LECTURE SERIES 1:

Nature of a contract of Partnership: FIDUCIARY

FIDUCIARY- mutual trust and confidence (in laymans term)

Article 1767. By the contract of partnership two or more persons bind themselves to contribute money, property, or industry
to a common fund, with the intention of dividing the profits among themselves.

Two or more persons may also form a partnership for the exercise of a profession. (1665a)

PERSON: Natural (General Rule) or Juridical (exception) stated explicitly in Articles of Partnership

BIND THEMSELVES (have OBLIGATION): ONEROUS

BIND THEMSELVES TO A COMMON FUND-MONEY, PROPERTY & INDUSTRY

MONEY- Legal tender Philippine Peso

New Law: Republic Act No. 7653 and monetary board resolution No. 862 dated 6 July 2006

Ceilings (cut-off) of the Legal tender Philippine Peso:

1. One thousand pesos (P1, 000.00) for denominations of 1-piso, 5-piso and 10-piso coins
2. One hundred pesos (P100.00) for denominations of 1-sentimo, 5-sentimo, 10-sentimo and 25-sentimo

Legal tender Philippine peso bills:

-20 peso bill

-50 peso bill
-100 peso bill
-200 peso bill
-500 peso bill
-1000 peso bill

No contribution of 5 peso bill and 10 peso bill: already DEMONITIZED (no longer considered as money by Central
Bank of the Philippines)

PROPERTY TO BE CONTRIBUTED- RIP

Real/Immovable

Intangible/Incorporeal Certificate of Patent

Personal/Movable