RFBT 2 PARTNERSHIP

The following are the requisites of partnership, except;

• the partnership must be organized for gain or profit

• there must be a valid contract

• there must be a contribution of money, property, and industry to common fund

• the partnership should have a lawful object or purpose and must be established for the common benefits or interests of the partners

any external thing over which the right of possession, use, and enjoyment are exercised.

• money

• industry

• property

• none of the above

the following are the effects of unlawful partnership, except;

• the contract is voidable from the very beginning

• the instrument or tools and proceeds of the crime shall be forfeited in favor of the government

• the profit shall be confiscated in favor of the government

• the contribution of the partners shall not be confiscated

the Latin phrase deluctus personae means

• choice of the president

• choice of the public

• choice of the people

• choice of the person

it is one where persons, by words spoken or written or by conduct, represent themselves or consent to another representing them to anyone, as partners in a existing partnership or with one or more person not actual partner

• close partner

• partnership sole

• partnership by estoppel

• partnership by prescription

when two or more person bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profits among themselves

• corporation

• sole partnership

• partnership

• cooperation

an entity created by law and given certain legal rights and duties of a human being or being real or imaginary, who for the purpose of legal reasoning is treated more or less as a human

• natural person

• normal person

• judicial person

• juridical person

A partnership may be constituted in any form, except where immovable property or real rights are contributed thereto, in which case a public instrument shall be necessary.

TRUE or FALSE?

A contract of partnership isa valid, whenever an immovable property is contributed, if an invention of said property is not made, signed by the parties, and attached to the public.

TRUE or FALSE?

A partnership begins from the moment of the execution of the contract, unless it is otherwise stipulated

TRUE or FALSE