P. 1
First Online Quiz (a) - Prelim

First Online Quiz (a) - Prelim

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Published by: whitebijou on Jan 27, 2012
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Correct Q.

1) As a juridical person, a partnership may acquire and possess property of all kinds, as well as incur obligations and bring civil or criminal actions in conformity with the laws, and regulations of the organization. A. True (Your Answer) B. False Correct Q.2) The following are the distinctions between a co-ownership and a partnership. Which should not be included? A co-owner cannot represent the co-ownership while a partner may bind the partnership in the absence of any stipulation to the contrary. A partnership is may exist even without a contract while a co-ownership is B. generally created by law. (Your Answer) A partnership has a juridical personality separate and distinct from that of each C. partner while a co-ownerhip has none. The purpose of a co-ownership is the common enjoyment of a thing or right D. while in partnership, it is the realization of profits. Correct A. Q.3) A partnership in which the partners contribute all the properties which actuall belong to each of them at the time of the constitution of the partnership to a common fund, with the intention of dividing the same among themselves as well as the profits which they may acquire therewith. A. universal partnership of all present property (Your Answer) B. universal partnership of all properties C. universal partnership of profits D. universal partnership of all properties and profits Incorrect Q.4) A partnership in which no time is specified and is not formed for a particular undertaking or venture and which may be terminated anytime by mutual agreement of the partners, or by the will of any one partner alone. Particular Partnership(Your Answer) Possible correct answers:

partnership at will

Correct Q.5) Alice and Brien inherited from their mother a condominium unit which is leased to Carol. Are Alice and Brien partners?

secret B. they are merely co-owners or co-possessors whether or not they share in D.7) Since the partnership is for the common benefit or interest of the partners. the profits made by the lease of the property.8) A partner who does not take any active part in the business although he may be known to be a partner. False (Your Answer) Correct Q.No. False (Your Answer) Correct Q. neither will they be partners with respect to Chona. A. they are merely co-owners if they do not share in the profits made by the lease of the property No. ostensible Correct Q.10) If Ana and Bona are not partners as to each other. a subsequent stipulation which excludes one or more partners from any share in the profits will make the partnership contract void. False (Your Answer) Correct Q. True B.9) Where a partnership has been validly created. No. the property. even if they are not really partners. Q. A. then Ana and Bona will be considered partners as to Chona. a third person. it is necessary that there be an intention to divide the profits. True B. A. in equal shares. they are merely co-owners even if they share in the profits made by the B. A. represents to Chona that they are partners. they are partners because they share in the profits made by the lease of C. dormant C. (Your Answer) Correct A. silent (Your Answer) D. with the consent of Bona. Yes. lease of the property.6) A husband and his wife cannot enter into any kind of partnership or be members thereof. among the members. This is an example of- . True B. But if Ana.

which must be recorded in the Office of the Securities and Exchange Commission. . shall appear in a ___________ _____________.00 or more. de jure partnership B. in which case there is a need for the execution of a public instrument.000. partnership by estoppel (Your Answer) D.A.15) A partnership formed for an unlawful purpose is void ab initio and the partnership never existed in the eyes of the law. universal partnership Correct Q. public instrument(Your Answer) Possible correct answers: • public instrument Correct Q. True B.13) Any ___________ property or an interest therein may be acquired in the partnership name and title so acquired can be conveyed only in the partnership name.11) A contract of partnership may be made orally or in writing regardless of the value of the contributions unless immovable property or ____________ ___________ are contributed.12) Every contract of partnership having a capital of P3. False (Your Answer) Correct Q. No partnership exists because Xander and Yuri are considered as mere co-owners of whatever winnings they may have. de facto partnership C.14) Xander and Yuri put up money to buy lotto tickets for the sole purpose of dividing equaly the prize which they may win. A. real rights(Your Answer) Possible correct answers: • real rights Correct Q. in money or property. immovable(Your Answer) Possible correct answers: Correct • • immovable real Q.

A. False (Your Answer) Correct Q.17) If A and B are not partners as to each other. A. only constitute a universal partnership of all present property A. represents to C that they are partners. True (Your Answer) B.16) Articles of universal partnership entered into without specification of its nature.19) A partnership may be organized to engage in banking operations. False (Correct Answer) Correct Q.18) Sondang. But if A.A. neither will they be partners with respect to C. True (Your Answer) B. True (Your Answer) B. In such a case. agreed that the payment of interest to the loan obtained by said partnership shall be taken from the net profits to be realized by the partnership. True B. Sondang becomes a partner in the partnership.20) In a universal partnership of all present property. then A and B will be considered partners as to C. A. even if they are not really partners. a third person. property subsequently acquired by inheritance. with the consent of B. False Incorrect Q. creditor of ABC Partnership. True B. False (Your Answer) Correct Q. True (Your Answer) B. False Correct Q. legacy or donation cannot be included by stipulation except the fruits thereof. A. False .

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