BUSINESS LAW X and Y consented to such representation, who shall be liable to A?

QUIZ ON PARTNERSHIP a. since the partnership benefited from the credit extended by A, all partners X, Y and Z
are liable
b. only X, Y, and W are partners by estoppel A and are liable pro rata
1. Which of the following is not correct? c.since the loan was extended to the partnership; all the partners and W are liable
a. A- cash (Ltd); B-cash (Gen,); C-service (Gen) d.only W who made the representation shall be liable
b. A property (Ltd.); B cash (Gen); C service (Gen)
c. A service (Ltd.); B cash (Gen); C service (Gen) 7.A,B and C are general partners in merchandising firm .Having contributed equal amounts
d. A cash (Ltd.); B cash (Gen); C service (Gen) to the
capital, they also agreed on equal distribution of whatever profit is realized per fiscal
2. A and B orally agreed to form partnership two years from today, each one to contribute period, After
10,000.00 two years of operation however , C conveys her whole interest in the partnership to D,
A arrival of the said. If one refuses to go ahead with the agreement, can the other one without the knowledge
enforce of A and B. Is the partnership dissolved?
the agreement? a.the partnership is not dissolved because the conveyance of a partners interest in the
a. yes since the agreement is to be enforced after one year from the making thereof, partnership does not
the same of itself dissolve the partnership
should be in writing to be enforceable b. the partnership is not dissolved because the assignment made by C for his whole
b. yes because the prior agreement was voluntarily made interest was without
c. yes because the contract of partnership is not governed by the Statue of Frauds knowledge and consent of A and B
d. no because the agreement was merely oral c.the partnership was dissolved because the assignee D automatically becomes a new
partner and strictly
3. If partner is insolvent, the first order of preference in the distribution of his assets is speaking there is a new entity
a. partnership creditors d.it is dissolved because A has ceased to be a partner because of the assignment for his
b. partnerships contribution to the partnership whole interest to D.
c.separate creditors of the debtor
d.pro-rata between the separate creditors 8. Based on the preceding facts:
a. D can participate in the management of the partnership
4. The following, except one, are common characteristics of partnership and corporation b. D cannot inspect the books nor copy them for any information on the partnership
which is the exception? affairs as a
a. the individuals composing both organizations have little voice in the conduct of the partner can.
business c. C has ceased to have the rights to use the partnership property
b. both can acts through agents d.C cannot take part in the control of the business anymore
c.both are business organizations compose of a number of individuals
d.both are juridical personalities separate and distinct from that of the members 9. Still based on the same facts:
composing it a. If A and B want to dissolve the partnership, C as a partner need not consent thereto because he
had
assigned his interest to D.
5. Which of the following is not a requisite prescribed by law in order that the partnership
b. D may himself ask the court for its dissolution being the assignee of Cs interest in the partnership
may be c. A, B and D may dissolve the partnership even without the consent of D.
held to a third party for the acts of one of the partners d .A, B and C cannot dissolve the partnership without the consent of D.
a.the contracts bind the partnership by acquiescence for obligations he may have
contracted 10. Spouses A and B formed a limited partnership to engage in real estate business and A contributed
in good faith P1M only
b. the partner must have the authority to bind the partnership Is the partnership between the spouses valid?
c. the contract must be in the name in partnership of for its own account a. the partnership is not valid because spouses cannot enter into a limited partnership
b.the partnership is valid because spouses can enter into a partnership, limited or general,
d .the partner must act on behalf of the partnership
universal or
particular
6. X, Y and Z are partners in Ace & Co. W represented himself as a partner in the said c.the partnership is not valid because the spouses cannot enter into any kind of partnership for
partnership business
to A, who, on the faith of such representation, granted P1M loan to the partnership. except conjugal partnership
Assuming only d.the partnership is valid because spouses are prohibited to enter into a universal partnership only
 c. z and y should first exhaust all remedies to collect from a
11. A corporation cannot enter into a partnership contract with a natural person but with a juridical d. x and y can automatically deduct from capital contribution of z in the partnership their respective
person it shares in the
can. 3,000.00
A general partner is always the capitalist in a limited partnership
a. both statements are false c. both are true 17. A and B are partners in real estate business. The partnership owns a parcel of land
b. first is true, second is false d. first is false, second is true which C
desires to buy. C contracted A and informed him of his intention to but the said land. A
12.W,X,Y and Z organized a general partnership with W and X as industrial partners and Y and Z as
capitalist did not
partners contributed P.5M and Z contributed P.2M to the common fund.By a unanimous vote of the tell B such intention of C. A bought B out of the partnership and afterwards sold the
partners , W and X were appointed managing partners , without specification of their duties and land
powers. A to C at a profit
applied as secretary and B applied as accountant of the partnership. The hiring of A was decided a. the partnership was dissolved when a became the sole owner
upon by W b.the sale is void because it was without the knowledge of b
and X but was opposed by Y and Z. Whose decision shall prevail? c. as is not liable to b for share of the profits
a. the decision of w and x shall prevail because the hiring is an act of management and as managers
d. as is liable to b for his share in the profits
they can
do so.
b. that of x and y because in case of tie in the decision of managing partners, that of the controlling 18. A, B and C are partners in ABC Company. D represented himself as a partner in the
interest partnership to E, who
shall prevail. on the belief of such representation, extended credit of P50, 000.00 to the partnership.
c.the decision of y and z because they have controlling interest Assuming only B and
d.the decision of w and x because it is an act of ownership C consented to such presentation, who shall be liable to E?
a. all of alb, c and d are liable because of partnership liability for the credit extended to
13. In the same problem as fore mentioned, suppose the hiring of B was decided upon by W and Z, but
the partnership by e
was opposed by X
and Y, whose decision shall prevail?
