Law 3 Midterms.rtf
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Law on Partnership - Midterm Exams Multiple Choice Identify the choice that best best completes the statement or answers answers the question. question.
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1. A partnership partnership is a consensual, consensual, principal principal and bilateral/multilate bilateral/multilateral ral contract. It is also the the following, except except that it is not: a. b.
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$ni"ersa $ni"ersall partne partnership rship of all present present property property.. %one, because the the partnership is is "oid since there there is no meeting meeting of minds among among the partners. $ni"er $ni"ersal sal partne partnersh rship ip of profit profitss &ithe &itherr of the the two at at the opti option on of the the partn partners ers..
%either %either (essica (essica nor )ienna* )ienna* hence, hence, they they cannot cannot enter enter into a limit limited ed partners partnership. hip. )ienna only. only. (ess (essic icaa onl only. +oth +oth (ess (essic icaa and and )ien )ienna na..
. -erbert and anda are husband and and wife. hey hey intend to put put up a coffee coffee shop business as partners. +ased +ased on the foregoing, which of the following statements is incorrect# a. b. c. d.
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a preparatory contract an onerous contract contract
'. (essica and )ienna )ienna want to put up an internet café business. café business. (essica is an expert in information technology and computers but has no funds or property to in"est. in"est. )ienna !nows !nows nothing about internet and computers computers but she is is willing to contribute the funds and property needed. If (essica and )ienna decide to enter into a limited partnership, who between the two of them will be the limited partner# a. b. c. d.
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c. d.
2. hat !ind of uni"ersal uni"ersal partnership partnership is entered into into by the partners partners if there is no specification specification as to its nature# a. b. c. d.
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an aleatory contract a nominate contract contract
If the capital capital of the partners partnership hip is 00,000. 00,000.00, 00, -erbert -erbert and anda anda must must contribute contribute eually eually the amount of 200,000, unless they agree otherwise. -erbert shall shall be the manager, manager, he being being the husband and head of family. family. -erbe -erbert rt and and and andaa may may adopt adopt as as firm firm name name “Wanda’s Waffles and Coffee Shop” which includes the name of the only one of them. -erbert -erbert and and anda anda may may "alidly "alidly put up up a coffee coffee shop busine business ss as partner partners. s.
. )anche3 and )uare3 )uare3 are both real estate bro!ers. bro!ers. he two two ha"e not entered into any partnership partnership agreement, but to sa"e on costs, they share at the A"enue win owers the same office space on the front door of which is the signage 4)anche3 and )uare3, 5eal &state +ro!ers.6 hey also use the same stationery showing the name appearing on the signage and one telephone number, and share the ser"ices of the same secretary. secretary. )anche3, using the stationery, stationery, ordered a laptop computer worth 100,000.00 from 7yber 7omputers owned by 7amarino, who himself deli"ered the computer to the office. 7amarino also issued a receipt ac!nowledging the down payment of 0,000.00 from 4)anche3 and )uare36 without any ob8ection from )uare3. )anche3, later failed to pay the balance of 90,000.00. 7amarino 7amarino now see!s to reco"er the amount of 90,000.00 from both )anche3 and )uare3 as partners. a.
nly )anche3 )anche3 can can be held liable liable by 7amarino 7amarino since since the purchase purchase of the the laptop laptop computer computer is the personal transaction transaction of )anche3. )anche3. b. ny 4)anche3 and and )uare3, 5eal 5eal &state +ro!ers6, +ro!ers6, as a 8uridicial 8uridicial entity entity is liable to 7amarino since since an actual partnership exists. c. nly )anch )anche3 e3 can be held held liable liable by 7amarin 7amarino o since since )anche3 )anche3 and )uare3 )uare3 did did not enter enter into into any partnership agreement. agreement. d. +oth )anche )anche33 and )uare3 )uare3 can be held held liable liable by 7amarino 7amarino since since the two are are considered considered as partner partnerss in so far as 7amarino is concerned.
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9. he following are are obligations of a partner who who has promised to to contribute specific specific property to to the partnership, partnership, except:
a.
o deli"er to the partnership at the time it was constituted or on the date stipulated the property he ahs promised to contribute. b. o ta!e care of the property before its deli"ery to the partnership with the diligence of a good father of a family. c. o answer for e"iction in case the partnership is depri"ed of the property he has contributed. d. o be liable for damages only after he fails to deli"er the property upon demand by the other partners.
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;. A and + formed a uni"ersal partnership of all present property. he partners agreed that property acuired by each partner after the formation of the partnership shall belong to the partnership. hich of the following does not belong to the partnership# a. b. c. d.
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=. ne who is not actually a partner but may become liable as such to third persons. a. b.
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7rops har"ested from the agricultural lot during the first year of the partnership. . A partnership that comprises all that the partners may acuire by their wor! or industry during the existence of the partnership. a. b. c. d.
