Law on Partnership

Question 1

Pertains to the right to choose who to associate with

Answer 1

delectus personae

Question 2

The desire to formulate an active union with people among whom there exist mutual confidence and trust

Answer 2

affectio societatis

Question 3

There is a right of succession in partnership

Answer 3

no; death or retirement dissolves the partnership

Question 4

The contract of partnership was appear in a public instrument which must be recorded in the sec if the capital is equal to

Answer 4

3,000 or more

Question 5

The prophets and fruits acquired by each partner after the constitution of the partnership will form part of the contribution in a partnership of all present property only when stipulated

Answer 5

yes

Question 6

Even properties acquired after the formation of the all present property partnership shall form part of the contribution

Answer 6

no; only when stipulated

Question 7

Properties subsequently acquired by inheritance legacy ordination cannot be included in the stipulation but the fruits thereof can be included as contribution to on all present property partnership

Answer 7

yes

Question 8

Limited partners may not contribute

Answer 8

industry

Question 9

Cause all the rights and powers and restrictions of a general partner except that in respect to his contribution, he shall have the rights against the other members as if he were not a general partner

Answer 9

general limited partner

Question 10

The direct opposite of a dormant partner or one who participates in the management and is known to third parties as important

Answer 10

notorious or ostensible partner

Question 11

A partner who withdrew but loaned his contribution to the partnership

Answer 11

quasi partner

Question 12

A partner who has undertaken to contribute a sum of money and fails to do so becomes debtor for the interest and damages from ______________

Answer 12

the time he should have complied with his obligation; thus no demand is necessary

Question 13

Who shall bear the loss of a specific and determinate thing contributed which is not fungible and only fair use and fruits be for the common benefit

Answer 13

the partner

Question 14

Who shall bear the loss of thing contributed if there was an appraisal in the inventory

Answer 14

the partnership

Question 15

The industrial partner is not required to give additional contribution in case of imminent loss

Answer 15

yes

Question 16

Is a porter who is required to give additional contribution in case of imminent loss and does not do so, he shall

Answer 16

sell his interest

Question 17

What is the effect of non-compliance of an industrial partner to the prohibition to engage in other businesses

Answer 17

excluded from the firm cause damages or

avail themselves of the benefits which he may have obtained in violation of such

Question 18

If a capitalist partner engaged in a business of the same industry, what are the effects of such non-compliance

Answer 18

bring to the partnership all the prophets

liable personally for all the losses

maybe ousted for loss of trust and confidence

Question 19

A limited partner may engage in other businesses

Answer 19

yes, since they are not engaged in management

Question 20

The liability for damages suffered by the partner through a partners fault is not compensable with profits and benefits earned for the partnership

Answer 20

yes

Question 21

All general partners shall be liable ________ with all their property and after all the partnership assets have been exhausted, the contracts which may be entered into in the name and for the account of the partnership

Answer 21

pro rata

Question 22

A newly admitted partner shall be liable for obligation arising before admission up to his contribution only

Answer 22

yes

Question 23

If the partner is not carrying on the useful business of the partnership, the act will not bind the partnership unless it is authorized by the other partners

Answer 23

yes

Question 24

The partnership cannot recover conveyance of a partnership property

Answer 24

no, except when the transfer binds the partnership or the transferee had no knowledge of lack or excess of authority

Question 25

The partnership is solidarily liable where the partnership in the course of its business receives money or property of a third person and the money or properties of so received is misapplied by an important when it is in the custody of the partnership

Answer 25

yes; also when a partner acting within the scope of his apparent authority received money or property and misapplies it

Question 26

The unilateral designation of a partner to distribute profits or losses is valid

Answer 26

no, violative of mutuality of partnership

Question 27

Stipulation excluding a capitalist partner from sharing into loss shall be void

Answer 27

yes

Question 28

Stipulation including the industrial partner in the sharing of the losses is valid

