RFBT - 5 Law on Partnerships
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Terms in this set (88)
Partnership as distinguished from corporation
a. Acquires juridical personality upon approval by
C
the SEC and issuance of certificate
b. Has limited liability
c. Created by operation of law
d. No power of succession
Essential elements or feature of a partnership,
except
a. Must have a lawful object or purpose
C
b. There must be a contribution of money, property
or industry to a common fund
c. With intention to divide and contribute whatever
profits they make to other people
d. Must be established for the common benefit or
interest of the partners
One of the following is not a characteristic of
contract of partnership
a. Real, in that the partners must deliver their
contributions in order for the partnership contract
A
to be perfected
b. Principal, because it can stand by itself
c. Preparatory, because it is a means by which other
contracts will be entered into
d. Onerous, because the parties contribute money,
property or industry to the common fund
One of the following is not a requisite of a contract
of partnership. Which is it?
a. There must be a valid contract
D
b. There must be a mutual contribution of money,
property or industry to a common fund
c. It is established for the common benefit of the
partners which is to obtain profits and divide the
same among themselves
d. The articles are kept secret among the members
The minimum capital in money or property except
when immovable property or real rights thereto are
contributed, that will require the contract of
partnership to be in a public instrument and be
C
registered with SEC
a. P5,000
b. P10,000
c. P3,000
d. P30,000
A and B put up a partnership to engage in
distribution of books and school supplies. A
contributed P1M while B his services. A wants to put
up a restaurant on the opposite side of the street.
On the other hand, B wants to have a bakery beside
A's restaurant. Which of the following is correct?
A
a. A may put up his restaurant without need of
securing B's consent
b. B may put up his bakery without need of securing
A's consent
c. Both A and B can put up their restaurant and
bakery businesses without the need of securing
each other's consent
d. Neither A nor B can put up another business.
A and B entered into a universal partnership of all
present property. At the time of their agreement, A
had a four-door apartment which he inherited from
his father 3 years earlier. B, on the other hand, had a
fishpond which he acquired by dacion en pago
from C. During the first year of the partnership,
rentals collected on the four-door apartment
amounted to P480,000; while fish harvested from
the fishpond were sold for P300,000. During the
D
same period, B received by way of donation a
vacant lot from an uncle. The partners had a
stipulation that future property shall belong to the
partnership. Which of the following does not belong
to the common fund of the partnership?
a. Fishpond
b. Rental of P480,000
c. Apartment
d. Vacant land
A and B entered into a universal partnership of
profits. At the time of execution of the articles of
partnership, A had a two-door apartment which he
inherited from his father 3 years earlier. B on the
other hand, had a fleet of taxis which he purchased
two years before. In the first year of the partnership,
A earned P500,000 as a radio talent while B won
P1,000,000 in the lotto. During the same period,
C
rentals of P120,000 were collected from the
apartment, while fare revenues of P200,000 were
realized from the operation of the fleet of taxis.
Which of the following belongs to the partnership?
a. Two-door apartment
b. Lotto winnings of P1,000,000
c. Salary of P500,000
d. Fleet of taxis
A partnership formed for the exercise of a
profession which is duly registered is an example of
C
a. Universal partnership of profits
b. Universal partnership of all present property
c. Particular partnership
d. Partnership by estoppel
A, B and C are partners in CAB Enterprises. Not
having established yet their credit standing, the
three partners requested D, a well known
businessman, to help them negotiate a loan from E,
a money lender. With the consent of A, B and C, D
represented himself as a partner of CAB Enterprises.
D
Thereafter, E granted a loan of P150,000 to CAB
Enterprises. What kind of partner is D?
a. Managing partner
b. Liquidating partner
c. Ostensible partner
d. Partner by estoppel
Previous No.: "A, B and C are partners in CAB
Enterprises. Not having established yet their credit
standing, the three partners requested D, a well
known businessman, to help them negotiate a loan
from E, a money lender. With the consent of A, B
and C, D represented himself as a partner of CAB
Enterprises. Thereafter, E granted a loan of P150,000
to CAB Enterprises. What kind of partner is D?"