b. b, c and d are partners by estoppel and thus, are liable to e
a. the decision of w and z because w is the managing partner and the hiring is an act of c. partners a, b and c are liable to e for the benefit extended to them
administration d.only d who made the representation is liable to e
b. the decision of x and y because in the case of tie in the decision of managing partners, that of
the controlling 19. May contribute money, property or industry to a common fund:
interest shall prevail a. limited partner c. both limited and general partner
c.that of w and z because z is also a capitalist partner b. general partner d. both limited and industrial
d.none of the decision because of the statements of equal rights partner
14. If a partner is insolvent, the first in the order of preference is:
a. partnership creditors 20. One of the following incidents is a cause for involuntary dissolution of the partnership:
b. partners contribution to the partnership a. termination of the definite term of partnership
c.separate creditors of the partner b. insolvency of a partner
d.pro rata between the separate creditors and the partnership creditors c.express will of a partner in a partnership at will
d.expulsion of a partner of a cause as stated in the articles of part
15. A, B and C are partners in a partnership. A and B contributed P10, 000.00 each while C contributed
his service. After 21.The following are disqualified to form a universal partnership except one:
payment of the partnership liabilities to creditors, only 6,000.00 remain. In the absence of
stipulation to the contrary
a. brother and sister
the share of C shall be: b. husband and wife
a. equal to the share of a c. 2,000.00 c. those guilty of adultery or concubinage
b. equal to the share of b d. nothing d.those guilty of the same offense, if the partnership is entered into consideration of
the same
16. X,Y and Z are partners who contributed equally to the capital of the partnership. A owes the
partnership P9, 000.00. Z 22.A is the capitalist partner and B the industrial one. A engaged personally in the same
collected from A 3,000.00 before X and Y could receive anything from A, who later became kind of business as that of the partnership:
insolvent and therefore
a. if there are losses, the partnership will bear the losses
they could not collect their shares
a. Partner z shall share the 3,000.00 with his co-partners x and y b. if there are profits , they will be shares by a and the partnership
b. z cannot required to share what he already received from a c.if there are profits, shall be given them to the partnership
 d.a may be excluded from the partnership with the liability for damages b. both are true d. first is true, second is
false
23.Suppose in the same facts as forementioned, B engages in business on his own account
but different from 28. The partnership shall be bound in the contract entered into by the partner who has no
that of the partnership authority provided
a. if there are profits, b and the partnership shall share equally the third person is in good faith although the act of the partner is not in usual way of
b. if there are losses, b and the partnership shall equally share business.
c.b may be excluded from the partnership but without damages
d.b may excluded from the partnership with damages The partners act although in not usual way of conducting the business shall bind the
partnership provided
24.A and B are capitalist partner while C is industrial partner .Both A and B equally he was authorized by his co-partners.
contributed P15,000.00 a. both statements are true c. first is true, second is false
each to the capital. A contractual liability in favor of X was incurred in the amount of b. both are false d. first is false, second is
P40,000.00. After true
exhausting partnership assets there is a balance recoverable from
a. a and b only 29. A and B are partners with A as the managing partner. C owes A P10, 000.00 and the
b. a,b and c partnership
c.a,b, and c and c can get reimbursement from a and b P30, 000.00 which are now both due. A issued a receipt for the payment of C in the
d.a,b and c without reimbursement from a and b in cs favor amount of P10, 000.00
in his own name .The payment shall be applied to:
25.In the aforementioned facts, suppose A,B and C agreed that one of them shall not be a. This partnership credit totally
liable to the creditors, b. the credit of a only since the receipt in his name
is the management valid? c. the payment shall be applied equally to both credits
a.the stipulation that one of them shall not be liable to the creditors is voidable at the d.the payment shall be applied proportionately to both credits
instances of the
creditors 30. A, B and C are partners who contributed equally to the capital. D, without the
b. it shall be void agreement even among the partners because is for common benefit knowledge of the death of C
and interest contracted with A who also was unaware of the death of C. The liability to D is P90,
c.it shall be void insofar as the creditors are concerned 000.00 and he can
d.it shall be voidable among the partners themselves collect after exhausting partnership assets in the amount of P60, 000.00:
a. P30, 000.00 from any one of A, B and C
26. A, B and C are partners in a partnership engaged in retail with each contributing P20, b. P15, 000.00 each from A and B
000.00 each. c. P10, 000.00 from each of A and B and P100, 000.00 from Cs estate
D is admitted as a new partner with an existing contribution of P80, 000.00. At the d.the partners are not liable beyond their capital contribution because the partnership
time of his admission was already dissolved
the partnership has a pre-existing obligation to E in the amount of P80, 000.00: at the time of liability
a. d is not liable to e for this obligation when was not yet a partner
b. d is liable to e up to his assets which were not contributed 31. This is the order of priority in general partnership liabilities:
c. d is liable up to his capital contribution a. outside creditors, creditor partner, partners capital , partners profit
d.d is liable up to his capital contribution in favor of creditors but with the right of b. outside creditors, creditor partner, partners profit , partners capital
reimbursement c. creditor partner, outside creditor , partners profit , partners capital
from a, b and c d. creditor partner, outside creditor, partners capital, partners profit

27. The partners are liable to the third persons jointly or equally for torts or quasi delict 32. CP are capitalist partner while IP is industrial partner, who in addition to his services
committed by any also contributed
partner in the conduct of the business or with authority of the partners. capital to the partnership. There is no agreement as to the profits and losses. The
partnership realized
For contractual liability, their liability shall be solidary and all partners are liable profit in the amount of P21, 000.00. The share of IP as CP in the profits shall be:
a. both are false statements c. first is false, second is a. C and P will determine IPs share in the profits
true b. IPs share shall be P7, 000.00
c. Pro-rata to his contributed capital
 d.Just and equitable under the circumstances A limited partners surname cannot appear in the partnership name if it is also the
surname of a general
33. In the preceding number, suppose IP is only an industrial partner , shares in the profits partner to prevent misrepresentation to third persons
shall be: a. both statements are false c. both are true
a. just and equitable under the circumstances b. first is true, second is false d.first is false, second is true
b. in proportion to the capital contribution of his co-partners
c. equal to the least share in the profit of a capitalist partner 40. Which of the following statements is not correct?
d.the average share of all the capitalist partners a. a partnership contract is not conveyed by the statue of frauds
b. a limited partner shall not be bound by the obligations of the partnership
34. Suppose, instead of profits, the partnership suffered loss in the same amount of c. a limited partner who takes part in the control of the business shall be liable as a
P21,000.00, the share general partner
of the capitalist partners in the loss shall be: (Same facts in NO. 32) d. a stipulation which excludes a partner from sharing in the profits or loss is void.
a. in accordance to their profit sharing agreement
b. in accordance with their loss sharing agreement 41. Which of the following is incorrect:
c.in proportion to their capital contribution a. an industrial partner who engages in business for himself may be excluded from the
d. equally among them firm
b. an industrial partner may not engage in business for himself unless there is a
35. With same facts as in No.32, as a industrial partner, the share of IP in the loss shall be: contrary stipulation.
a. just and equitable under circumstances c. a capitalist partner may engage in the same of business as that of the partnership.
b. as agreed upon by the partners before the loss was realized d. an offending capitalist partner may not be excluded from the firm.
c.none, he being an industrial partner
d.in proportion to his capital contribution 42. A partners interest in the partnership is not assignable unless the other partners
consent.
36. After dissolution, the partners can still enter into new business transactions in the
name of the dissolved An act of strict dominion may be performed by a partner without the consent of his
partnership although not for the purpose of winding up partnership affairs. co-partners if it is
advantageous to the partnership.
