Since 1977
BUSINESS LAW
BL.2802 Drill 1 - Partnership
1. General partners shall have no right to perform the
following acts without the written consent or ratification by
all the limited partners, except:
a. Admit a person as a general partner.
b. Admit a person as a limited partner, unless the right to
do so is given in the certificate.
c. Continue the business with partnership property on the
death, retirement, insanity, civil interdiction or
insolvency of a general partner, unless the right to do
so is given in the certificate.
d. To have the partnership books kept at the principal
place of business of the partnership, and at a
reasonable hour to inspect and copy any of them.
a.
2. A, B, C partnership has a partnership credit against X in the
amount of P300,000. In the course of conducting the
business of the partnership. A, B, and C agreed equally to 7.
divide the credit of P300,000 among themselves. A and B
were able to collect from X P100,000 each, but C was not
able to collect because X has already become insolvent. In
this case:
a. A and B should share their collection with C.
b. A and B should return to the partnership capital what
they have collected.
c. A and B cannot be compelled to share their collection
with C nor return it to the partnership capital because
the agreement to divide was made after the partnership
was dissolved and therefore, there is no more element
of mutuality or reciprocity existing among the partners.
d. Correct answer not indicated
3. A partnership formed for the exercise of a profession which
is duly registered is an example of: 8.
a. Universal partnership of profits.
b. Universal partnership of all present property.
c. Particular partnership.
d. Partnership by estoppel.
4. In A, B and c partnership, A was appointed sole manager
of its tailoring business. A as such manager can execute all
acts of administration despite the operation of b and C.
Which of the following acts cannot be done by A alone?
a. To buy textile materials for use of the tailoring on 9.
credit.
b. To buy much needed Singer sewing machines for cash.
c. To pay for the salaries of the employees.
d. To transfer the location of the tailoring form the
university belt to Makati Avenue.
e. None of the above.
5. Allan, Beth and Chris are partners with capital contribution
of Which of the following statements about a contract of
partnership having a capital of P3,000 or more in cash or
personal property is true?
a. It must be in writing even a private one to be valid.
b. It should appear in a public instrument which must be
recorded with the S.E.C. to be valid
c. It need not be in writing to be valid.
d. It should appear in a public instrument even if not
recorded with the S.E.C. to be valid
6. GREAT Company, a partnership engaged in the 10.
distribution of generators, is composed of George, Roland,
Edmond, Albert and Troy. George is the managing partner.
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ATTY. ONG/LOPEZ
MAY 2020
During the month of April, the following transactions were
entered into by the following partners in behalf of the
partnership without any authority:
I. The sale of a generator by Roland to Juan Torres who
was not aware that Roland had no authority. Juan
Torres has paid for the generator which is due for
delivery.
II. The purchase of a car by Edmond from Lexus Motors
whose owner was not aware of Edmond's lack of
authority. The car and the price are due for delivery
and payment, respectively.
Based on the foregoing, the partnership is bound by:
a. Transaction I only.
b. Transaction II only.
c. Both Transactions I and II.
d. Neither of Transaction nor II.
All partners are liable solidarity with the partnership for the
purpose of making good the loss:
a. Where one partner acting within the scope of his
apparent authority receives money or property of a
third person and misapplies it.
b. Where the partnership in the course of its business
receives money or property of a third person and the
same is misappropriated by any partner while it is in
the custody of the partnership.
c. Where by any wrongful act or omission of any partner
acting in the ordinary course of the business of the
partnership or with the consent of his copartners loss or
injury is caused to any person who is not a partner in
the partnership.
d. All of the above
Partner shall have the right:
a. To ask that the books of the partnership be kept at the
principal place of business of the firm, and at any
reasonable hour have access to and inspect and copy
any of them.
b. To demand true and full information of all things
affecting the partnership.
c. To share in the profits and surplus assets of the firm.
d. All of the above.
X, Y, and Z are partners where X was appointed manager
with authority to collect. D is indebted to XYZ partnership
in the amount of P100,000 which is already due and
demandable and is also indebted to X personally and
likewise due and demandable in the amount of P50,000. X
collected from D P45,000. Which of these is not a correct
statement?
a. If X gave a receipt in his own name, he is bound to
give XYZ partnership a proportionate which is
P30,000.
b. If X gave a receipt in the name of partnership he has to
give the P45,000 to XYZ partnership.
c. If X's credit to D carries an interest of 18% and XYZ
partnership's credit to D has an interest of 14% only,
when X collects from D P15,000 and gives a receipt in
his own name he also has to share the collection with
the partnership in proportion.