Using the preceding number, assuming that CAB
Enterprises was unable to pay the loan on due date
D
at which time the assets of the partnership
amounted only to P120,000. From whom may E
collect the payment?
a. D only for the whole amount of P120,000
b. A, B and C who are liable jointly for P50,000 each
c. CAB Enterprises for its assets of P120,000;
thereafter, A, B and C from their separate property
at P10,000 each
d. CAB Enterprises for its assets of P120,000
thereafter, A, B, C and D from their separate assets
at P7,500 each
A partner can engage in business for himself
without the consent of his co-partners if he is
a. A capitalist partner whether or not the business
he will engage in is of the same kind as or different
from the partnership business
b. An industrial partner whether or not the business
C
he will engage in is of the same kind as or different
from the partnership business
c. A capitalist partner and the business he will
engage in is of a kind different from the partnership
business
d. An industrial partner and the business he will
engage in is of a kind different from the partnership
business
The partnership will bear the risk of loss of three of
the following things, except
a. Things contributed to be sold
C
b. Fungible things or those that cannot be kept
without deteriorating
c. Non-fungible things contributed so that only their
use and fruits will be for the common benefit
d. Things brought and appraised in the inventory
A partner's interest in the partnership is his share of
the profits and surplus which he may assign to a
third person. Which of the following statements
concerning such right is correct?
a. The conveyance of a partner's interest will cause
D
the dissolution of the partnership
b. The assignee becomes a partner
c. The assignee has a right to interfere in the
management of the partnership business
d. The assignee has the right to receive the profits
which the assigning partner would otherwise be
entitled thereto
A partnership which comprises all the profits that
the partners may acquire by their work or industry
during the existence of the partnership is called:
B
a. Universal partnership of all present property
b. Universal partnership of profits
c. Particular partnership
d. Partnership at will
A partnership whereby the partners contribute to a
common fund all the property actually belonging to
them at the time of the constitution of the
partnership, with the intention of dividing the same
among themselves, as well as the profits which they
A
may acquire therewith is:
a. Universal partnership of all present property
b. Universal partnership of profits
c. Particular partnership
d. Partnership at will
A partnership without a definite period of existence
and which can be dissolved at any time by any of
the partners is called:
D
a. Universal partnership of all present property
b. Universal partnership of profits
c. Particular partnership
d. Partnership at will
A, B and C, capitalist partners, each contributed
P10,000 and D, the industrial partner contributed his
services. Suppose X, is the creditor of the firm
amounting to P90,000. After getting the P30,000
capital assets of the partnership, which is correct?
C
a. X can recover P20,000 each from A, B and C only
b. X can recover P60,000 from either A or B or C
c. X can recover P15,000 each from A, B, C and D
d. X can recover P15,000 each from A, B and C but D
is exempt because he is an industrial partner.
A, B and C are partners. D is admitted as a new
partner. Will D be liable for partnership obligations
contracted prior to his admission to the
partnership?
C
a. No, only for those contracted after his admission
b. Yes, and his liability would extend to his own
individual property
c. Yes, but his liability will extend only to his share in
the partnership property and not to his own
individual property
d. Yes, as if he had been an original partner
A partner who has all the rights, powers and subject
to all the restrictions of a general partner but whose
liability is, among themselves, limited to his capital
contribution is:
C
a. General partner
b. Limited partner
c. General-limited partner
d. Dormant partner
Bears the risk of things contributed to the
partnership:
a. General partner
D
b. Limited partner
c. Partner contributing usufructuary rights over
fungible things
d. Partner contributing usufructuary rights over nonfungible things
A, B and C, are capitalist partners, each contributed
P10,000. After exhausting the assets of the firm, the
firm's indebtedness amounts to P90,000. It was
stipulated that A would be exempted from liability.
Which is correct?
B
a. A may recover his original capital of P10,000
b. The creditors may collect P30,000 each from A, B,
and C
c. A can recover P20,000 each from B and C should
he be required to pay the creditors
d. The creditors can recover P45,000 each from B
and C.