Answer 28

yes

Question 29

If a third person is designating the profit or loss sharing, it is bonding and may only be impugned if manifestly inequitable; however cannot be impugned by the partner who executed such

Answer 29

yes

Question 30

Prescriptive period of the right to immune manifestly inequitable profit or loss sharing designated by a third person

Answer 30

three months from the date of knowledge

Question 31

Which may be assigned between the rights of a partner in a specific partnership property and his interest in the partnership

Answer 31

interest in the partnership, which does not dissolve the partnership

Question 32

If the management porter is designated in the organelles of partnership, his power to execute all acts of administration can only be revoked if

Answer 32

with just or lawful cause and by v of the partners representing controlling interest; without just and lawful cause but all of the partners consent including the managing partner

Question 33

If the managers designated after the partnership has been constituted or in a separate document other than the articles of partnership, the power as manager may be revoked by

Answer 33

vote of the partners representing the controlling interest even without just or lawful cause

Question 34

If there was no specification of the respective duties or if there was no stipulation that one of them shall not act without the consent of others, and should one of the management partners opposed the act of another, how shall the matter be decided

Answer 34

majority of the management partners per head count; should there be a tie in the votes of the managing partners, the controlling interest of all partners shall prevail

Question 35

If there is a stipulation that no partner cannot act without the support of partners, concurrence of all shall be necessary except when

Answer 35

there is an imminent danger of grave or irreparable injury to the partnership

Question 36

Extrajudicial causes of dissolution without violation of the agreement between the partners (TtWgfWaE)

Answer 36

termination of term or particular undertaking will of any partner acting in good faith; without term specified will of all the partners who have not assign their interest expulsion of any partner

Question 37

Extrajudicial causes of dissolution in contravention of the agreement

Answer 37

will of any partner where a term or particular undertaking is a specified; liable

Question 38

Extrajudicial causes of dissolution by operation of law or automatic dissolution ULbdLbadDIC

Answer 38

unlawful specific thing to be contributed in case of universal partnership of all properties perishes before delivery specific thing to be contributed in case of universal partnership of all profits parishes before or after delivery death insolvency civil interdiction

Question 39

Judicial causes of dissolution IIGBLE

Answer 39

insane incapable of performing his port guilty of such conduct as tends to affect prejudicial e the carrying on of the business willfully or persistently commits a breach can only be carried at a loss circumstances which render a dissolution equitable

Question 40

Causes for which a notice should be given by the partners to terminate the mutual agency

Answer 40

acts insolvency or death; notice is necessary to terminate the mutual agency and to prevent contracts entered into to be binding if not due to a i d, the mutual agency shall be dissolved immediately even without notice hens contracts entered into or not binding

Question 41

Where a partner has become insolvent, the claims against his separate property shall be satisfied in what priority

Answer 41

separate creditors or his personal creditors partnership creditors partners by way of contribution

Question 42

The limited partner may demand the return of his contribution after he has sent _______ notice in writing to all other numbers if no time is a specified in the certificate therefore the return of the contribution or for the dissolution of the partnership

Answer 42

6 months

Question 43

Substitute limited partner has all the rights and powers and is subject to all the restrictions and liabilities of his assignor except those liabilities of which he was equal at the time he became a limited partner and which could not be a certain from the certificate

Answer 43

yes

Question 44

The substitution releases the original limited partner from liability to the partnership

Answer 44

no

Question 45

Unlike the interest of a general partner, a limited partners interest may only be redeemed with the general partners property and not with the partnership property

Answer 45

yes, hence a general partners interest a beer idiom with the partnership property

Question 46

Instances where the certificate of limited co partnership is cancelled

Answer 46

dissolution when all limited partners seems to be limited

Question 47

When a limited partner demands for his contribution, in what form shall it be returned

Answer 47

in cash in the absence of agreement regardless of the property he contributed

Question 48

A limited partner may have the partnership dissolved and its affairs wound up when

Answer 48

he rightfully put on successfully demands the return of his contribution