None of the above.A and B are partners engaged in the real
estate business. A learned that C was interested in buying a
certain parcel of land owned by the partnership, even for a
BL.2802
EXCEL PROFESSIONAL SERVICES, INC.
higher price. Without informing B, A was able to make B
sell to him (A) his (B's) share in the partnership. Then A
sold the land at a big profit.
a. A is liable to B for the latter's share in the profit.
b. C is liable to B for the latter's share in the profit.
c. The partnership is dissolved when A became the sole
owner.
d. The sale of the land to C is void since it was without 16. A, B and C are partners in an import and export business
the knowledge of B.
11. Alexis and Bote entered into a universal partnership of all
present property. No stipulation was made regarding other
properties. Subsequently, Alexis received a parcel of land
by inheritance from his father; and another parcel of land
from “The Best Ito University” as remuneration for Alexis
work as professor therein.
a. The two parcel of land and their fruits are to be
enjoyed by the partnership because the contract entered
is a universal partnership of all present property.
b. The two parcel of land and their fruits will not be
enjoyed by the partnership because there is no
stipulation regarding future properties or their fruits. 17. The following statements pertain either to a partner
c. The partnership is entitled only to the fruits but not to
the two parcel of land.
d. The partnership is entitled to use the two parcel of land
as usufructuary and also entitled to the fruits produced
by the property.
12. These persons cannot enter into a universal partnership
contract:
a. husband and wife
b. persons guilty of adultery and concubinage
c. persons who commit adultery in consideration thereof
d. public officials by reason of their office
e. all of them
13. A, B, C and D are partners where A, B, and C contributed
P1,000,000 each and D his services. The partnership is
engaged in the manufacture and export of garments. Due to
a very strong typhoon, the entire roofing of the factory was
blown by the strong winds and if not repaired immediately
would aggravate the damage. A, B, C and D agreed on an
additional contribution of P200,000 each in order to save
the business from imminent loss. Which of these is the
correct statement?
a. D is duty bound to contribute 20% more of his time to
the business of the partnership.
b. If A no longer has money, he can be complied to sell 18. A, B. C and D are partners where D is an industrial partner
his interest in the partnership to the other partners.
c. B can question the decision because he did not vote for
the additional contribution.
d. If C still has money, but refuses to make the
contribution, he can be compelled to sell his interest in
the partnership to the other partners.
14. Paul and Joven entered into a universal partnership of
profits. Subsequently, Paul won 1st prize in the lotto. Will
the money belong to the partnership?
a. Yes, because it is considered profit acquired by the
partner.
b. No, because it is not acquired by “industry or work”
c. Yes, because all profit acquired become part of
common fund.
d. No, because the profit was acquired only after the
constitution of the partnership.
15. Which of the following right cannot be exercise by an
assignee of interest:
A. To get whatever profits the assignor partner would
have obtained
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B. To avail himself of the usual remedies in case of fraud
in the management.
C. To demand information, accounting and inspection of
the partnership books
D. The right to participate in the management
a. All of the above c. B, C and D
b. Only C d. C and D
where customers desiring to place an order are required to
make a deposit of 30% to the partnership. T, a regular
customer deposited P300,000 to partner A who, instead of
turning over the money to ABC partnership,
misappropriated it for his own use. In this case:
a. T should sue alone A the misappropriating partner for
the amount of P300,000.
b. T can sue A or B or C the partnership of ABC
solidarity for the amount of P300,000
c. T can only sue partners A, B and C jointly for
P300,000.
d. Correct remedy not indicated.
appointed manager in the articles of partnership or through
a document after the formation of the partnership.
I. He may be removed as manager only for a just or
lawful cause by the vote of the partners owning the
controlling interest.
II. He may be removed as manager with or without just or
lawful cause by the vote of the partner owing the
controlling interest.
III. He may perform all acts of administrator despite the
opposition of his partners provided he is in good faith.
IV. He may perform all acts of administration in good faith
but opposing partners may resort to his removal if he
persists.
Based on the foregoing:
a. I and III pertain to a partner appointed as manager in
the articles of partnership.
b. I and III pertain to a partner appointed as manager
through a document after the formation of the
partnership
c. II and III pertain to a partner appointed through a
document after the formation of the partnership.
d. I and IV pertain to a partner appointed as manager in
the articles of partnership
and A, B and C respectively contributed P400,000,
P200,000 and P200,000. ABCD & Co. became indebted to
X in the amount of P1,800,000.
a. X can only hold liable A, B, and C as the capitalist
partners;
b. X must first exhaust the partnership asset of P800,000
and then hold A, B and C jointly for the balance of
P1,000,000
c. X must first exhaust the partnership assets amounting
to P800,000 and then hold A, B, C and D solidarily
liable for the balance of P1,000,000;
d. X must first exhaust the partnership assets amounting
to P800,000 and then hold liable jointly A, B, C and D
from the balance of P1,000,000 – but after D the
industrial partner pays X P250,000 he can ask
reimbursement from A, B, and C so that in the end D
as an industrial partner will not be liable for losses
among themselves.
BL.2802