NAME: DARILL LANCE GALLOGO

SUBJECT: LAW 103

RE: QUIZ 1

a. What is the difference between partnership and co-ownership?

Answer: Partnership – 2 or more persons bind themselves to cash or non-cash asset and divide its
profit/loss to themselves. They also have a common goal.
Co-ownership – 2 or more persons own a property/equipment/etc. with no intention, purpose,
or goal. They just enjoy the thought of owning such thing.

b. Is partnership with no written contract valid or invalid? Why?

Answer: It is still valid. The law do not state that an oral agreement is invalid. It just states that capital
contribution greater than 3,000 needs a written agreement or a contract.

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NAME: DARILL LANCE GALLOGO

SUBJECT: LAW 103
RE: QUIZ 2

A. Give another example of particular partnership?

Answer: Joint venture of an infrastructural project.

B. When may a partnership lose its juridical personality?

Answer: If the articles of partnership of the business is kept secret among the members or partners.
It’s not partnership anymore, but co-ownership. Thus, it will lose its juridical personality.

Note: Atty, why property acquired by inheritance, legacy and/or donation cannot be included in the
property of the partnership under universal partnership of all present property?

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