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PARTNERSHIP General Provisions Business Law and Regulations LAW 20023 Questions &Exam (elaborations) answers 100% satisfaction guarantee Latest update 2024/2025 with complete solution$11.49
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PARTNERSHIP General Provisions Business Law and Regulations LAW 20023 Questions &Exam (elaborations) answers 100% satisfaction guarantee Latest update 2024/2025 with complete solution
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PARTNERSHIP General Provisions Business Law and Regulations LAW 20023 Questions &Exam (elaborations) answers 100% satisfaction guarantee Latest update 2024/2025 with complete solution
PARTNERSHIP: General Provisions Business
Law and Regulations LAW 20023
A & B inherited land from their parents and subsequently leased the land out for P50, 000.00 per
month, then it can be said that they share profits, but are they in a partnership? - ✔✔No, they are
merely co-owners. The P50, 000.00 profit is merely incidental and it was not derived from business
operations
A and B promise to contribute to their partnership money worth P10, 000.00 each within one year
from their agreement. A contributes early but when the time comes for B to contribute his share, he
refuses to do so. Can A compel B to give his contribution? - ✔✔No, A cannot compel B to pay his
contribution to the partnership because the contract/agreement between the two parties was purely
oral and never really written, and it has already been one year since they agreed to their contract
terms.
A calling in the preparation for or practice of which academic learning is required and which has for its
prime purpose the rendering of public service. - ✔✔Profession
A partnership at will is created. Their partnership with a fixed term was dissolved because they only
agree that the partnership will exist during February but they still continue it. - ✔✔Sunwoo and
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Changmin formed a partnership in the month of February engaging in selling chocolates in front of a
school. They both agreed that the partnership will exist only during the said month. The profit will be
divided equally among themselves. The month of March started, but students are still buying their
chocolates and without any express agreement, they still continue their partnership.
What kind of partnership do they have?
A partnership borrowed P50, 000 and instead of giving the creditor a specific amount to be repaid,
they agreed that the credit or will receive 1% of the partnership's annual gross profit. Is the creditor a
partner? - ✔✔No because the receipt of share in net income happens to be because of an existing
debt.
A partnership who failed to comply with all the legal requirements before establishment.
a. De Jure Partnership
b. De Facto Partnership
c. Universal Partnership
d. Partnership by Estoppel - ✔✔a. De Jure Partnership
,a. ₱3,000.00 - ✔✔The minimum capital in money or property except when immovable property or
real rights thereto are contributed, that will require the contract of partnership to be in a public
instrument and be registered with the Securities and Exchange Commission (SEC).
a. ₱3,000.00
b. ₱30,000.00
c. ₱15,000.00
d. ₱5,000.00
a. Article 1769 - ✔✔A partnership may be constituted in any form, except where _________ is
contributed thereto, in which case a public instrument shall be necessary. immovable property or real
rights
True or False. A partnership is formed by co-ownership itself and when both the co-owners share
profits made by the property. False. A partnership is not formed by merely co-ownership nor
co-possession of property.
In case of doubt on whether a partnership exists or not, this article shall apply.
a. Article 1769
b. Article 1770
c. Article 1772
d. Article 1768
a. Contributions may only be in the form of money or property. - ✔✔Which is not true about a
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partnership?
a. Contributions may only be in the form of money or property.
b. The partnership contract is a contract of agency.
c. Partners have the right to select their co-partners.
d. A limited partnership cannot be created by mere voluntary agreement alone
a. Delectus personae - ✔✔"The person is free to choose those whom he wants to be associated with
in the partnership."
This right operates under the doctrine of _________?
a. Delectus personae
b. Dacion en pago
c. Res judicata
d. Prima facie
A. Does not belong to the partnership - ✔✔Profits that are acquired by the partner through chance
A. Does not belong to the partnership
B. Belongs to the partnership
C. Does not belong to the partner
D. None of the above
,a. Either Braganza or Ortiz or both of them - ✔✔Braganza, Ortiz and Nevado want to form a
partnership with Braganza contributing P500,000; Ortiz, office equipment; and Nevado, his services.
If the three were to form a limited partnership, who among them will be the limited partner/s?
a. Either Braganza or Ortiz or both of them
b. Either Ortiz or Nevado or both of them
c. Either Braganza or Nevado or both of them
d. All the three must be limited partners
A. Equally - ✔✔If there is no agreement, how will the partners decide their capital contribution?
A. Equally
B. Monthly
C. Depends on how much they want
D. Unevenly
a. Money and/or property - ✔✔A limited partner may contribute:
a. Money and/or property
b. Money and/or services
c. Property and/or services
d.Services only
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a. Ownership of present and future property - ✔✔It is to be noted that in this class of partnership, the
partners retain their ownership over their present and future property.
a. Ownership of present and future property
b. Profits acquired through chance
c. Fruits of property subsequently acquired
d. None of the above
A. Rent earned from lease on land inherited.
Article 1779 states that future inheritance cannot be contributed however, fruits from future
inheritance can be contributed if stipulated upon. - ✔✔B and C formed a partnership of all present
property and agreed to allow contributions of future properties and its fruits. Which of the following
can be contributed in the partnership?
a. Rent earned from lease on land inherited.
b. Building already in common fund
c. Land owned by a relative
d. Donations
, a. True, True - ✔✔Statement 1: A universal property of profits comprises all that the partners may
acquire by their industry or work during the existence of the partnership.
Statement 2: A universal property of profits comprises the usufruct of movable or immovable property
which each of the partners may possess at the time of celebration of the contract.
a. True, True
b. True, False
c. False, False
D. False, True
a) Conjugal partnership of gains - ✔✔It is a partnership formed by the marriage of husband and wife
by virtue of which, they place in a common fund the fruits and income from their separate properties
and those acquired through their efforts or by chance.
a) Conjugal partnership of gains
b) Co-ownership
c) Voluntary associations
d) Marital partnership
a) De jure partnership - ✔✔11. One which has complied with all the legal requirements for its
establishment. What classification of partnership is being defined? (Article 1776)
a) De jure partnership
b) De facto partnership
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c) Universal partnership
d) Notorious partnership
a) I and II - ✔✔13. Which of the following statements is/are true? (Article 1777)
I. A universal partnership may refer to all the present property.
II. A universal partnership may refer to all the profits.
a) I and II
b) Only I
c) Only II
d) Neither I nor II
a) I and II - ✔✔2. Which of the following statements is/are true? (Article 1768)
I. The partnership has a juridical personality separate and distinct from that of each partners.
II. Partnership still acquires personality despite failure to comply with the requirements of execution of
public instrument and registration of name in SEC.
a) I and II
b) Only I
c) Only II
d) Neither I nor II
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