TRUE or FALSE

1. An artificial person like corporation, may be a partner in a partnership.

2. A partnership has a personality separate and distinct from each of the partners.
3. A partnership whose capital in money or property amount to P3,000.00 or more does not
acquire juridical personality if the contract is not recorded with the SEC.
4. The sharing of gross returns does itself establish a partnership if the persons sharing
them gas a join or common interest in the property from which the returns are derived.
5. A partnership for a fixed term or particular undertaking which is continued after the
expiration of the term of the attainment of the undertaking becomes a partnership at will.
6. A partner may be a limited and general partner at the same time.
7. As a general rule, industrial partner shall bear a portion of loss of the partnership.
8. A partner may admit another partner even without the consent of other existing partners.
9. A partneship by estoppel may arise when a person represents himself as a partner in a
non-existing partnership.
10. A person who is a minor can become a partner if his/her admission is consented by all
the partners.
MCQ
1. A contract where 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.
a. Voluntary Association
b. Corporation
c. Partnership
d. Sole Proprietorship
2. One of the following is not a characteristics of a contract of partnership.
a. Partner must deliver their contributions in order for the partnership contract to
be perfected.
b. The contract can stand by itself.
c. It is a means by which other contracts will be entered into.
d. Parties contribute money, property or industry to a common fund.
3. Which is not a requisite if a contract of a partnership.
a. There must be a valid contract.
b. There must be a mutual contribution of money, property or industry to a common
fund.
c. The articles are secret among the members of the partnership.
d. It is established for the common benefit of the partnership which is to obtain profits.
4. The minimum capital in money, property except when immovable property or real rights
thereto are contributed, that will require the contract of partnership to be in a public
instrument and be registered with the Securities and Exchange Commission (SEC).
a. 5,000
b. 10,000
c. 3,000
d. 30,000
5. If the partnership has a minimum capital mentioned in No. 4 but the contract is not in a
public instrument or the same is not recorded with the SEC, the partnership is:
 a. Void
b. Voidable
c. Does not acquire juridical personality
d. Still acquire juridical personality
6. A partnership formed for the exercise if a profession is an example of:
a. Universal partnership of profits
b. Universal partnership of all present property
c. Particular partnership
d. Partnership by estoppel
7. Nashak and Tan formed a universal partnership of all present property. At the of the
establishment of the partnership, Nashak owned an apartment he had inherited 3 year earlier .
Tan on the other hand owned a fishpond. They agreed that property acquired by each partner
after the formation of the partnership shall belong to the partnership. During the 1 st year of
partnership, rental collected from apartment amounted to 300,000 while fish harvested from the
fishpond were sold for 350,000. In the same period, Tan received by way of donation a vacant lot
from his uncle. Which does not belong to the partnership?
a. Fishpond
b. Rentals
c. Apartment
d. Vacant lot
8. If in the previous problem, the partners agreed to form a universal partnership of profits,
which belongs to the partnership?
a. Fishpond
b. Rentals
c. Apartment
d. Vacant lot
9. Which of the following stipulation is valid?
a. A stipulation excluding a capitalist partner from profits.
b. A stipulation exempting a capitalist partner from losses.
c. A stipulation exempting an industrial partner from losses.
d. A stipulation excluding an industrial partner from profits.
10. Naka, Mob and Onah are partners in New Beginning Enterprises, not having established
yet their credit standing, the partners requested Epol, a well0known businessman to help
them to negotiate a loan from a money lender, with the consent of all partners, Epol
represented himself as a partner of New Beginning Enterprises. Thereafter, they were
granted a loan of 150,000. What kind of partner is Epol?
a. Managing partner
b. Liquidating partner
c. Ostensible partner
d. Partner by estoppel
11. Referring to No. 10. Assuming that the Enterprise was unable to pay the loan on due date at
which time the asses of the partnership amounted only to 120,000. From whom the money
lender may collect the payment?
a. New Beginning Enterprises 120,000 and Epol for 30,000.
b. New Beginning Enterprises 120,000 and Naka, Mob and Onah, 10,000 each.
c. Naka, Mob and Onah, 50,000 each.
d. New Beginning Enterprises 120,000, and Naka, Mob, Onah and Epol for 7,500 each.
12. Bah, Gong, Buh and Hey are partners of Dating Sawee Company Limited which have
contributions of 50,000 each. Bah and Gong are general partners, Buh is a limited partner and
hey is a general-limited partner. Dating Sawee Company Limited purchased merchandise on
credit from Muret Sales Co. amounting to 180,000 which on due date, the company was unable
to pay with only assets amounting to 150,000. From whom Muret Sales Co. collect the sum of
180,000?
a. Dating Sawee Company Limited, 150,000 and from Bah and Gong, 15,000 each from their
separate assets.
b. Bah and Gong, 90,000 each from their separate assets.
c. Dating Sawee Company Limited, 150,000 and from Bah, Gong and Hey 10,000 each
from their separate property. However, Hey can recover 5,000 each from Bah and Gong.
d. Bah, Gong and Hey, 60,000 each. Thereafter, Hey can recover 30,000 each from Bah and
Gong.

13. One of the following is not incapable of giving his consent.

a. Deaf-mutes who do know how to read.
b. Insane Persons
c. Deaf-mutes who do not know how to write
d. Unemancipated minors

14. One of the following can be an object to a partnership

a. human organs
b. shabu
c. slaves
d. tobacco

15. A limited partnership which is unable to comply with the requirements will be considered as.
a. limited partnership
b. general partnership
c. particular partneship
d. universal partnership