Mid term Exam Law on Partnership and Obligation

Front

Unless the contrary is stipulated, industrial partner becomes a debtor of the partnership for his work or service from the moment of the partnership.

Back

True

Front

Does the retirement, withdrawal, death, insolvency, insanity, or civil interdiction of a general partner terminate the partnership, while any of such causes affecting a limited partner does not result in its termination unless there is only one limited partner?

Back

False

Front

Does the inability of a partnership to pay a debt at a particular time necessarily mean it has been operated at a loss?

Back

False

Front

An industrial partner is not exempted from liability to third persons for the debts of the partnership.

Back

True

Front

Is a special form required for the validity or existence of a contract of partnership?

Back

False

Front

Can an unprofitable business be recognized as a partnership?

Back

False

Front

Every partner is an agent of partnership and may execute such acts with binding effect on the partnership provided he has an authority given by partners.

Back

False

Front

A partner by estoppel is one who is not really a partner, not being a party to a partnership agreement and thus is liable as an individual and not as partner for the protection of innocent third persons.

Back

False

Front

The prohibition against engaging in business as regards to industrial partner is absolute and applies whether the industrial partner is engage in the same business in which the partnership is engage or in any kind of business.

Back

True

Front

Every partnership shall operate under a firm name, which may or may not include the name of one or more of the partners. Those who not being members of partnership, include their names in the firm name, shall be subject to the liability of a partner.

Back

True