Business Law and Regulations Quiz 1

Three of the following partnership contracts are void. Which one is not?

• A. Universal partnership of all present property between husband and wife

• B. A universal partnership of profits between a man and a woman living together as husband and wife without the benefit of marriage

• C. A particular partnership between husband and wife.

• D. A universal partnership of profits between a private individual and a public officer

A limited partner may contribute:

• A. Money and/or property.

• B. Money and/or services.

• C. Property and/or services.

• D. Services only

An article of universal partnership entered into without specification of its nature is presumed to constitute only a universal partnership of all profits

• A. TRUE

• B. FALSE

Statement #1 – Can a husband and wife form a limited partnership to engage in real estate business with the wife being a limited partner?

Statement #2 – Can two corporations organize a general partnership?

• A. Yes to both Statements

• B. No to both Statements

• C. Yes only to Statement #1

• D. Yes only to Statement #2

The partnership has the required minimum capital but the contract is not a public instrument or the same is not recorded with the SEC, there being no immovable property contributed, the partnership is:

• A. void

• B. voidable

• C. considered as having a juridical personality

• D. still valid

Which of the following is not correct

• A. Persons who are prohibited from giving each other any donation or advantage cannot enter into universal partnership

• B. A particular partnership has for its object determinate things, their use or fruits, or a specific undertaking or the exercise of a profession or vocation

• C. Articles of universal partnership entered into without specifications of its nature, only constitutes a universal partnership of profits

• D. A partnership begins from the moment of the execution of the articles of partnership, unless it is otherwise stipulated

When an unlawful partnership is dissolved, the profits and the contributions of the partners will be confiscated in favor of the state.

• TRUE

• FALSE

They have no voice in the management of partnership affairs

• A. Managing partner

• B. Silent partner

• C. Ostensible partner

• D. Nominal partner

A and B entered into a universal partnership of all present property. The common property of the partnership shall be:

• A. All the properties which belonged to each of the partners at the time of the constitution of the partnership

• B. All the properties which belonged to each of the partners after the constitution of the partnership

• C. All the properties which belonged to each of the partners at the time of the constitution of the partnership as well as the profits which they may acquire thereafter

• D. All the properties which belonged to each of the partners at the time of the constitution of the partnership as well as the profits which they may acquire therewith.

Which of the following is a characteristic of partnership as a contract?

• A. Gratuitous

• B. Preparatory

• C. Innominate

• D. Formal