Instances when a partnership is unlawful, except
a. A partnership formed to furnish apartment houses
which would be used for prostitution
B
b. A partnership formed for the purpose of
acquiring parcels of land
c. A partnership formed for gambling purposes
d.A partnership formed to create illegal monopolies
or combinations in restraint of trade
A and B orally agreed to form a partnership two
years from today, each one to contribute P1,000. If
at the arrival of the period, one refuses to go ahead
with the agreement, can the other enforce the
agreement?
a. Yes, because the partnership contract is not
C
governed by the Statute of Frauds
b. Yes, because the prior agreement was voluntarily
made
c. No, because the agreement was merely oral and
executory
d. No, since the agreement is to be enforced after
one year from the making thereof, the same should
be in a public instrument to be enforceable
Where at least one partner is a general partner and
the rest are limited partners
D
a. General partnership
b. Partnership by estoppel
c. Partnership de facto
d. Limited partnership
Where all the partners are general partners
D
a. Partnership by estoppel
b. Limited partnership
c. Partnership de facto
d. General partnership
A, B, and C are partners each contributing P10,000.
The firm's indebtedness amounts to P90,000. It was
stipulated that A would be exempted from liability.
Assuming that the capital of P30,000 is still in the
firm, which of the following is not correct?
A
a. The creditors may get the P30,000 and still collect
each 20,000 from A, B and C.
b. A can recover P10,000 each from B and C should
he (A) be required to pay the creditors.
c. A cannot recover his original capital of P10,000.
d. The creditors can recover P45,000 each from B
and C.
May be required to make additional contribution in
case of imminent loss:
A
a. Capitalist partner
b. Limited partner
c. Industrial partner
d. a, b, and c
May contribute money, property or industry to the
common fund:
B
a. Limited partner
b. General partner
c. Both limited and general partners
d. Dormant partner
Partner who contributes money and / or property,
except
C
a. General
b. Capitalist
c. Industrial
d. Managing
Partner who contributes industry or labor
C
a. General
b. Capitalist
c. Industrial
d. Managing
Partner who contributes both capital and industry
D
a. General
b. Capitalist
c. Managing
d. Capitalist-industrial
Partner who is liable beyond the extent of his
contribution
A
a. General
b. Limited
c. Industrial
d. Silent
Partner who is liable only to the extent of his
contribution
A
a. Limited
b. General
c. Industrial
d. Silent
Partner who manages actively the firm's affairs
C
a. Silent
b. Liquidating
c. Managing
d. Dormant
Partner who does not participate in the
management though he shares in the profits or
losses
D
a. Liquidating
b. Nominal
c. Ostensible
d. Silent
Partner who winds up the affairs of the firm after it
has been dissolved
A
a. Liquidating
b. Managing
c. Industrial
d. Capitalist
Partner whose connection with the firm is known to
the public
A
a. Ostensible
b. Secret
c. Silent
d. Nominal
Partner whose connection with the firm is
concealed or kept a secret
B
a. Ostensible
b. Secret
c. Silent
d. Nominal
Partner who is both a secret and silent partner
D
a. Nominal
b. Ostensible
c. Limited
d. Dormant
Partner who is not really a partner but who may
become liable as such insofar as third persons are
concerned
A
a. Nominal
b. Ostensible
c. Silent
d. Secret
Which of the following losses will not cause the
dissolution of a partnership?
a. Loss before delivery of a specific thing which a
partner had promised to contribute to the
partnership
b. Loss of a specific thing after its delivery to and
B
acquisition of its ownership by the partnership from
the partner who contributed the same
c. Loss after delivery of a specific thing where the
partner contributed only its use and enjoyment,
where such partner reserved the ownership thereof
d. Loss before delivery of a specific thing where the
partner promised to contribute only its use and
enjoyment, reserving the ownership thereof
A newly admitted general partner is liable to
creditors existing at the time of his admission and his
liability is
a. Up to his capital contribution only if there is
D
stipulation.
b. Up to his separate property even if there is no
stipulation.
c. Up to his capital contribution even if there is
stipulation.
d. Up to his separate property only if there is
stipulation.
