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RFBT > Law on Partnership > Flashcards

Law on Partnership Flashcards

1
Q

Pertains to the right to choose who to associate with

A

delectus personae

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2
Q

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

A

affectio societatis

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3
Q

There is a right of succession in partnership

A

no; death or retirement dissolves the partnership

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4
Q

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

A

3,000 or more

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5
Q

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

A

yes

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6
Q

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

A

no; only when stipulated

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7
Q

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

A

yes

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8
Q

Limited partners may not contribute

A

industry

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9
Q

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

A

general limited partner

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10
Q

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

A

notorious or ostensible partner

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11
Q

A partner who withdrew but loaned his contribution to the partnership

A

quasi partner

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12
Q

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

A

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

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13
Q

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

A

the partner

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14
Q

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

A

the partnership

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15
Q

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

A

yes

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16
Q

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

A

sell his interest

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17
Q

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

A

excluded from the firm cause damages or

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

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18
Q

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

A

bring to the partnership all the prophets

liable personally for all the losses

maybe ousted for loss of trust and confidence

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19
Q

A limited partner may engage in other businesses

A

yes, since they are not engaged in management

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20
Q

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

A

yes

21
Q

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

A

pro rata

22
Q

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

A

yes

23
Q

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

A

yes

24
Q

The partnership cannot recover conveyance of a partnership property

A

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

25
Q

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

A

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

26
Q

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

A

no, violative of mutuality of partnership

27
Q

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

A

yes

28
Q

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

A

yes

29
Q

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

A

yes

30
Q

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

A

three months from the date of knowledge

31
Q

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

A

interest in the partnership, which does not dissolve the partnership

32
Q

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

A

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

33
Q

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

A

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

34
Q

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

A

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

35
Q

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

A

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

36
Q

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

A

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

37
Q

Extrajudicial causes of dissolution in contravention of the agreement

A

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

38
Q

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

A

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

39
Q

Judicial causes of dissolution IIGBLE

A

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

40
Q

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

A

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

41
Q

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

A

separate creditors or his personal creditors

partnership creditors

partners by way of contribution

42
Q

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

A

6 months

43
Q

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

A

yes

44
Q

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

A

no

45
Q

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

A

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

46
Q

Instances where the certificate of limited co partnership is cancelled

A

dissolution

when all limited partners seems to be limited

47
Q

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

A

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

48
Q

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

A

he rightfully put on successfully demands the return of his contribution

RFBT (29 decks)

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