Insanity of either general or limited partner in a limited partnership shall dissolve the a. both statements are false c. first is true, second is
partnership false
a. both statements are false c. first is false, second is true b. both are true d. first is false, second is
b. both are true d.first is true, second is false true

37. A and B orally entered into a partnership with each of them contributing P3,000.00 43. The death, insanity, retirement, insolvency or civil interdiction of a limited partner does
each and some not dissolve the
personal properties in the amount of P1,000.00 each. The partnership contract is: partnership.
a. unenforceable because the amount involved exceeds P500.00
b. void because it is not in public instrument In general partnership, the fact that the business can only be carried on at a loss does
c. valid not result the
d.void because it is not registered with the SEC dissolution of the partnership.
a. first statement is false, second is true c. both are true
38. A partnership which must be in public instrument to be valid is: b. first is true, second is false d. both are false
a. contribution immovable or real things therein regardless of the value thereof
b. contribution is P3,000.00 or more personal property 44. A partnership contract begins form the moment of the execution of the contract unless
c. general partnership it is otherwise
d.particular partnership stipulated.

39. A universal partnership entered without designation is considered one of profits. Even if a third person is in good faith, the partnership is not bound in contract entered
into by a partner
after the dissolution of the partnership if the business of the partnership has become
unlawful.
a. first statement is false, second is true c. both are false
 b. first is true, second is false d. both are true c. his contribution is service
d. he renounces his shares in the profits after knowledge of the error that he was
45. A universal partnership of present property shall include the profits which the partners made a general partner.
may acquire
therewith such as properties to be acquired through legacy, donation or inheritance. 52. A partnership is dissolved, except:
a. death of a partner
After the dissolution, the partners may still enter into contracts in the name of the b. insolvency of a partner or of the partnership
dissolved partnership c.partnership business can only be carried on at a loss
if for purposes of winding up d.partnership business has become unlawful
a. first statement is false, second is true c. both statements are
false 53. A, B and C as partners contributed the following: A P6, 000.00; B P4, 000.00 and C-
b. first is true, second is false d. both are true service. They agreed
that the profits and losses shall be distirbuted as follows, to wit: A- 35%; B 25% and C
46. Three of the following are property rights of a partner. Which is not? -40%. How shall
a. right in specific partnership property the loss of P10, 000.00 be distributed?
b. right to participate in the management a. A P6, 000.00; B P4, 000.00; C- none
c. right to demand formal accounting of partnership affairs b. A P3, 333.33; B P3, 333.33; C- P 3,333.33
d.interest of the partner in the partnership c. A P3, 500.00; B P2,500.00; C- P 4,000.00
d. A P5, 000.00; B P5, 000.00; C- none
47. If a person receives a share in the profits of a business he is prima facie presumed to
be a partner 54. In the same facts in the preceding number, suppose it is a profit of P10, 000.00, how
in the business. shall it be distirbuted?
a. A P5,000.00 ; B P5,000.00 ; C- none
In partnership there is agency, co-ownership and co-possession of partnership property b. A P3,333.33 ; B P3,333.33 ; C- P3,333.33
a. both statements are true c. first is false, second is true c. A P6,000.00 ; B P4,000.00; C- none
b. both are false d. first is true, second is false d. A P3,500.00 ; B P2,500.00; C- P 4,000.00
48. If a person share in the gross returns by the use of a property he is deemed to be a
partner 55. Still with the same facts except that there is no agreement as to sharing of profits and
losses, how shall the
If co-owners share in the profits derived from the use of the property owned in profit of P 10,000.00 be distributed?
common, there is partnership. a. A P3, 500.00; B P2, 500.00; C- P4, 000.00
a. both are true c. first is true, second is false b. A P6, 000.00 ; B P4,000.00; C- just
b. first is false, second is true d. both are false c. A P5, 000.00; B P5, 000.00; C- none
d. A P3, 333.33; B P3, 333.33; C- P3, 333.33
49. A person represents himself as a partner when in fact he is not shall be liable as a
partner by estoppel even 56. With the same facts in the immediately preceding number, if it was a loss of P10,
if the third person has knowledge that he is not. 000.00, how shall it be
distributed?
A partnership is always created by agreement of the parties a. A P3, 500.00; B P2, 500.00; C- P4, 000.00
a. both are true c. first is true, second is false b. A P6, 000.00; B P4, 000.00; C- none
b. both are false d. first is false, second is true c. A P3, 333.33; B P3, 333.33; C- P3, 333.33
d. A P5, 000.00; B P5, 000.00; C- none
50. A general partnership is dissolved by the insanity of a partner.
57. A substituted limited partner becomes as such from the time the certificate of limited
A limited partnership is dissolved by the insanity of a limited partner. partnership is
a. both statements are false c. first is false, second is true properly amended.
b. both are true d. first is true, second is false
Only those whose interests have not been assigned may dissolve the partnership.
51. A limited partner shall be liable as a general partner unless: a. both statements are true c. first is true, second is
a. he takes part in the control of business false
b. his surname appears in the partnership name.
 b. both are false d. first is false, second d.all the partners and the partnership are liable solidarily
is true
63. A limited partner shall not be bound by the obligations of the partnership.
58. A partnership acquires juridical personality separate and distinct from that of the A general partner shall be bound by the obligations of the partnership.
partners from the time a. both statements are true.
of its registration with the Securities and Exchange Commission. b. both are false
c. first is false, second is true
A contract of limited partnership must be in public instrument and registered with the d.first is true, second is false
SEC.
a. both statements are true c. first is true, second is 64. A sub-partner or an associate partner is a mere assignee of a partners interest and
false shall become a partner
b. both are false d. first is false, second only with the consent of all the managing partners.
is true A substituted limited partner is a partner when the certificate of a limited partnership is
properly amended.
