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31.

a. Only X is true b. Only Y is true c. Both are true d. Both are false
32. A person who is not a partner of the partnership, but is made liable as a partner for the the protection of innocent third persons is
called:
a. secret partner b. dormant partner c. partner by estoppels d. silent partner
33. A A mana!in! partner appointed after the establishment of the partnership may be interest.
B A, B, and " are the mana!in! partners and it has been stipulated that one cannot act without the consent of the others. B
may ma#e a
decision for the partnership alone by himself if there is a $usti%able reason.
a. Both are true b. Both are false c. Only A is true d. Only B is true
3&. One of the followin! may be a cause for the in'oluntary dissolution of a partnership.
a. (ermination of the term of the partnership c. )*press will of any partner
b. +nsol'ency of any partner d. )*pulsion of any partner
3,. - . (he loss of the speci%c thin! contributed by a partner to the partnership dissol'es the partnership.
/ . (he loss of the speci%c thin! will not dissol'e the partnership, when only the use thereof is contributed by a partner to the
partnership.
a. - is false, / is true c. both are true
b. - is true, / is false d. both are false
30. (hree of the followin! are similarities between a partnership and a corporation. 1hich is not2
a. (he indi'iduals composin! both ha'e little 'oice in the conduct of business
b. Both ha'e $uridical personality separate and distinct from the indi'iduals composin! them
c. Both can only act throu!h their a!ents
d. Both are or!ani3ations composed of a!!re!ate of indi'iduals
34. (hree of the followin! are the ri!hts of a !eneral and limited partners in a limited partnership which is not2
a. (o inspect and copy at reasonable hours the partnership boo#s and records
b. (o demand true and full information of all matters a5ectin! the partnership
c. (o ha'e dissolution and windin! up by decree of court
d. /one of the abo'e
36. 1hen cash or property worth 73,888.88 or more is contributed as capital, the articles of partnership must be in a public
instrument and should be re!istered with the securities and )*chan!e "ommission. +f the said re9uirements are not complied with:
a. it will render the partnership 'oid
b. it will not a5ect the liability of the partnership and the partners to third parties
c. +t will not !i'e le!al personality to the partnership
d. +t will !i'e the partnership a defacto e*istence.
3:. (he partnership is not dissol'ed upon the death of a:
a. !eneral partner b. limited partner c. industrial partner d. !enerallimited partner
&8. +n AB" partnership, A and B contributed 728,888.88 each and " his ser'ice. After payin! all the creditors of the partnership only
716,888 remains. +n the absence of terms to the contrary, the share of " is e9ual to:
a. 70,888.88 b. the share of A c. the share of B d. nothin!
&1. 1, X, Y and ; formed a partnership. 1, X and Y are !eneral partners, who contributed 7,,888.88 each, while ;, an industrial
partner, his ser'ices only. All the partners si!ned an a!reement stipulatin! that the liability of 1 is limited to his contribution. After all
the assets of the partnership ha'e been e*hausted, there remains an unpaid liability of 7&8,888.88. (he creditors of the partnership
can compel:
a. X and Y to pay the 7&8,888.88 c. 1, X, Y and ; to pay 718,888.88 each and 1 and ; can demand
reimbursement from X and Y
b. X, Y and ; to pay the 7&8,888.88 d. X and Y to pay 7&8,888.88
&2. A, B and ", are partners in <3 "ompany. On April 2:, 2813, " died. On -ay 2, 2813, A, without the #nowled!e of "=s death a
liability to <, who also do not #now of the death of ". (he partnership debt to < is in the amount of 738,888.88. < can collect:
a. 738,888.88 from A
b. 71,,888.88 each from A and B
c. 718,888.88 each from A and B and 718,888.88 from the estate of "
d. 728,888.88 from A and 718,888.88 from B
&3. A partner, who ta#es acti'e part in the business, but is not #nown as a partner to third person is called:
a. silent partner b. dormant partner c. secret partner d. nominal partner
&&. 1st statement . (he arri'al of the term of the partnership with a %*ed term shall not dissol'e the partnership if the partners
continue its business, b ut such partnership may be terminated anytime dependent on the will of the continuin! partners.
2nd statement . (he loss of the speci%c thin!, the use of which is contributed to the partnership dissol'es the partnership.
a. Only the 1st statement is false c. Both are false
b. Only the 2nd statement is false d. Both are true
&,. A limited partner who ta#es acti'e part in the mana!ement of partnership becomes:
a. a mana!in! partner c. liable as a !eneral partner
b. a !eneral partner d. a !enerallimited partner
&0. 1hen a uni'ersal partnership is constituted but its nature is not speci%ed, it is only considered:
a. a uni'ersal partnership of all present property
b. a uni'ersal partnership of all present property > pro%ts
c. a uni'ersal partnership of all pro%t
d. a limited partnership
&4. Anton, Ben and "ris are partners in a business en!a!ed in real estate and land de'elopment. Anton, without the #nowled!e of
Ben and "ris, o5ered to sell to <an all the remainin! unsold lots at a price 'ery much hi!her than the pre'ailin! mar#et price. (hen
Anton bou!ht out Ben and "ris from the partnership and thereafter sold all the lots at a 'ery bi! pro%t.
1st conclusion: 1hen Anton bou!ht out Ben and "ris from the partnership, the partnership was dissol'ed so Ben and "ris
ha'e no more share in the pro%t of the sale
2nd conclusion: (he sale of the lots between Anton and <an is 'oid because it was without the #nowled!e and consent of
Ben and "ris.
a. Only the 1st conclusion is correct c. Both are correct
b. Only the 2nd conclusion is correct d. Both are incorrect
&6. (he followin! are instances when a partnership is unlawful. 1hich is the e*ception2
a. A partnership formed for smu!!lin! of contraband
b. A partnership formed for the purpose of buyin! public lands
c. A partnership formed to create a cartel for monopolies
d. A partnership formed to furnish apartment houses to be used for ille!al !amblin!
&:. XY; partnership composed of three capitalist partners and one industrial partner su5ered business losses. +ts remainin! assets
amounted to 7188,888.88 (he partnership is indebted to its supplier, -r. "ru3, +n the amount of 7108,888.88. ?ow can -r. "ru3
reco'er the 708,888.882
a. ?e can reco'er 7188,888.88 from the partnership and 708,888.88 from the three capitalist partner
b. ?e can reco'er 7188,888.88 from the partnership and 708,888.88 from any of the partners solidarily
c. ?e can reco'er 7188,888.88 from the partnership and 708,888.88 from the four partners $ointly
d. ?e can reco'er 7188,888.88 from the partnership and su5er as his loss the balance of 708,888.88
,8. 1hich of the followin! is not correct2 +n a limited partnership composed of A, B and " the contribution may be as follows:
a. A cash @limited partnerAB B cash @!eneral partnerAB " ser'ices @!eneral partnerA
b. A property @limited partnerAB B ser'ices @!eneral partnerAB " ser'ices @!eneral partnerA
c. A ser'ices @limited partnerAB B cash @!eneral partnerAB " ser'ices @!eneral partnerA
d. A cash @limited partnerAB B property @!eneral partnerAB " ser'ices @!eneral partner