Preliminary Period Digital Learning Activity

In this business organization, the owner is in command of his/her whole business and stands to lose as much as he puts in and even to the extent of all his personal belongings.

• Sole Proprietorship

• Partnership

It is a form of partnership in which all other partners manage the business and are personally liable for its debts

• General Partnership

• Limited Partnership

It is defined as an artificial being created by operation of law, having the right of succession and the powers, attributes, and properties expressly authorized by law or incidental to its existence.

• Sole Proprietorship

• Corporation

This requisite of a contract of sale is manifested as the meeting of the offer and the acceptance upon the thing and the cause which are to constitute the contract.

• Object

• Consent

This characteristic of a contract of sale means that it gives rise to reciprocal obligations.

• Commutative

• Reciprocal

If the thing is lost before the perfection of the consent, the contract of sale is considered inexistent; therefore, the loss is borne by the seller.

• TRUE

• FALSE

A contract of sale is perfected by mere consent.

• TRUE

• FALSE

A partnership contract is based on trust and confidence.

• TRUE

• FALSE

A contract of credit is a relationship in which one person, the agent, acts on behalf of another with the authority of the latter, the principal.

• TRUE

• FALSE

A simple loan always includes a stipulation to pay interest.

• TRUE

• FALSE