59. A, B, and C formed a partnership with the name ABC& Co. Partnership as a limited a. first statement is false, while the second is true
partnership in mind. b. first is true, second is false
It is therefore: c.both statements are false
a. limited partnership d.both are true.
b. general partnership
c.if registered with the SEC, it is a limited partnership 65. A and B are partners in buying and selling cars. A, by the partners agreement, was
d.partnership by estoppel authorized to buy in
cash. One day, A bought on credit a car from X, a client, who did not know of As lack of
60. In the absence of stipulation , the share of the industrial partner in the profits shall be authority. As
equal to the share of purchase was made in the name of partnership. Is the partnership bound in the sale?
a capitalist partner with the smallest share. a. the partnership is not bound because the contract is unenforceable, A exceed his
authority
The industrial partner shall not share in the losses unless stipulated b. it is not bound because the contract with X is not in the ordinary course of business
a. first statement is false, second is true c. it is bound because X was good in good faith and the act of A was apparently in the
b. first is true, second is false conduct of the business
c. both are true d.it is bound if it ratifies the contract of sale by acceptance of benefits.
d.both are false
66. A and B entered into a universal partnership of profits. Subsequently A become a
61. A,B, and C were partners, the first being an industrial partner, In the first year of professor in a university.
operation, the firm Will As salary belong to the partnership?
realized a profit of P300,000.00. In the second year, a loss of P150,000.00 was a. yes, because the salary was acquired through As industry or work
sustained. Thus, the net b. no, unless it is stipulated that his salary shall be deemed contributed
profit for the two years of operation was only P150,000.00. It was stipulated among c. no, because it is not considered a profit acquired from a property
the partners that A d.yes, if stipulated by the partners
would get 1/3 of the profits but would not share in the losses. A is therefore entitled to:
a. 1/3 of P300,000.00 67. A and B entered into a universal partnership of profits. Later, A purchased a parcel of
b. 1/3 of P150,000.00 land.
c. 1/3 of P150,000.00 if the other partners consented Will the fruits of the said land belong to the partnership?
d. 1/3 of P300,000.00 with or without the partners consent a. no, because the fruits of property shall refer only to property possessed by the
partners at the time of
62. A, B and C were partners. While acting within the scope of his authority in the conduct celebration of the contract.
of business , A b. yes, because the fruits are from the property of A
committed a tort against X, a third person . Who shall be liable to what extent? c. yes, because the fruits under the law shall cover after acquired property also.
a. all partners are liable jointly or pro rata after the partnership assets have been d.no, because partnership of profits refer only to present fruits.
exhausted;
b. all partners are liable solidarily after the partnership assets have been exhausted;
c. all partners and the partnership are liable jointly;
68. A and B entered into a universal partnership of all present property. Subsequently, A On June 15,2007 , the partnership becomes insolvent leaving an obligation totaling after the
inherited a parcel of separate
land from his father. Will the land and its fruits belong to the partnership? properties assets amounting to P30,000. The creditors are going after the separate properties of
the partners
a. yes, because the universal partnership means the contribution of all properties,
to satisfy their remaining claims. How is the creditors claim satisfied?
present and future. Answer 1 M and N can go after the separate properties of A and B but Cs separate properties are
b. no, because the land and the fruits are future properties, not existing at the time of not
the celebration answerable to their claims
of the contract. Answer 2- O and P can go after the separate properties of A, B and C
c.no, even if so stipulated, both as to the fruits and the land. Which of the following is correct?
d.yes, if there was stipulation that the land to be inherited shall be considered a. both answers are wrong c. answer 1 is wrong but answer 2 is
contributed. correct
b. both answers are correct d. answer 1 is correct but answer 2 is
wrong
69. A and B entered into a universal partnership without specification whether it is of
profits or of all 3. A is the managing partner of A and B Company. X is indebted to A for P20, 000 and to the
present property. It shall be: partnership for
a. universal partnership of all present property P60, 000. When both debts mature, X pays A for P20, 000 and the latter issues a receipt for his
b. universal partnership of present profits personal
c. universal partnership of property and profits. credit. The payment for P 20,000 shall be applied:
d. universal partnership of profits. a. to whole debt owing to A;
b. in favor of A and in favor of partnership
c. debt owing to the partnership;
70. A and B agreed on a profit sharing ratio in their partnership. A, being the industrial d.1/2 in favor of A and in favor of partnership
partner and B as
capitalist partner. It was also stipulated that A shall also in the same ratio as to the 4. XYZ partnership compose of three (3) capitalist partners and one industrial partner suffered
losses. Is A liable for business losses.
losses? Its remaining assets amounting to P100, 000. The partnership is indebted to its supplier in the
a. no, because the law exempts the industrial partner losses. amount of
b. no, because the partners cannot stipulate that the industrial partner shall be liable P160, 000. How can recover the P60, 000?
for losses. a. can recover from the partnership P100, 000 and the balance of P60, 000 from the other
capitalist
c. yes, even in the absence of stipulation partners.
d.yes, because it was stipulated b. can recover from the partnership P100, 000 and the balance of P60, 000 from any of the
capitalist
QUIZ ON PARTNERSHIP PART II solidarily;
c. can recover from the partnership P100, 000 and the balance of P60, 000 from the (4) partners
including industrial partner.
1. Partnership Assets and Liabilities are as follows d. can cover from the partnership P100, 000 only suffer as his lost in the balance of P60, 000
December 31, 2006 December 31, 2007
Assets P 200,000 P 50,000 5. A and B formed a limited partnership with A as a general partner, B as limited partner and C as
Liabilities 100,000 200,000 industrial
Capital: partners. A and B contributed P50, 000 each. The partnership failed and after disposing all its
A- P 50,000; B- P 50,000 P 100,000 P 150,000 assets to pay
A and B are general partners, have fully paid their capital contributions. What is the remedy of partnership debts there still remains a note payable in the sum of P30, 000?
creditor C? a. a legal representative of a limited partner
a. collect partnership liability from the partnership b. a and b are liable to pay P15, 000;
b. collect partnership liability from B only; c. only a is liable to pay P30, 000 indebtedness
c. collect partnership liability from A only; d. c is liable to pay P15, 000
d. collect partnership liability from A and B capital contributions (including personal assets)
6. Which of the following persons are not qualified to from a universal partnership?
2. A and B are partners. On January 15, 2007 when the total obligation of the partnership totals P80, a. those guilty of adultery and concubinage
000, C b. husband and wife
was admitted as new partner. At the time of Cs admission, the partnership creditors were M for c. brother and sister
P50, 000 d. those guilty of the same of the criminal offense, if the partnership is entered into a
and N for P30, 000. After January 15,2007, the partnership borrowed from O, P20,000 and P40,000 consideration of the
from P. same.
 c. all the properties which belong to which to each of the partners at the time of the constitution
7. A limited partnership formed in 2004 by X as a general partner and Y and Z as limited partners. In of the
2005, X partnership.
and Z got married. Did the marriage dissolve or change the form of the partnership? d. all the properties which belong to each to each of the partners at the time of the constitution of
1st answer Yes the partnership is dissolved by the marriage because there is a change in equity the
and status among partnership as well as properties which may acquire therewith.
the partners.
2nd answer- No, because spouses can enter into a universal partnership 13. X, Y and Z are partners and contributed to the partnership P 40,000, 30,000 and services,
a. both answer are correct c. both answers are wrong respectively.
b. 1 st answer wrong, 2nd answer is correct d. 1 st answer is correct, 2nd answer The partnership was later liquidated and after payment of the partnership indebtedness, only P20,
wrong 000
worth of assets remained. How much is the share of Z?
