Partnership

Question 1

Group of men pursuing a learned art as a common calling in the spirit of public service

Answer 1

Profession

Question 2

Medium of exchange authorized or adopted by a government

Answer 2

money

Question 3

diligence in the performance of a task. A particular form or branch of productive labor

Answer 3

industry

Question 4

any external thing over which the rights of possession, use and enjoyment are exercised.

Answer 4

property

Question 5

allows the partners to have the power, although not
necessarily the right to dissolve the partnership.

Answer 5

doctrine of delectus personae

Question 6

choice of persons

Answer 6

delectus personarum

Question 7

choice of the person

Answer 7

delectus personaae

Question 8

an entity such as corporation created by law and given a certain legal rights

Answer 8

juridical person/ artificial person

Question 9

must be within the commerce of men, not contrary to law

Answer 9

lawful object/ purpose

Question 10

a right that is connected to a thing rather than a person

Answer 10

real rights

Question 11

document prepare by a notary public in the presence of the parties

Answer 11

public instrument

Question 12

virtually a donation to each other of the partners’ properties

Answer 12

universal partnership

Question 13

obligation towards third person

Answer 13

liability

Question 14

obligation as among the partners

Answer 14

losses

Question 15

. Every partner may associate another person with him in his share, but the associate shall not
be admitted into the partnership without the consent of all the other partners, even if the partner having an
associate should be a manager

Answer 15

contract of sub-partnership

Question 16

basis of partnership

Answer 16

mutual trust

Question 17

business days throughout the year, and not merely some arbitrary period of few days

Answer 17

reasonable hour

Question 18

not rendering time and full information of all things affecting the partnership to any partner

Answer 18

concealment

Question 19

the use of revenues over expenditures in a business

Answer 19

profit

Question 20

excess of receipts over disbursements. Fund that remain after the partership has been dissolved and all its debt paid

Answer 20

surplus

Question 21

voluntarily transfer of a right or a property

Answer 21

conveyance

Question 22

the extinguishment of the change or attachment on the partner’s interest in the profits

Answer 22

redemption

Question 23

equally or just

Answer 23

pro-rata

Question 24

separate property may be held liable only after the partner’s creditor exchausted the asset of partnership

Answer 24

subsidiary

Question 25

legal evidence of a person’s ownership rights in property

Answer 25

title

Question 26

held by nature of an equitable title in or claimed on equitable ground

Answer 26

equitable interest

Question 27

statement in which someone admits that something is true or that he/she has done something wrong

Answer 27

admission

Question 28

change in the relation of the parties caused by any particular ceasing

Answer 28

dissolution