MIDTERMS ON

PARTNERSHIP

Instruction: Submit your answers to talulot162004@yahoo.com on or before

11:59pm (February 5, 2011) No late email shall be accepted. Send this as an
attached document. Give your best. God bless.

I.Enumerate and Define

1. What is a contract of partnership

2. Give at least 5 characteristics of partnership

3. Give the essential requisites of partnership

4. What is a general partner?

5. What is a limited partner?

6. What is an industrial partner?

7. What is a capitalist partner?

8. What is a partnership of present property?

9. What is a universal partnership of all present property?

10.The rights of a partner?

11.What is presumption of equal shares between partners?

12.What is partnership by estoppels?

13.What is dissolution

14.What constitute the contribution of a limited partner?

15.What is delectus personae?

1 If you Life does not begin and end within the confines of a classroom. It begins
start outside.. so breathe and enjoy life—prinsesa talulot
with a
bang,
you
won't
end
with a
whimpe
r.
- T.S.
Eliot
 16.What is the consequences if the capitalist partner engages in a business
which competes with the business of the partnership

17.In the above stated problem, what if it is the industrial partner who engages
in another business, what are the consequences?

18.Name at least 5 of the causes of dissolution

19.What is winding up?

20.What is cestui que trust?

II. Distinguish

1. Partnership vs. co-ownership

2. Partnership vs. corporation

3. Partnership vs. business trust

4. Partnership vs. conjugal partnership of gains

5. General Partnership vs. limited partnership

6. Dissolution from winding up of a partnership

III. True or False (Write true if the statement is true and false, if it is.)

1. A partnership begins from the moment of the execution of the contract,

unless otherwise stipulated.

2. A partnership where an immovable is contributed may be made in any form.

3. An industrial partner can engage in other business for himself.

4. The partners shall always contribute in equal shares.

2 If you Life does not begin and end within the confines of a classroom. It begins
start outside.. so breathe and enjoy life—prinsesa talulot
with a
bang,
you
won't
end
with a
whimpe
r.
- T.S.
Eliot
 5. Every partner is responsible to the partnership for damages suffered by it
through his own fault.

6. Industrial partner can be liable for losses.

7. A capitalist partner can compete with the business of the partnership

8. A Partnership by estoppels is a situation where one represents himself to be a

partner in an existing partnership without the objection of the partners
despite the fact that he is not truly a partner.

9. The dissolution of the partnership does not itself discharge the existing
liability of any partner.

10.Among partners, mutual agency arises and the doctrine of delectus personae
allows them to have the power, to dissolve the partnership.

IV. Problem solving

Moonyeen and Elaine are partners with Moonyeen as the managing partner. John
Derick is a debtor of the partnership and he is also indebted to Moonyeen in his
personal capacity. Moonyeen collected the amount of PHP 10,000 from John
Derick. State the rules on How the amount shall be applied to the two obligations
under Art. 1792, NCC.

Bonus question: What is your favorite artist? :P

-enjoy-

3 If you Life does not begin and end within the confines of a classroom. It begins
start outside.. so breathe and enjoy life—prinsesa talulot
with a
bang,
you
won't
end
with a
whimpe
r.
- T.S.
Eliot