Previous No.: "A newly admitted general partner is
liable to creditors existing at the time of his
admission and his liability is?"
Using the preceding number, but the obligations
were contracted after his admission, which of the
following is correct?
C
a. He is liable to the creditors before and after his
admission up to his separate propertyHe is liable to
the creditors before and after his admission only up
his capital contributionHe is liable to the creditors
before his admission up to his capital contribution
and to the creditors after his admission up to his
separate property.He is not liable to creditors
existing before his admission
A and B are partners engaged in the real estate
business. A learned that C was interested in buying a
certain of land owned by the partnership, even for a
higher price. Without informing B of C's offer A was
able to convince B to sell to him (A) his (B's) share in
the partnership. Then A sold the land at a big profit.
A
Which of the following is correct?
a. A is liable to B for the latter's share in the profit
b. C is liable to B for the latter's share in the profit
c. A new partnership is formed between A and C
d. The sale of the land to C is void since it was
without the knowledge of B.
A and B are partners in a real estate business. A and
B were approached by X who offered to buy a
parcel of land owned by the partnership. Thereafter
B sold to A, B's share in the partnership. Then A sold
D
the land to X at a big profit. Which is correct?
a. The sale of the land to X is void
b. A is liable to B for B's share in the profits
c. B may rescind the contract between A and X
d. A is not liable to B for any share in the profits
The following persons are disqualified to form a
universal partnership, except
a. Husband and Wife
B
b. Brother and sister
c. Those guilty of adultery and concubinage
d. Those guilty of the same criminal offense, if the
partnership is entered into in consideration of the
same.
A, B and C are capitalist partners while D is an
industrial partner. A, the managing partner engaged
personally in a business that is the same as the
business of the partnership without the consent of
the other partners. As a result,
C
a. If there are losses, the partnership will bear the
losses
b. If there are profits, the profits will be shared by A
and the partnership
c. If there are profits, A will give the profits to the
partnership
d. A will be excluded from the partnership and will
pay damages
A, a managing partner is B's creditor to the amount
of P1,000 already demandable. B also owes the
partnership P1,000, also demandable. A collects
P1,000 from B. One is not correct.
a. If A gives a receipt for the partnership it is the
B
partnership's credit that has been collected
b. If A gives a receipt for his own credit, it is A's
credit that has been collected
c. If A gives a receipt for his own credit, P500 will be
given to him, P500 to the partnership
d. B may decide that he is paying only A's credit if
the personal credit of A is more onerous to B.
The remedy of capitalist partners against an
industrial partner who engaged in a business for
himself without the expressed permission from the
partnership is:
a. To compel him to sell his interest to the said
D
capitalist partners.
b. To exclude him from sharing in the profits of the
partnership.
c. To remove him as manager if he is appointed as
manager of the partnership.
d. To expel him from the partnership and claim for
damages.
A and B are equal partners in AB Partnership by
contributing P50,000 each on June 1, 2010. On July 1,
2010, the partnership contracted an obligation to
pay Z the amount of P180,000 on August 31, 2010.
On August 10, 2010, C was admitted as a new
D
partner. C contributed P50,000. How will the
obligation be paid?
a. A P60,000; B P60,000; C P60,000
b. A P90,000; B P90,000; C None
c. A P180,000 or B P180,000 and C P50,000
d. A P65,000; B P65,000; C P50,000
A, B, and C are equal partners in ABC Partnership.
On April 29, 2011, C died. Not knowing that C is
dead, on May 2, 2011, A contracted a liability to D
who also did not know about the death of C. The
liability is P90,000. After D exhausted the net assets
of the partnership in the amount of P60,000, he can
C
collect.
a. P30,000 from A or P30,000 from B.
b. P15,000 from A and P15,000 from B.
c. P10,000 from the estate of C, P10,000 from A and
P10,000 from B.
d. P30,000 from the estate of C or P30,000 from B
or P30,000 from C.