8. Which of the following incidents maybe a cause for involuntary dissolution of a partnership? a. zero c. equal to the share of y
a. expulsion of any partner c. express will of any partner b. equal to the share of x d. P6, 000
b. insolvency of any partner d. termination of term of the partnership
14. The following instances, except one , when a partnership is unlawful. Which is the exception?
9. Which of the following liabilities of the partnership shall rank first in the order of payment? a. a partnership formed to furnished apartment houses to be used as venue for illegal gambling
a. those owing to creditors other than partners b. a partnership formed to create cartel for monopolies
b. those owing to partners in respect to profits c. a partnership formed for smuggling of contrabands
c. those owing to partners in respect to capital d. a partnership formed for the purpose of buying public lands
d. those owing to partners other than for capital and profit
15. A partner in a partnership who is not really a partner, not being a party to the partnership
10. A, B and C are partners in joint venture engaged in real estate and land development. A without agreement but
the is made liable as a partner for the protection of innocent third persons is known as:
knowledge of B and C offered to sell to D all the remaining unsold lots at a price very much a. dormant partner c. partnership by estoppel
higher than the b. secret partner d. partner by estoppel
prevailing market prices. Later, A bought out B and C from the partnership and thereafter finally
sold out 16. A, B and C are partners engaged in retail business. Their contribution is P20,000 each. D is
the lots at a very big profit. admitted as new
1st conclusion- when A bought out B and C from the partnership, the partnership was dissolved so partner with a contribution of P8,000. At the time of his admission, the partnership has an
B and C outstanding obligation
have no more share in the profit of the sale. to E in the amount of P80,000. In this case:
nd
2 conclusion- the sale of the lots between A and D is void because it was without the knowledge a. d is liable to e for this obligation so that after the assets of the partnership amounting to
and P68,000 will be exhausted leaving a balance of P12,000 only A, B and C shall be liable jointly or pro
consent of B and C. rata , out of their separate property
a. both conclusion are correct c. 1 st conclusion correct, 2nd conclusion is wrong b. d is not liable to e for this obligation
b. both conclusion are wrong d. 1st conclusion wrong, 2nd conclusion correct c.d is liable to e for this obligation so that the assets of the partnership will be exhausted;
leaving a balance of
11. A and B are capitalist partners with C as industrial partner. A and B contributed P20, 000 each to P12, 000 all the partners shall be liable jointly or pro rata, out of their separate property
the d. answer not given
capital of the partnership. A contractual liability of P50, 000 was incurred by the partnership in
favor of X. 17.A, B and C are equal partners in X partnership. On April 29, 2006, partner C died. Not knowing that
The assets of the partnership has been exhausted still leaving an unpaid liability of P12, 000. C died,
What are the on May 1, 2006, a contracted liability to D who also does not know the death of C, the liability is P
rights and obligation of the partner, if any? 90,000.
a. a and b only After D exhausted the net assets of X partnership in the amount of P60, 000, he can collect
b. c only a. P10,000 from estate of C; P10,000 from B
c. a, b and c are liable to x and c after giving his share may ask reimbursement b. P15, 000 from A and P15, 000 from B
d. c has no right for reimbursement from a and b unless stipulated c. P20, 000 from A and P10, 000 from B
d. P30, 000 from A
12. The common property of a universal partnership shall be:
a. all the properties shall belong to each partners after the constitution of the partnership
18. A and B are partners of X partnership. A is the managing partner. E owes A P10,000 and X
b. all the properties which belong to each of the partners at the time of the constitution of the
partnership partnership
as well as the profits which they may acquire.
 P30, 000. The obligations of E are both due. A collected from E the debt of E to A in the amount of 25. A partnership which comprises all that the partners may acquire by their work or industry during
P10,000 the
and issued a receipt in the name of A. existence of the partnership is:
a. the whole of the P10, 000 will be applied to debt of E to A a. particular partnership c. universal partnership of all present
b. P10, 000 will be applied to debt of E to the partnership property
c. P2, 500 to debt to E to A and P7,500 to debt b. general partnership d. universal partnership of profits
d. P5, 000 each to debt of E and A and to the partnership
26. X,Y and Z are partners. X contributed his services only Y, P50,000 and Z , P20,000. The partnership
19. A, B and C are general partners in ABC partnership. G is debtor to the partnership in the amount of was
P15,000 liquidated. After payment of the partnership obligations, only P18,000 worth of assets remained.
A receive from the debtor G the sum of P5,000 and issued a receipt identifying the amount Howmuch
collected as will be the share of X?
P5,000. a. equal to share of z c. equal to the share
a. a can compelled to share b and c their P5,000 b. P6,000 d. zero
b. b and c should automatically sue g to collect the P10, 000
c. b and c can charge the capital of a with their share of the P5, 000 27. Which of the following statements is correct?
d. a cannot be compelled to share the P5, 000 with b and c a. a limited partner who takes active part in the management of the firm becomes liable as a
general partner
20. This is the order of preference in the liquidation of a general partnership b. a limited partnership contract is not covered by the statue of fraud
a. outside creditors; partners are creditors; partners capital; partners profit c. a contract of partnership is void if it contains a stipulation which excludes a partner from
b. outside creditors; partners are creditors; partners profits; partners creditors sharing in the
c. partners as creditors; outside creditors; partners capital; partners profit profits of the firm.
d. partners capital; outside creditors; partners as creditors; partners profit d. a limited partnership shall not be liable for the obligations of the partnership
21. F, G, H and I are partners. They contributed as follows: F P5, 000; H- P20, 000 and I , as the 28. C and P are capitalist partners while I is industrial partner, who in addition to his services also
industrial contributed capital
partner , his services. The partnership obligation to outsiders exceeds the total net assets by P18, to the partnership. There is no agreement as to the profits and losses. The partnership realized
000 profits in the amount
Who and by how much will the partners be liable for the payment of the P18, 000? of P21,000.00. The share of I in the profits shall be:
a. F-P 9,000; G P 5,400 ; H P 3,600; I- nothing a. pro rata to his contributed capital
b. F-P 6,000; G P 6,000 ; H P 6,000; I- nothing b. c and p will determine Is share in the profits
c. F-P 4,500; G P 2,700 ; H P 1,800; I- nothing c. Is share shall be P7,000
d. F-P 4,500; G P 4,500 ; H P 4,500; I- P 4,500 d. just and equitable under the circumstances
22. C, P are capitalist partners. I is the industrial partner , who in addition to his services , also 29.Suppose, instead of profit, the partnership suffered loss in the same amount of P21,000.00, the
contributed
share of
capital to the partnership .There is no stipulation as to sharing of profits and losses. The
partnership capitalist partners in the loss shall be: (Same facts in no. 28)
realized profits of P 21,000. The share of I in the profits.