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$ni"ersal partnership of all present property articular partnership Industrial partnership $ni"ersal partnership of profits
20. hese statements presented to you: I. A newlyadmitted partner shall be liable for partnership debts incurred before his admission only if there was a stipulation to that effect. II. A newly admitted partner shall be liable for partnership debts incurred before his admission e"en if there was no stipulation to that effect. III. A newlyadmitted partner shall be liable for partnership debts incurred after his admission if there was a stipulation to that effect. IH. A newlyadmitted partner shall be liable for partnership debts incurred after his admission e"en if there was no stipulation to that effect. hich of the foregoing statements are true# a. b.
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d.
A general partner may contribute money, property and/ or ser"ices. A limited partner may contribute money and/ or property, but not ser"ices. A partner may not be a general and limited partner at the same time. A general partner may either be a capitalist or industrial partner.
-is receipt of a share of the net profits of a business. -is receipt of a share of the profits reali3ed from the use of a property that he coowns with another. -is receipt of share of the profits reali3ed from the use of a property that he copossesses with another. -is receipt of a share in the gross returns deri"ed from a property where he has a 8oint or common interest with another.
2'. 7anuto, Ambrosio, 5omualdo and &gmidio are partners in 7A5& 7ompany, whose business is trading of herbal products. 7anuto contributed 90,000.00, Ambrosio, '0,000.00, 5omualdo, 20,000.00, and &gmidio, 10,000.00. he partners failed to agree on who shall manage the partnership. a. b. c. d.
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I and III II and III
22. In which of the following cases is there a prima facie e"idence that one is a partner in a business# a. b. c.
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c. d.
21. hich of the following statements is false# a. b. c. d.
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I and IH II and IH
7anuto and Ambrosio will be the managers because they own the controlling interest and there should be at least two managers who can discuss and decide for the partnership. %o one among the partners can manage the partnership because it is "oid when the partners failed to designate the manager. All the partners will be considered as managers or agents of the partnership. 7anuto shall be the manager because he owns the controlling interest.
2. hich of the following partnership agreement is reuired to be a public instrument and an in"entory of the property contributed must be made, signed by the parties and attached to the public instrument# a. b.
A limited partnership where the capital amounts to 00,000 in cash. A general partnership where the capital amounts to 1,000,000.00 in cash.
c. d.
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2. A partnership is: a. b.
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eneral partnership $ni"ersal partnership of all present property $ni"ersal partnership of profits articular partnership
?iuidating partner )ecret partner
c. d.
Jormant partner )ilent partner
)ilent partner )ecret partner
c. d.
Jormant partner stensible partner
'0. "uds # "lossoms is a partnership engaged in the flower shop business which is operated by friends +eatri3 and +ethli3. he flower shop is located on a lot which +eatri3 and +ethli3 leased from prah at 10G of the yearly gross re"enues of the business. Amalia was hired as accountant at a monthly salary of 10,000.00 plus G of the yearly net profits as bonus. ho are the partners in the business# a. b. c. d.
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%either (essica nor )ienna, they being sisters* hence they cannot put up a general partnership. +oth (essica and )ienna. )ienna only. (essica only.
2>. ne who has no "oice or acti"e part in the management of the business of the partnership @though he shares in the profits and losses and may be !nown to the public as a partnerB. a. b.
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a contract both @aB and @bB
2=. ne who does not participate in the management of the business of the partnership and is not !nown to the public as a partner. a. b.
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c. d.
2;. A partnership in which all the partners contribute all the properties which actually belong to them to a common fund with the intention of di"iding the same among themsel"es, as well as the profits which they may acuire therewith. a. b. c. d.
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neither @aB nor @bB a business organi3ation
29. 5efers to the preceding number. )uppose (essica and )ienna are sisters and they decide to put up a general partnership, who between the two of them may be the general partner# a. b. c. d.
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A general partnership where the capital amounts to =0,000.00 consisting of '0,000.00 cash and 0,000.00 worth of computers. A general partnership where the capital amounts to 10,000.00 consisting of cash of 100,00 cash and a "acant lot worth 0,000.00.
+eatri3, +ethli3, prah and Amalia, since all of them recei"e a share in the net profits. +eatri3 and +ethli3 only. +eatri3, +ethli3 and Amalia. +eatri3 , +ethli3 and prah.
'1. hree years ago, +en8amin and +ien"enido, brothers, inherited a fi"efloor commercial building and the lot on which it was constructed, from 0,000.00, while its assets dwindled to 0,000.00. In the payment of the liabilities, the assets of the partnership will first be exhausted, and thereafter: a. b. c. d.
he unpaid liabilities of 0,000.00 will be paid eually by 5owena, Arnida, Hioleta and li"ia at 10,000.00 each with no right to reimbursement on the part of li"ia. he unpaid liabilities of 0,000.00 will be paid eually by all the partners from their separate assets at =,000.00 each with no right to reimburesement. he unpaid liabilities of 0,000.00 will be paid eually by +ettina, 5owena, Armida and Hioleta at 10,000.00 each with a right to reimbursement on the aprt of +ettina. he unpaid liabilities of 0,000.00 will be paid eually by all the partners from their separate assets at =,000.00 each with a right to reimbursement on the part of +ettina, who was exempted from liability to third persons by agreement, and li"ia , who is an industrial partner who must not share in the losses.
Law on Partnership - Midterm Exams Answer Section MULTIPLE CHOICE
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