A, B and C are partners. Their contributions are as
follows: A, P60,000; B, P40,000 and C, services. The
partners agreed to divide profits and losses in the
following proportions: A, 35%; B, 25% and C 40%. If
there is a loss of P10,000, how should the said loss
D
be shared by the partners?
a. A, P6,000; B, P4,000; C, nothing
b. A, P3,000; B, P2,000; C , P5,000
c. A, P3,500; B, P3,500; C, P3,000
d. A, P3,500; B, P2,500; C, 4,000
Previous No.: "A, B and C are partners. Their
contributions are as follows: A, P60,000; B, P40,000
and C, services. The partners agreed to divide
profits and losses in the following proportions: A,
35%; B, 25% and C 40%. If there is a loss of P10,000,
how should the said loss be shared by the
partners?"
A
Using the preceding no., but the partners did not
agree on how to divide profits and losses. If there is
a loss of P10,000, how should the said loss be
shared by the partners?
a. A, P6,000; B, P4,000; C, nothing
b. A, P3,000; B, P2,000; C, P5,000
c. A, P3,500; B, P3,500; C, P3,000
d. A, P3,500, B, P2,500; C, P4,000
When the manner of management has not been
agreed upon, who shall manage the affairs of the
partnership?
D
a. Capitalist partners
b. Industrial partners
c. Capitalist-industrialist partners
d. All of the partners
A, B, and C are partners in a partnership business. A
contributed P10,000, B contributed P5,000 and C his
services only. After payment of partnership debts,
what remains of the partnership assets is P6,000
only. In the absence of stipulation to the contrary,
D
the share of C will be equal to:
a. That of A
b. P2,000
c. That of B
d. Nothing
A, B and C are partners in ABC Co. D owes the
partnership P4,500. A, a partner, received from D a
share of P1,500 ahead of partners B and C, giving D
a receipt for his share only. When B and C were
collecting from D, the latter was already insolvent.
Which of the following is correct?
A
a. Partner A can be required to share the P1,500 with
B and C.
b. A cannot be required to share the P1,500 with B
and C
c. B and C should automatically exhaust first all
remedies to collect from D.
d. B and C can automatically deduct from the
capital contribution of A in the partnership, their
respective share in the P1,500.
A partnership suffered losses in the first year of its
operation. A, a capitalist partner, cannot contribute
an additional share to the capital because of
insolvency. Can A be obliged to sell his interest to
the other partners on the ground of such refusal?
D
a. Yes, A's refusal to contribute additional share
reflects his lack of interest in the continuance of the
partnership.
b. No, because there is actually no imminent loss of
the business.
c. Yes, provided that A is paid the value of his
interest.
d. No, because his refusal is justifiable.
Which of the following is considered prima facie
evidence of the existence of a partnership?
a. Where payment of interest on a loan depends on
B
the profit of the business.
b. The receipt by a person of a share in the profits.
c. The sharing of gross returns of a business.
d. Where the parties are established as co-owners
of a property.
A and B are partners, with A as the managing
partner. D is indebted to A in the amount of P10,000
and to the partnership in the amount of P5,000. Both
debts are due and demandable. D paid A P3,000. A
issued to D a receipt in his own name. How should
the amount of P3,000 be applied?
a. The P3,000 should be applied to the
D
indebtedness of D to A.
b. The P3,000 should be applied to the
indebtedness of D to the partnership.
c. P2,000 should be applied to the indebtedness of
D to the partnership and P1,000 to the indebtedness
of D to A.
d. P1,000 should be applied to the indebtedness of
D to the partnership and P2,000 to the
indebtedness of D to A.
Previous No.:"A and B are partners, with A as the
managing partner. D is indebted to A in the amount
of P10,000 and to the partnership in the amount of
P5,000. Both debts are due and demandable. D paid
A P3,000. A issued to D a receipt in his own name.
How should the amount of P3,000 be applied?"
Using the preceding no. but A issued to D a receipt
in the name of the partnership. How should the
payment of P3,000 be applied?