a. c and p will determine ips in the profits c. is share is P17,000 a. in accordance with their loss sharing agreement
b. pro-rata to his contributed capital d. nothing, because he is industrial b. equally among them
partner c. in accordance with their profit sharing agreement
d.in proportion to their capital contribution
23. D and E are equal partners DE partnership by contributing P50,000 each on June 1,2005. On June
2,2005 30.In the preceding numbers, suppose I is only an industrial partner, his share in the profits shall be:
the partnership contracted an obligation to pay Z the amount of P180,000 on July 15, 2005. F was a. in proportion to the capital contribution of his co-partners
admitted b. just an equitable under circumstances
as a new partner, F contributed P50,000. How will the obligation be paid? c.average share of all the capitalist partners
a. A-P 60,000; B P60,000; C P 60,000 c. A-P 90,000; B P90,000; C P 90,000 d. equal to the least share in the profit of a capitalist partners
b. A-P 65,000; B P65,500; C P 50,000 d. A-P 180,000; B P180,000; C none
31.In the same facts as in no.28, as an industrial partner , the share of I in the loss shall be:
a. as agreed upon y the partners before the loss was realized
24. B and Y orally agreed to form a partnership. Each contributed cash and properties worth P10,000
b. in proportion to their capital contribution
to
c. just an equitable under the circumstances
common fund . But they did not register with the Securities and Exchange Commission.
d.none, he being an industrial partner
a. the partnership is void c. the partnership is still valid
b. the partnership is voidable d. the partnership is unenforceable
32. A is the capitalist partner and B is the industrial partner. A engaged personally in the same kind of b. right to demand formal accounting of partnership affairs
business c.right to specific partnership property
as that of the partnership. d.right to the interest of a partner in the partnership
a. if there are profits , a shall give them to the partnership
b. if there are losses, the partnership will bear the loss 40. A. If a person shares in the gross returns by the use of property he is deemed to be a partner.
c.if there are profits, a shall share the profit with the partnership B.If a person received a share in the profits of a business he is a prima facie presumed to be a
d.a may excluded from the partnership but without damages partner in the
business.
33.Suppose in the same facts as forementioned, B engages in business on his own account but a. first statement is fals, second is true c. first statement is true, second
different from is false
that of the partnership: b. both statements are true d. both statements are false
a.if there are losses, bea and the partnership shall equally share
b. if there are profits, bea and the partnership shall share equally 41. A and B are partners in buying and selling cars. A, by the partners agreement was authorized to
c. bea may be excluded from the partnership with damages buy only in
d. bea may be excluded from the partnership but without damages cash. One day, A bought on credit a car from X, a client, who did not know of As lack of authority.
As purchased
34.Which of the following is incorrect? was made in the name of the partnership. Is the partnership bound in the sale?
a. a capitalist may engaged in the same line of business as that of the partnership a. the partnership is not bound because the contract is unenforceable, a exceed his
b. an offering capitalist partnership may not be excluded from the firm authority.
c. an industrial partner may not engaged in business for himself unless there is a contrary b. it is not bound because the contract with x is not in the ordinary course of business
stipulation c. it is because x was in good faith and the act of a was apparently in the conduct of the
d. just and equitable under the circumstances business
d.it is bound if it ratifies the contract of sale by acceptance of benefits.
35.Which of the following is not correct?
a. a limited partner shall not be bound by the obligations of the partnership 42. A and B entered into a universal partnership of profits. Later, A purchased a parcel of land. Will the
b. a partnership contract is not conveyed by the statue of frauds fruits
c. a limited partner who takes part in the control of the business shall be liable as general partner of the said land belong to the partnership
d. a stipulation which excludes a partner from sharing of the profits or loss is void a. yes, because the fruits are from the property of A
b. yes, because the fruits under the law shall cover after- acquired property also
36. A. A partners interest in the partnership is not assignable unless the other partners consent. canoe, because partnership of profits refer only to present fruits.
B. After dissolution, the partners may still enter into contracts in the name of the dissolved donor, because the fruits of property shall refer only to property possessed by the partners at
partnership the time of
if for purposes of winding up. the celebration of the contract
a. first statement is false, second is true c both. statements are false
b. first statement is true, second is false d. both statements are true 43. X and Y entered into a universal partnership of profits. Subsequently, X became a professor in a
university.
37. A. A universal partnership property shall include the profits which the partners may acquire Will Xs salary belong to the partnership?
therewith a. no, because it is not considered a profit acquired from a partnership
such as properties to be acquired through inheritance, legacy or donation. b. no, unless it is stipulated that his salary shall be deemed contributed
B. A partnership contract begins from the moment of the execution of the contract unless it is c. yes, because the salary was acquired through Xs industry or work.
otherwise d.yes, is stipulated by the partners.
stipulated.
a. first statement is false, second is true c. first statement is true, second is false 44. A and B entered into a universal partnership of all present property. Subsequently, A, inherited a
b. both statements are true d. both statements are false parcel of land from
his father. Will the land and its fruits belong to the partnership.
38. A. Death, insanity , retirement, insolvency or civil interdiction of a limited partner does not dissolve a. yes, because the universal partnership means contribution to all properties , present and future
the b. yes, if there was stipulation that the land to be inherited shall be considered contributed
partnership. c.no, because the land fruits are future properties , not existing at the time of the celebration of
B. In a general partnership, the fact that the business can only be carried on at a loss does not the contract
result in the d. no, even if so stipulated that land inherited shall be considered contributed
dissolution of the partnership.
a. first statement is false, second is true c. first statement is true, 45. X and Z entered into a universal partnership without specification whether it is of profits or all
second is false present
b. both statements are true d. both statements are false property.
a.universal partnership of present profits c. universal partnership of all present
39.Three of the following are property rights of a partner .Which is not? property
a. right to participate in the management
 b. universal partnership of profits d. universal partnership of profits and 1. There is a partnership except:
property a. two or more parties consent to a contract, oral or written
b. they give money, property or industry to a common fund
46. A and B agreed on a profit sharing ratio in their partnership. A, being industrial partner and B as c. there is division of profits and losses among themselves.
capitalist d. there is no fiduciary relationship
partner. It was also stipulated that A shall also share in the same ration as to the losses. Is A liable
for 2. Two or more juridical persons may also from a partnership for the exercise of a profession.
losses? a. the statement is wrong
a.yes, even the absence of stipulation b. it is correct statement
b. yes, because it was so stipulated c. only natural person can form a professional partnership
c.no, because the law exempted the industrial partner from losses d. (a) and (c) are true
d.no, because the partners cannot stipulated that the industrial partner shall be liable for losses
3. A universal partnership is void except:
47. A,B and C were partners.While acting within the scope of his authority in the conduct of business. a. an inventory is not made when an immovable property is contributed
A, committed a b. if the purpose or object is against the law, morals, public order, public policy and custom
tort against X, a third person.Who shall be liable and to what extent c. when made by persons who are prohibited in giving each other donation
a. all the partners and partnership are all liable solidarily d. when there is no agreement as to profits and losses.
b. all the partners and partnership are liable jointly
c. all partners are liable jointly or pro-rata after the partnership assets have been exhausted. 4. Which of the following statements are true?
d.all partners shall be liable solidarily after the partnership assets have been exhausted A: A partnership like corporation has a juridical personality separate and distinct from that of each of
the partners.
