401E PQUIZ 1B INTRO Flashcards
1
Q
Basic Requisites of Contract of Partnership
A
- Consensual - partnership is perfected by mere consent and there must be a voluntary agreement among the partners.
- The object of the partnership must be lawful so the profit will not be confiscated when under the judicial decree.
- There must be an intention of the partners to divide the profit and loss among themselves.
2
Q
Other characteristics of Partnership
A
4.Nominate
5.Onerous
Distinct
3
Q
Each partner must have a contribution
A
Onerous
4
Q
Classification of Partnership
A
- General partnership
- Limited partnership
- Universal partnership
- Particular partnership
- the universal partnership of all property
- Universal partnership of all profits
5
Q
Has the specific or specified name
A
Nominate
6
Q
Classification of Partnership
As to Liability:
A
- General partnership
8. Limited partnership
7
Q
How is Partnership created?
A
- Partnership may be created orally
- Partnership is created in public or private instrument
- Partnership is registered to security and exchange commission.
8
Q
Classification of Partnership
As to representation to Others
A
- Ordinary partnership
14. Partnership by estoppel
9
Q
Classification of Partnership
Kinds of Universal Partnership
A
- the universal partnership of all property
12. Universal partnership of all profits
10
Q
As to Object:
A
- Universal partnership
10. Particular partnership