B
a. The P3,000 should be applied to the
indebtedness of D to A.
b. The P3,000 should be applied to the
indebtedness of D to the partnership.
c. P2,000 should be applied to the indebtedness of
D to the partnership and P1,000 to the indebtedness
of D to A.
d. P1,000 should be applied to the indebtedness of
D to the partnership and P2,000 to the
indebtedness of D to A
A, B, C and D are partners. Their contributions are as
follows: A, P50,000; B, P30,000; C, P20,000; D,
services. The partnership incurred obligations to
third persons which the firm was unable to pay.
After exhausting the assets of the partnership, there
still is unpaid balance of P10,000 to E. Who are
B
liable to E for the payment of the unpaid balance of
P10,000 and how much should each pay to E?
a. A, P5,000; B, P3,000; C, P2,000; D, nothing
b. A, P2,500; B, P2,500; C, P2,500; D, P2,500
c. A, P4,000; B, 3,000; C, P2,000; D, P1,000
d. A, P4,000; B, P4,000; C, P2,000; D, nothing
One or more but less than all the partners have no
authority to perform the following acts, except:
a. Do any act which would make it impossible to
D
carry on the ordinary business of the partnership.
b. Submit a partnership claim or liability to
arbitration.
c. Renounce a claim of the partnership.
d. Convey partnership property in the ordinary
course of partnership business.
A, B, and C are equal partners in ABC Partnership.
The partnership is indebted to D for P150,000.
Partner A is indebted to E for P20,000. D attached
and took all the assets of the partnership amounting
to P90,000. B and C are solvent while A is insolvent
and all that he owns is a land valued at P15,000.
Which is correct?
A
a. E has priority to the land of A as a separate
`creditor
b. D has priority to the land of A to cover A's share
of the P60,000 remaining liability of the partnership.
c. B and C have priority to the land of A if they paid
D the P60,000 remaining liability of the partnership.
d. D and E shall both have priority to the land of A in
proportion to their claims of P60,000 and P20,000,
respectively.
A, B and C are partners. A is an industrial partner.
During the first year of operation, the firm realized a
profit of P60,000. During the second year, the firm
sustained a loss of P30,000. So, the net profit for the
two years of operation was only P30,000. In the
Articles of Partnership, it was agreed that A, the
industrial partner would get 1/3 of the profit but
would not share in the losses. How much will A, the
B
industrial partner get?
a. A will get only P20,000 which is 1/3 of the profit of
the 1st year of operation.
b. A will get only P10,000 which is 1/3 of the net
profit.
c. A will get only P20,000 in the first year and none
in the second year.
d. A will share in the loss in the second year.
Three (3) of the following are rights of a partner.
Which one (1) is not?
B
a. Right to associate another person to his share.
b. Right to admit another partner
c. Right to inspect and copy partnership books
d. Right to ask dissolution of the firm at the proper
time
A. Partnership with a capital of three thousand
pesos or more, in money or property, shall appear
in a public instrument, and recorded at SEC. Failure
shall not affect the liability of the partnership and
members thereof to third person.
B. Whenever immovable property is contributed, an
A
inventory of said property is needed, signed by the
parties and attached to the public instrument,
otherwise the contract of partnership is void
a. Both are TRUE
b. Both are FALSE
c. Only the first is TRUE
d. Only the second is TRUE
A. Co-ownership or co-possession does not in itself
establish a partnership, except when such coowners or co-possessors share in the profits made
by the use of the property.
B. The sharing of gross returns does not of itself
establish a partnership, except when the persons
B
sharing them have a joint or common right or
interest in any property from which the returns are
derived.
a. Both are TRUE
b. Both are FALSE
c. Only the first is TRUE
d. Only the second is TRUE
A. The receipt by a person of a share of the profits
of a business is conclusive evidence that he is a
partner in the business.