48.A. Corporation cannot enter into a partnership contract with a natural person but with juridical B: Sharing of gross returns by itself proves a partnership.
person it a. only A is
can. b. both A and B are correct
B. A general partner is always the capitalist in a limited partnership c. only B is correct
a. both statements are false c. first is true, second is false d. both A and B are incorrect
b. both statements are true d. first is false, second is true
5. As to its object, a contract of partnership is:
49. A, B , C and D organized a general partnership with A and B as industrial partners and C and D as a. universal or particular
capitalist b. universal or limited
partners. Contributed P2.5M and D contributed P.2M to the common fund. By a unanimous vote of c. particular or limited
the partners d. general or limited
A and B were appointed managing partners , without specification of their duties and powers. W
applied as secretary 6. A: Co-ownership or co-possession establishes a partnership
and X applied as accountant of partnership. The hiring of W was decided upon by A and B but was B: Persons who are not partners as to each other are not partners as to third persons.
opposed by C
and D. Whose decision shall prevail a. both statements are true
a. the decision of a and b shall prevail because the hiring is an act of administration and as b. first statement is false, second statement is true
managers they can c. both statements are false
do so d. first statement is true, second statement false
b. the decision of c and d because they have the controlling interest
c. the decision of a and b because it is an act of ownership 7. The receipt of a person of a share of the profits of a business is prima facie evidence that he is a
d. answer not given partner in the
business and it is given:
50.In the same problem as above mentioned , supposed the hiring of X was decided upon by A and D a. as payment of a debt by installment or otherwise
but was opposed b. as wages or rent
by B and C whose decision shall prevail c. as an annuity to a widow or representative of deceased partner
a. the decision of b and c because in case of tie in the decision of managing partners, that of the d. as his interest in the partnership
controlling
interest shall prevail 8. A: Every partner is a debtor of the partnership for whatever he may have promised to contribute
b. the decision of a and d because a is the managing partner and the hiring is an act of thereto.
administration B: The designation of losses and profits can be in trusted to managing partner.
c. that of a and d being also a capitalist partners a. both statements are true
d.non of the decision because of the statement of equal rights b. first statement is false, second statement is true
c. both statements are false
QUIZ LAW ON PARTNERSHIP PART III d. first statement is true, second statement is false
9. Mr. Bee is a partner who was able to bring in enormous profits to the partnership. With the consent c. a sale or assignment by a partner of his whole interest in the partnership does not itself
of the dissolve the partnership
other partners, he used the partnership car in meeting with his clients .Because of intoxication, he d. all the partners share in the losses always.
figured in a
collision resulting in damage to Mr. Jolly. As a consequence, the firm was sued and ordered by the 15. Can a partnership adopt the name of a person who is not a partner to the common enterprise?
court to pay a. yes, because a partnership shall operate under a firm name, which may or may not include
damages .Which of the following statements is not correct? the name of one or
a. Mr. Bee is personally responsible to the partnership for the damages suffered by it through his more of the partners.
fault. b. yes, as long as the partners agree.
b. he is obliged to compensate the partnership for the damages it was ordered to pay. c. yes, because a partnership has a distinct name or personality apart from the partners.
c. he can ask whatever damages he is responsible for shall be deducted from the profits and d. no, because only partners name can be adopted.
benefits which
he may have earned for the partnership. 16. A: The partnership is bound to make good the loss where one partner acting within an apparent
d. the partnership and all the partners are solidarity liable. authority
10. A: All the partners shall be considered agents whatever any one of them may do alone shall bind receives money or property of a third person and misapplies it.
the partnership. B: A person accepted a partner into an existing partnership is liable for all obligations of the
B: Every partner may, without the consent of the other partners, associate another person in his partnership.
share C: The creditors of the partnership shall be preferred to those of each partner as regards the
a. both statements are true partnership property
b. first statement is false, second statement is true a. all statements are correct.
c. both statements are false b. only b is wrong
d. first statement is true, second statement is false c. only (c) is true
d. b and c are correct
11. Ms. Mwah is an industrial partner in an Engineering Firm. Due to serious financial reverses, the
partnership 17. A: Partnership involves a fiduciary relation
suffered losses such that its properties are not sufficient to cover the partnerships debts. Which of B: It is preparatory contract
the following is C: It is real and accessory contract
incorrect? D: Partnership contract is perfected by mere consent
a. all the partners, including Ms. Mwah, shall contribute their personal properties to satisfy the a. statements a, b and d are correct
partnership debts b. only b is correct
b. she may get reimbursements from the capitalist partners. c. only c is correct
c. ms. Mwah is liable pro rata to the partnership creditors d. only d is correct
d. she is bound for partnership obligations.
18. A: A partnership of all present property may refer to all the present property or to all the profits.
12. Which of the following statements is incorrect? B: A universal partnership is that in which the partners contribute all the property which actually
a. a partnership may not be constituted in any form. belongs to
b. a partnership must have a lawful object or purpose them to a common fund, with the intention of dividing the same among themselves, as well as
c. a partner has a personality separate from the partnership all the profits
d. there is co-ownership, co-possession and agency in partnership which they may acquire.
a. both statements are incorrect
13. A: An agreement which excludes one or more partners from the shares in the profits or losses is b. only a is correct
valid as long c. only b is correct
as it is voluntary. d. both statements are correct
B: A power as managing partner granted after the partnership has been constituted may be
revoked at any time. 19. A: A particular partnership has for its object determined things, their use fruits, or specific
C: None of the partners may make any important alteration in the immovable property of the undertaking, or the
partnership even exercise of a profession or vocation.
if useful to the partnership without the consent of all partners. B: Articles of universal partnership, entered into without specification of its nature, only constitute
a. all statements are correct a universal
b. only (C) is correct partnership of profits.
c. only b is incorrect C: Persons who are prohibited from giving each other any donation or advantage can enter into
d. only b and c are correct universal partnership.
a. all statements are incorrect.
14. Which of the following statements is not true? b. only a and b are correct
a. every partner must account to the partnership for any benefit received even if it is not c. all statements are correct
owing to the partnership d. only b and c are correct
b. a partner is a co-owner with his partners in relation to a specific partnership property.
