NAME _______________________________________

COURSE AND YEAR ___________________________

CLASS SCHEDULE ______________________________

PHILIPPINE CHRISTIAN UNIVERSITY

BUS LAW AND REGULATIONS
ONLINE QUIZ
19-March 2020

MULTIPLE CHOICE (Underline the letter of the correct Answer)

1. An Industrialist Partner
a) one who FURNISHES INDUSTRY or LABOR
b) he is EXEMPTED from LOSSES as between the partner and not liable to
strangers without prejudice to reimbursement from the capitalist partner
c) Can engage in any other BUSINESS WITHOUT the express CONSENT of the
other partners, OTHERWISE
d) All of the above
e) Statement B and C only

2. Essential requisites of the contract of Partnership

a) There must be a valid Contract;
b) There must be a contribution of money, property or industry to a
common fund;
c) The Partnership must be organized for gain or loss;
d) Statement A and B is correct
e) All of the above

3. one who is not really a partner BUT who may become liab le as such insofar as
third persons are concerned
a) nominal partner c) silent partner
b) Ostensible partner d) liquidating partner

4. One who does not participate in the management, though he shares in the PROFITS or
LOSSES
a) Silent Partner c)Dominant Partner
b) b)Secret Partner d)Managing Partner

5. Preferential Rights of Partnership Creditors

a) partnership creditors are entitled to PRIORITY over partnership
assets, including the partners interest in the profits
b) Separate or Individual creditors have Preference in separate or
individual properties
c) Both Statements are Correct
d) Both are False
TRUE OR FALSE

_____________1. Contracts entered into by a “partner” in his own name may

be sued upon still by him in his individual capacity, not withstanding the
absence of a partnership
______________2. If a partner sells his share to a third party, BUT the firm
itself still remains SOLVENT, partnership creditors can assail the validity of
the sale by alleging that it is made in fraud of them, since they have not
really been prejudiced.
_______________3. A partnership is a CONTRACT of MUTUAL AGENCY, each
partner acting as a principal and agent of his own behalf.
_______________4. when an UNLAWFUL PARTNERSHIP is dissolved by a
judicial decree, the PROFITS shall be CONFISCATED in Favor of the Partners
_______________5. IF REAL PROPERTIES have been contributed, REGARDLESS
of the VALUE, a public instrument is not necessary for the attainment of
legal personality.
_______________6. the designation of shares by third persons may be
IMPUGNED, IF it is MANIFESTLY EQUITABLE.
_______________7. power to act may not be revoked with or without just
cause.
_______________8. when the manner of management has not been agreed
upon the acts of one are opposed by the rest, the majority shall not
prevail.
_______________9. when a partner acts in his OWN NAME, he is bound in the
partnership.
______________10. a STATUS and a FIDUCIARY RELATION subsisting between
persons carrying on a business in common with a view on profit.