B. A partnership of all present property is where the
partners contribute all property which actually
belong to them to a common fund, with the
D
intention of dividing the same among themselves, as
well as all the profits which they may acquire
therewith.
a. Both are TRUE
b. Both are FALSE
c. Only the first is TRUE
d. Only the second is TRUE
A. In a universal partnership of all present property,
the property which belong to each of the partners
at the time of constitution of the partnership
becomes a common fund of all partners and all
profits which they may acquire therewith. A
stipulation for the common enjoyment of any profits
may also be made. But properties which they may
acquire through inheritance, legacy, or donation
cannot be included in such stipulation, except the
fruits thereof.
A
B. The universal partnership of profits comprises all
that the partners may acquire by industry or work
during the existence of the partnership. Movable or
immovable property which each may possess at the
time of the celebration of the contract shall
continue to pertain exclusively to each, only the
usufruct passing to the partnership.
a. Both are TRUE
b. Both are FALSE
c. Only the first is TRUE
d. Only the second is TRUE
A. A partnership must have a lawful object or
purpose, and must be established for the common
benefit or interest of the partners.
B. When an unlawful partnership is dissolved by a
judicial decree, the profits and partners'
C
contributions shall be confiscated in favor of the
State.
a. Both are TRUE
b. Both are FALSE
c. Only the first is TRUE
d. Only the second is TRUE
A. A partnership may be constituted in any form,
except where immovable property or real rights are
contributed thereto, in which case a written
instrument shall be necessary.
B. Every contract of partnership having a capital of
three thousand pesos or more in money or property
B
shall appear in, a public instrument which must be
recorded in the office of the SEC., otherwise the
partnership is void.
a. Both are TRUE
b. Both are FALSE
c. Only the first is TRUE
d. Only the second is TRUE
A. 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 instrument.
B. A universal partnership of profits is that in which
the partners contribute all the property which
actually belongs to them to a common fund with the
C
intention of dividing the same among themselves, as
well as the profits which they may acquired
therewith.
a. Both are TRUE
b. Both are FALSE
c. Only the first is TRUE
d. Only the second is TRUE
A. In a universal partnership of profits, the property
which belong to each of the partners at the time of
the constitution of the partnership becomes the
common property of all the partners, as well as all
the profits which they may acquire therewith.
B. A universal partnership of all present property
B
comprises only all that the partners may acquire by
their industry or work during the existence of the
partnership.
a. Both are TRUE
b. Both are FALSE
c. Only the first is TRUE
d. Only the second is TRUE
A. A universal partnership of profits comprises all
movable or immovable property which each of the
partners may possess at the time of the celebration
of the contract and all that the partners may acquire
by their industry or work during the existence of the
partnership.
B. Future property by inheritance, legacy or
B
donation, including the fruits thereof cannot be
included in the stipulation regarding the universal
partnership of all present property.
a. Both are TRUE
b. Both are FALSE
c. Only the first is TRUE
d. Only the second is TRUE
A. A and B are partners in a universal partnership of
profits. Subsequently, A won first prize in the
sweepstakes. The prize money will belong to the
partnership.
B. A and B are partners in a universal partnership of
B
profits. Later A purchased a parcel of land. The fruits
of said land belong to the partnership.
a. Both are TRUE
b. Both are FALSE
c. Only the first is TRUE
d. Only the second is TRUE
A. Persons who are prohibited from giving each
other any donation or advantage cannot enter into
universal or particular partnership.
B. A partnership begins from the moment of the
execution of the contract, unless it is otherwise
D
stipulated.
a. Both are TRUE
b. Both are FALSE
c. Only the first is TRUE
d. Only the second is TRUE
A. If property has been promised by a partner as
contribution to the partnership, the fruits arising
from the time the property should have been
delivered should also be given provided prior
demand was made.
B. A partner who has undertaken to contribute a
sum of money and fails to do so becomes a debtor
D
for the interest and damages from the time he
should have complied with his obligation, without
the need of any demand.
a. Both are TRUE
b. Both are FALSE
c. Only the first is TRUE
d. Only the second is TRUE
A. The partners shall contribute equal shares to the
capital of the partnership.
