Professional Documents
Culture Documents
26. Partner who is not really a partner but who may become 34. The following persons are disqualified to form a universal
liable as such insofar as third partnership, except
persons are concerned A. Husband and wife
A. Nominal B. Brother and sister
B. Ostensible C. Those guilty of adultery and concubinage
C. Silent D. Those guilty of the same criminal offense; if the
D. Secret partnership is entered into in consideration of the
27. May contribute money, property or industry to the common same.
fund
A. Limited partner 35. A, B and C are capitalist partners while D is an industrial
B. General partner partner. A, the managing partner engaged personally in a
C. Both limited and general partners business that is the same as the business of the partnership
D. Dormant partner without the consent of the other partners. As a result,
A. If there are losses, the partnership will bear the losses
28. May be required to make additional contribution in case of B. If there are profits, the profits will be shared by A and
imminent loss: the partnership.
A. Capitalist partner C. If there are profits, A will give the profits to the
B. Limited partner partnership.
C. Industrial partner D. A will be excluded from the partnership and will pay
D. Choices A, B and C damages.
29. A, B and C are partners each contributing P10,000. The 36. A, a managing partner is B’s creditor to the amount of
firm’s indebtedness amounts to P90,000. It was stipulated P1,000 already demandable. B also owes the partnership
that A would be exempted from liability. Assuming that the P1,000, also demandable. A collects P1,000 from B. One is
capital of P30,000 is still in the firm, which of the not correct.
following is not correct? A. If A gives a receipt for the partnership it is the
A. The creditors may get the P30,000 and still collect partnership’s credit that has been collected.
each P20,000 from A, B and C. B. If A gives a receipt for his own credit, it is A’s credit
B. A can recover P10,000 each from B and C should he that has been collected.
(A) be required to pay the creditors. C. If A gives a receipt for his own credit, P500 will be
C. A cannot recover his original capital of P10,000. given to him, P500 to the partnership.
D. The creditors can recover P45,000 each from B and D. B may decide that he is paying only A’s credit if the
C. personal credit of A is more onerous to B.
30. A newly admitted general partner is liable to creditors 37. The remedy of capitalist partners against an industrial
existing at the time of his admission and his liability is partner who engaged in a business for himself without the
A. Up to his capital contribution only if there is expressed permission from the partnership is:
stipulation. A. To compel him to sell his interest to the said capitalist
B. Up to his separate property even there is no partners.
stipulation. B. To exclude him from sharing in the profits of the
C. Up to his capital contribution even if there is partnership.
stipulation. C. To remove him as manager if he is appointed as
manger of the partnership.
D. To expel him from the partnership and claim for C. A partnership formed for gambling purposes.
damages. D. A partnership formed to create illegal monopolies or
combinations in restraint of trade.
38. A partnership which comprises all the profits that the
partners may acquire by their work or industry during the 47. A and B orally agreed to form a partnership two years from
existence of the partnership is called: today, each one to contribute P1,000. If at the arrival of the
A. Universal partnership of all present property period, one refuses to go ahead with the agreement, can the
B. Universal partnership of profits other enforce the agreement?
C. Particular partnership A. Yes, because the partnership contract is not governed
D. Partnership at will by the Statute of Frauds
B. Yes, because the prior agreement was voluntarily
39. A partnership whereby the partners contribute to a common made.
fund all the property actually belonging to them at the time C. No, because the agreement was merely oral and
of the constitution of the partnership, with the intention of executor
dividing the same among themselves, as well as the profits D. No, since the agreement is to be enforced after one
which they may acquire therewith is: year from the making thereof, the same should be in a
A. Universal partnership of all present property public instrument to be enforceable.
B. Universal partnership of profits
C. Particular partnership 48. Where at least one partner is a general partner and the rest
D. Partnership at will are limited partners
A. General partnership
40. A partnership without a definite period of existence and B. Partnership by estoppels
which can be dissolved at any time by any of the partners is C. Partnership de facto
called: D. Limited partnership
A. Universal partnership of all present property
B. Universal partnership of profits 49. Where all the partners are general partners
C. Particular partnership A. General partnership
D. Partnership at will B. Partnership by estoppels
C. Partnership de facto
41. A, B and C, capitalist partners, each contributed P10,000 D. Limited partnership
and D, the industrial partner contributed his services.
