WorksheetsLaw on Partnership
Total questions: 10
Worksheet time: 5mins
In a partnership, each party contributes money, property, or industry with the intention of:
Filing a lawsuit
Avoiding legal obligations
Dividing the profits among themselves
Acquiring assets
A partnership is considered principal because:
It is based on oral agreements
It is a subsidiary contract
Its validity depends on another contract
It does not depend for its existence or validity upon another contract
Which characteristic element describes a partnership as consensual?
Unilateral agreement
Perfected by written contract
Perfected by mere consent
Imposed by law
The characteristic element of partnership that ensures reciprocity in rights and obligations is:
Onerous
Consensual
Nominate
Bilateral
Why is a partnership contract considered commutative?
The partnership is based on trust
Each partner's undertaking is equivalent to the others
Profits are divided equally among all parties
Each partner contributes differently to the common fund
Which characteristic element gives a partnership a special name or designation in the law?
Principal
Nominate
Onerous
Bilateral
What does it mean for a partnership to be considered preparatory?
It is not necessary for engaging in business activities
It is the end goal of a business venture
It is the primary business undertaking
It is entered into as a means to engage in business and realize profits
A partnership contract is consensual because it is perfected by:
Written agreement
External validation
Mere consent
Legal enforcement
Which characteristic element states that each party in a partnership seeks a benefit for themselves?
Nominate
Onerous
Gratuituous
Commutative
In what way is a partnership considered bilateral?
The partnership depends on external contracts
Rights and obligations are not reciprocal
Only one person contributes to the common fund
Rights and obligations are always reciprocal