B. If there is no agreement to the contrary, in case of
an imminent loss of the business of the partnership,
any partner who refuses to contribute an additional
B
share to the capital, to save the venture, shall be
obliged to sell his interest to the other partners.
a. Both are TRUE
b. Both are FALSE
c. Only the first is TRUE
d. Only the second is TRUE
A. If a partner collects a demandable sum, which
was owed to him in his own name, from a person
who owed the partnership another sum also
demandable, the sum thus collected shall be
applied to the two credits in proportion to their
amounts, even though he may have given a receipt
for his own credit only, but should he have given it
for the account of the partnership credit, the
B
amount shall be fully applied to the latter.
B. The risk of specific and determinate things
contributed to the partnership so that only their use
and fruits may be for the common benefit, shall be
borne by the partner who owns them.
a. Both are TRUE
b. Both are FALSE
c. Only the first is TRUE
d. Only the second is TRUE
A. In the absence of stipulation, the share of each
partner in the profits and losses shall be equal to
each other.
B. A stipulation which excludes one or more
partners from any share in the profits or losses is
D
void, as a general rule.
a. Both are TRUE
b. Both are FALSE
c. Only the first is TRUE
d. Only the second is TRUE
A. The partner who has been appointed manager
may execute all acts of administration despite the
opposition of his partners, unless he should act in
bad faith and his power is irrevocable without just or
lawful cause.
B. When the manner of management has not been
agreed upon, none of the partners may, without the
B
consent of the others, make any important
alterations in the property of the partnership, even if
it may be useful to the partnership.
a. Both are TRUE
b. Both are FALSE
c. Only the first is TRUE
d. Only the second is TRUE
A. Every partner may associate another person with
him in his share, provided it is with the consent of all
the other partners.
B. The capitalist partners cannot engage for their
own account in any operation which is of the kind of
D
business in which the partnership is engaged, unless
there is stipulation to the contrary.
a. Both are TRUE
b. Both are FALSE
c. Only the first is TRUE
d. Only the second is TRUE
A. Every partnership shall operate under a firm
name, which shall include the name of one or more
of the partners.
B. All partners, excluding industrial ones, shall be
liable pro-rata with all their property and after all
the partnership assets have been exhausted, for the
contracts which may be entered into in the name of
B
and for the account of the partnership, under its
signature, and by a person authorized to act for the
partnership.
a. Both are TRUE
b. Both are FALSE
c. Only the first is TRUE
d. Only the second is TRUE
A. Persons who are not partners as to each other
are not partners as to third persons, except in cases
of estoppel.
B. An admission or representation made by any
partner concerning partnership affairs is evidence
C
against the partnership.
a. Both are TRUE
b. Both are FALSE
c. Only the first is TRUE
d. Only the second is TRUE
A. A person admitted as a partner into an existing
partnership is liable for all the obligations of the
partnership arising before his admission as though
he had been a partner when incurred and that such
liability will extend to his own individual property.
B. B has worked for M and Co., as procurer of
contracts for fertilizers to be manufactured by the
firm, and as supervisor of the mixing of the
B
fertilizers. However, he had no voice in the
management of the business except in his task of
supervising the mixing of said fertilizers. For his
service, he is entitled to 35% of the profits in the
fertilizer business. He is a partner in M and Co.
a. Both are TRUE
b. Both are FALSE
c. Only the first is TRUE
d. Only the second is TRUE
A. F was a bookkeeper in a partnership named "GH",
with a yearly salary amounting to 5% of the net
profits for each year. F, however had no vote at all in
the management of the business. He is a partner in
GH.
B. Unless there is a stipulation to the contrary, the
D
partners shall contribute equal shares to the capital
of the partnership.
a. Both are TRUE
b. Both are FALSE
c. Only the first is TRUE
d. Only the second is TRUE
A. Every partner may associate another person with
him in his share, but the associate shall not be
admitted in the partnership without the consent of
all the other partners, even if the partner having an
associate should be a manager.
B. Articles of universal partnership, entered into
A
without specification of its nature, only constitute
universal partnership of profits.
a. Both are TRUE
b. Both are FALSE
c. Only the first is TRUE
d. Only the second is TRUE