Law flashcard practice

Front

What should every partnership operate under?

Back

firm name

Front

Who are the partners not considered members of the partnership but are included in the firm name, subject only to the liability of a partner?

Back

partner by estoppel

Front

What legal principle prevents a partner from later claiming a personal asset, which has been used in the operation of the partnership, is separate from the partnership's assets?

Back

separate assets estoppel

Front

What is the term for an admission or representation made by any partner concerning partnership affairs within the scope of his authority?

Back

evidence

Front

What kind of partner is liable for liability but not for loss?

Back

industrial partner

Front

What is the defense a partner can raise when impleaded in a complaint against the partnership's debt?

Back

joint liability or pro rate

Front

What means that a partner's separate property can only be held liable after the partnership creditors have exhausted the partnership assets?

Back

subsidiary liability

Front

What is caused to any person where the partnership is liable to the same extent as the partner who acted or omitted to act?

Back

loss or injury

Front

If a partner misappropriated money or property received for a specific purpose, what crime is committed?

Back

estafa

Front

If a partner's act causes loss or injury to a third person, what is the partner's obligation?

Back

solidarity liability