Suppose X, is the creditor of the firm amounting to 50. A and B are equal partners in AB Partnership by
P90,000. After getting the P30,000 capital assets of the contributing P50,000 each on June 1, 2010. On July 1,
partnership, which is correct? 2010, the partnership contracted an obligation to pay Z the
A. X can recover P20,000 each from A, B and C only. amount of P180,000 on August 31, 2010. On August 10,
B. X can recover P60,000 from either A, B and C only. 2010, C was admitted as a new partner. C contributed
C. X can recover P15,000 each from A, B, C and D. P50,000. How will the obligation be paid?
D. X can recover P15,000 each from A, B and C but D is A. A P60,000; B P60,000; C P60,000
exempt because he is an industrial partner. B. A P90,000; B P90,000; C None
C. A P180,000 or B P180,000 and C P50,000
42. A, B and C are partners. D is admitted as a new partner. D. A P65,000; B P65,000; C P50,000
Will D be liable for partnership obligations contracted prior
to his admission to the partnership? 51. A, B and C are equal partners in ABC Partnership. On April
A. No, only for those contracted after his admission. 29, 2010, C died. Not knowing that C is dead, on May 2,
B. Yes, and his liability would extend to his own 2010, A contracted a liability to D who also did not know
individual property. about the death of C. The liability is P90,000. After D
C. Yes, but his liability will extend only to his share in exhausted the net assets of the partnership in the amount of
the partnership property and not to his own P60,000, he can collect
individual property. A. P30,000 from A or P30,000 from B.
D. Yes, as if he had been an original partner. B. P15,000 from A and P15,000 from B.
C. P10,000 from the estate of C, P10,000 from A and
43. A partner who has all the rights, powers and subject to all P10,000 from B.
restrictions of a general partner but whose liability is, D. P30,000 from the estate of C or P30,000 from B or
among themselves, limited to his capital contribution is: P30,000 from C.
A. General partner
B. Limited partner 52. A, B and C are partners. Their contributions are as follows:
C. General-limited partner A, P60,000; B, P40,000 and C, services. The partners
D. Dormant partner agreed to divide profits and losses in the following
proportions: A, 35%; B, 25% and C 40%. If there is a loss
44. Bears the risk of things contributed to the partnership: of P10,000, how should the said loss be shared by the
A. General partner partners?
B. Limited partner A. A P6,000; B P4,000; C nothing
C. Partner contributing usufructuary rights over fungible B. A P3,000; B P2,000; C P5,000
things C. A P3,500; B P3,500; C P3,000
D. Partner contributing usufructuary rights over non- D. A P3,500; B P2,500; C P4,000
fungible things
53. Using the preceding number, but the partners did not agree
45. A, B and C, capitalist partners, each contributed P10,000. on how to divide profits and losses. If there is a loss of
After exhausting the assets of the firm, the firm’s P10,000, how should the said loss be shared by the
indebtedness amounts to P90,000. It was stipulated that A partners?
would be exempted from liability. Which is correct? A. A P6,000; B P4,000; C nothing
A. A may recover his original capital of P10,000. B. A P3,000; B P2,000; C P5,000
B. The creditors may collect P30,000 each from A, B C. A P3,500; B P3,500; C P3,000
and C. D. A P3,500; B P2,500; C P4,000
C. A can recover P20,000 each from B and C should he
be required to pay the creditors. 54. When the manner of management has not been agreed
D. The creditors can recover P45,000 each from B and C. upon, who shall mange the affairs of thepartnership?
A. Capitalist partners
46. Instances when a partnership is unlawful, except B. Industrial partners
A. A partnership formed to furnish apartment houses C. Capitalist-industrialist partners
which would be used or prostitution D. All of the partners
B. A partnership formed for the purpose of acquiring
parcels of land
55. A, B and C are partners in a partnership business. A E. Who are liable to E for the payment of the unpaid
contributed P10,000, B contributed P5,000 and C his balance of P10,000 and how much should each pay to E?