20. A: A partnership begins from the moment the contract is entered into. b. no, because this is void stipulation since the designation of losses and profits cannot be
B: A partner who promised to contribute a sum of money and fails to do so become debtor to the entrusted to one of them.
partnership c. yes, since the agreement of the parties was approved by the majority of the partners.
a. both statements are incorrect. d. no, because all the partners must agree on the sharing.
b. only a and b are correct
c. all statements are correct 27. Which is not a property right of a partner?
d. only b and c are correct a. right in specific partnership property
b. interest in partnership
c. right to participate in the management
21. A and B had agreed that the latter will repair the car of A, sell it and between them divide the d. right to require information on partnership affairs
profit. Is there a
partnership created between them? 28. A partner is personally indebted to his creditor. If such creditor obtains a judgment award against
a. no, because there is no contribution of money, property or services between the parties. that partner,
b. yes, because there is no contribution of money, property or services between the parties. can the creditor enforce judgment against partnership property?
c. no, because their agreement was not put in writing. a. yes, being the partner he has an interest over the property of the partnership which can be
d. yes, there is contribution of property and industry. A as the capitalist partner and B as an attached
industrial partner. b. no, the partners right over the specific property is free from execution and attachment if it is
not a
22. A, B and C collected money among themselves to purchase lotto ticket for the purpose of dividing claim against the partnership.
the winnings c. no, the partners right over the specific property is free from execution and attachment if it is
among themselves. Is a partnership formed among them? not a claim
a. no, because there is no contribution of money, property or services between the parties. against the partnership.
b. yes, because there is no contribution of money among the parties with the intention of d. no, because the partnership was not sued therein.
dividing the winnings
among them. 29. G is an accountant and H is a lawyer. Can they from a particular partnership for an accounting
c. no, because their agreement was not put in writing. practice?
d. yes, because the profit is divided equally among them. a. yes. they are both professionals.
b. yes. partnership may pertain to the practice of profession.
23. What describes the nature of partnership contract? c. no. because they have different fields of interest
a. it is a consensual contract d. no. because in the practice of profession, all partners must belong to the same profession
b. it is a real contract and the partnership should
c. it is not a preparatory contract. be for the exercise of common profession.
d. it is nominate.
30. Three lawyers formed a law partnership. The senior and well-known partner died. Can they still
24. D, E are capitalist partners while F is an industrial partner in their restaurant business. Later, F put continue using the
up a name of such deceased partner?
cellular phone loading stations, sells call cards and other cell phone accessories. Has F any a. yes, since he was a partner.
liability under b. yes, as long as they will put some mark in that name indicating that such partner is already
circumstances? deceased
a. no, since his other business is not competing with the business of the partnership c. no, as the partnership has been dissolved
b. yes, because he cant engage in business for himself always. d. no, as he is already excluded from the partnership
c. yes, because he is precluded by law to engage in any other business, except if there is
stipulation allowing him 31. A: Every contract of partnership having a capital of three thousand pesos or more, in money or
d. no, there is no showing that the business of the partnership is being prejudiced property, shall appear in a
public (notarized) instrument, which must be recorded in the
25. In question no.24, will your answer be the same if F is a capitalist partner? a. officer of the Civil Registrar
a. no, because a capitalist partner is allowed to engage in other business that is not related to or b. Securities and Exchange Commission
in line c. Register of Deeds
with the business of the partnership. d. Department of Trade and Industry
b. no, because he is free to engage in any business
c. yes, because the partnership did not allow him to engage in business 32. Whenever an immovable property is contributed and in inventory of said property is not made,
d. yes, because it competes with and prejudices the business of the partnership signed by the parties, and
attached, and attached to the public instrument, the partnership is
26. It was agreed and stipulated in the Articles of Partnership that the determination of the sharing of a. void
profits b. unenforceable
and losses is left to the will of majority of the partners. Is this enforceable? c. rescissible
a. yes, since the partners freely stipulated in it. d.voidable
 42. The managing partner appointed in the articles of partnership may execute these acts despite the
33. As regards the liability of the partners, a partnership may be opposition of the other
a. General and limited at the same time. partners.
b. Universal and particular at the same time a. acts of domination or ownership
c. Either general or limited b. act of administration or management
d. Universal or particular c. all other acts that will bind the partnership
d. dissolve the partnership
34. It is partnership contract that comprises all that the partners may acquire by their industry or work
during the existence
of the partnership. 43. This partner cannot engage for his own account in any operation which is of the kind of
a. a universal partnership of profits business in which
b general partnership the partnership is engaged.
c. a. industrial c. general
d. limited partnership b. capitalist d. limited

35. A partnership that has for its object determinate things, their use or fruits, or specific undertaking, 44. These partners shall be liable pro rata with all their property and after all the partnership assets
or the exercise of a have been
profession or vocation exhausted.
a. particular a. only capitalist partners
b. general b. only general partners
c. limited c. all partners, including industrial ones
d. universal d. only limited partners

36. When the capital which a partner is bound to contribute consists of goods, this must be made 45. The nature of the partners liability with the partnership for everything chargeable to the
a. appraisal or valuation partnership due to
b. sod to the partnership quasi-delict or delict.
c. title must be transferred to the partners
d. delivery otherwise there is no partnership
a. joint c. jointly and severally
b. indivisible d. none of the above
37. This partner cannot engage in business for himself, unless the partnership expressly permits him
to do so.
46. The change in the relation of the partners caused by an partner ceasing to be associated in the
a. industrial
carrying on of the
b. general
business.
c. limited
a. winding up c. dissolution
d. capitalist
b. withdrawal d. termination of the partnership
38. A stipulation which excludes one or more partners from any share in the profits or losses is
47. A partnership that is formed by two or more persons having as the members one or more general
a. void c. unenforceable
partners
b. valid d.voidable
and one or more limited partners.
a. limited c. general
39. When the manner of partnership management has not been agreed upon, all the partners shall be
b. universal d. particular
considered
a. managers c. administrators
48. The contributions of a limited partner may be
b. agents d.co-owners
a. cash c. services
b. property d. both a and b
40. A partnership begins from the moment of.
a. distribution of profits
49. A limited partner shall not become liable as a ____________ partner unless he takes part in control
b. consent
of the
c. delivery of contributions
business.
d. issuance of certificate by the S.E.C
a. general c. managing
b. particular d. none of these
41. Every partner is a _______ of the partnership for whatever he may have promised to contribute
thereto
50. This partner shall have all the rights and powers and be subject to all the restrictions and liabilities
a. debtor c. manager
of a partner
b. agent d. none of the above
in partnership without limited partners.
a. general c. managing
b. particular d. none of these