given their contributions.
b) the essential requisites of a
contract of partnership are
present even when the
partners have yet actually
given their contributions.
c) the essential requisites of a
contract of partnership are
present even when the
partners have not yet actually
given their contributions.
d) the essential requisites of a
contract of partnership are
present even when the
partners actually given their
contributions.
Which of the following is
b) Agreement to create partnership- A distinction
erroneous about executory
must be made between a partnership actually
agreement of partnership? The
consummated and an agreement to enter into a
above rule on the
contract of partnership at a present time.
commencement of partnership
is not absolute.
a) Future partnership- The
partners may stipulate some
other date for the
commencement of the
partnership.
b) Agreement to create
partnership- A distinction must
be made between a
partnership actually
consummated and an
agreement to enter into a
contract of partnership at a
present time.
c) Failure to agree on material
terms- A failure of the parties
to agree on material terms may
not merely be evidence of the
intent of the parties to be
bound only in the future, but
may prevent any rights or
obligations from arising on
either side for lack of complete
contract. d) Failure to agree on
material terms- A failure of the
parties to agree on material
terms may not merely be
evidence of the intent of the
parties to be bound only in the
future, but may prevent any
rights or obligations from
arising on either side for lack of
complete contract.