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WorksheetsBus law quiz 1 (Parnetship Chap 1)
Total questions: 15
Worksheet time: 17mins
I. A partnership may be formed by the operation of law.
II. An election to become a member of a partnership is sufficient, there being no necessity that the member should sign any articles of partnership.
Only I is true.
Only II is true.
Both are true.
Both are false
A and B entered into an agreement to form a partnership. Because of A's refusal to comply with the agreement, B brought an action to compel the execution of a partnership contract. May A be compelled against his will to carry out the agreement?
Yes, A is bound to comply with the agreement
No, the law recognizes the individual's freedom or liberty to do an act as he has promised to do, or not to do
Yes, this is an obligation to give service, hence A must comply.
No, the law gives right to a contracting party to withdraw unilaterally from an agreement that he does not like.
I. When two or more partnerships combine with each other (or with a natural person/s) creating a distinct partnership, all the members of the constituent partnerships will be individually liable to the creditors of the new partnership.
II. Under the Revised Corporation Code, a corporation may now enter a partnership, whether commercial or professional.
Only I is true.
Only II is true.
Both are true.
Both are false.
I. Checks, drafts, promissory notes and other mercantile documents are not contributions of money until they have been cashed.
II. A license to construct and operate a cockpit may be given as a contribution to a partnership.
Only I is true.
Only II is true.
Both are true.
Both are false.
I. A general partner may contribute industry or service, but not a limited partner.
II. A partnership may enter into contracts and may sue and be sued; the death of either partner is not a ground for the dismissal of a pending suit against the partnership.
Only I is true.
Only II is true.
Both are true.
Both are false.
A and B engaged in a fishing business called AB Corporation, started buying boats worth P3.5 M, which was financed by a loan from C's brother. A,B, and C intended to pay the loan with the proceeds of the sale of the boats and to divide the profits among themselves. A and B entered into a contract for the purchase of fishing nets and nets from G Corporation. They claimed that they were in business venture with C who, however, was not a signatory to the agreement. When AB Corporation failed to pay, G Corporation sued A, B, and C as general partners. Does a partnership exist between the three?
No, C was not a partner but only a lessor of the boats to A and B.
Yes, their corporation was one created by operation of law.
No, there was no common fund established by them, but separate individually.
Yes, they decided to engage in a fishing business, with borrowed money, and divide the profits.
I. Two or more persons may become co-owners without a contract (e.g., by inheritance or by law) but they cannot be partners in the absence of contract.
II. If the parties are merely co-owners, there is no fiduciary relationship between them.
Only I is true.
Only II is true.
Both are true.
Both are false
Heirs agreed, after partition, to use common properties and income there from as a common fund with the intention of making profit for them in proportion to their shares in the inheritance. What is the effect of such agreement?
Voluntary association
Co-ownership
Joint venture
Partnership
In which of the following is a partnership present?
The compensation of an employee was to be determined under the contract with reference to the profits made by the partnership.
Funds used in the purchase of a property by the partnership were secured from third persons who were to share in the profits and losses of the partnership.
Each physician of the medical center was paid based on that doctor's billings for services rendered less a percentage of those billing applied to the expenses of the center, as a share of profits, but such percentage was in no way related to the expenses the doctor had actually incurred.
I. A partnership may be made orally or in writing regardless of the value of the contributions; but where immovable property is contributed, a public instrument shall be necessary, with inventory, without such, the contract is void.
II. Partnerships with capital of P3,000 or more need to appear in a public instrument and must be registered with the SEC, otherwise, the contract is void.
Only I is true.
Only II is true.
Both are true.
Both are false.
Z contributed in the partnership the following:
I. Two big parcels of agricultural land;
II. Tractor;
III. Car as inheritance subsequently acquired;
IV. Winnings of lottery sweepstakes during partnership;
V. Rentals from the agricultural land. Which of the foregoing may be contributed in a universal partnership of all present property?
I, II
III, IV, V
I, II, V
All of the above
A, B, and C formed a limited partnership to engage, among other activities, in the importation, marketing and operation of automatic phonographs, radios, television sets and amusement machines, their parts and accessories, with B and C as limited partners. (This is considered particular undertaking.) Subsequently, A and B got married, eventually, C sold his share to A and B. During the taxable year, A and B filed their separate income tax return as well as that of the partnership. The BIR consolidated the income of the partnership and the individual income of the partners resulting in a deficiency income tax. What was formed after the marriage of A and B and the subsequent sale to them of C's share?
Universal partnership of all present property, because they contributed all present properties.
Particular partnership, because the marriage did not dissolve the partnership dealing in particular undertaking.
Universal partnership of profits, because they contributed only their industry and profits of the properties.
Conjugal partnership of gains, because the partnership was dissolved after the marriage.
I. A joint venture is essentially a partnership created for some temporary or limited purpose, like a particular partnership.
II. A partnership formed for the acquisition of immovable property for the purpose of reselling it at a profit or for the common enjoyment of its use and the benefits therefrom, established for the purpose of carrying out a specific enterprise, is a particular partnership.
Only I is true.
Only II is true.
Both are true.
Both are false.
What is the remedy available for other partners when a partner fails to deliver whatever he may have promised to contribute, or in case of eviction, without fraud or misrepresentation?
Dissolution
Annulment of the contract
Specific performance with damages
Rescission with damages
I. The reckoning point of the interest and damages due to the partnership when a partner who has undertaken to contribute a sum of money and fails to do so is from the judicial or extrajudicial demand is made.
II. Mere failure on the part of the partner to liquidate partnership affairs and to account the amounts constitutes estafa, and not a civil case.
Only I is true.
Only II is true.
Both are true.
Both are false.