services only. After payment of partnership debts, what A. A P5,000; B P3,000; C P2,000; D nothing
remains of the partnership assets is P6,000 only. In the B. A P2,500; B P2,500; C P2,500; D P2,500
absence of stipulation to the contrary, the share of C will C. A P4,000; B P3,000; C P2,000; D P1,000
equal to: D. A P4,000; B P4,000; C P2,000; D nothing
A. That of A
B. P2,000 62. One or more but less than all the partners have no authority
C. That of B to perform the following acts, except:
D. Nothing A. Do any act which would make it impossible to carry
on the ordinary business of the partnership.
56. A, B and C are partners in ABC Co. D owes the partnership B. Submit a partnership claim or liability to arbitration.
P4,500. A, a partner, received from D a share of P1,500 C. Renounce a claim of the partnership.
ahead of partners B and C, giving D a receipt for his share D. Convey partnership property in the ordinary
only. When B and C were collecting from D, the latter was course of partnership business.
already insolvent. Which of the following is correct?
A. Partner A can be required to share the P1,500 with 63. A, B and C are equal partners in ABC Partnership. The
B and C. partnership is indebted to D for P150,000. Partner A is
B. A cannot be required to share the P1,500 with B and indebted to E for P20,000. D attached and took all the
C. assets of the partnership amounting to P90,000. B and C are
C. B and C should automatically exhaust first all solvent while A is insolvent and that he owns is a land
remedies to collect from D. valued at P15,000. Which is correct?
D. B and C can automatically deduct from the capital A. E has priority to the land of A as a separate
contribution of A in the partnership, their respective creditor
share in the P1,500. B. D has priority to the land of A to cover A’s share of the
57. A partnership suffered losses in the first year of its P60,000 remaining liability of the partnership.
operation. A, a capitalist partner, cannot contribute an C. B and C have priority to the land of A if they paid D
additional share to the capital because of insolvency. Can A the P60,000 remaining liability of the partnership.
be obliged to sell his interest to the other partners on the D. D and E shall both have priority to the land of A in
ground of such refusal? proportion to their claims of P60,000 and P20,000,
A. Yes, A’ refusal to contribute additional share reflects respectively.
his lack of interest in the continuance of the
partnership. 64. A, B and C are partners. A is an industrial partner. During
B. No, because there is actually no imminent loss of the the first year of operation, the firm
business. realized a profit of P60,000. During the second year, the
C. Yes, provided that A is paid the value of his interest. firm sustained a loss of P30,000. So, the net profit for the
D. No, because his refusal is justifiable. two years of operation was only P30,000. In the Articles of
Partnership, it was agreed that A, the industrial partner
58. Which of the following is considered prima facie evidence would get 1/3 of the profit but would not share in the
of the existence of a partnership? losses. How much will A, the industrial partner will get?
A. Where payment of interest on a loan depends on the A. A will get only P20,000 which is 1/3 of the profit of
profit of the business. the 1st year of operation.
B. The receipt by a person of a share in the profits. B. A will get only P10,000 which is 1/3 of the net
C. The sharing of gross returns of a business. profit.
D. Where the parties are established as co-owners of a C. A will get only P20,000 in the first year and none in
property. the second year.
D. A will share in the loss in the second year.
59. A and B are partners, with A as the managing partner. D is
indebted to A in the amount of P10,000 and to the 65. Three (3) of the following are rights of a partner. Which
partnership in the amount of P5,000. Both debts are due one (1) is not?
and demandable. D paid AP3,000. A issued to D a receipt in A. Right to associate another person to his share.
his own name. How should the amount of P3,000 be B. Right to admit another partner.
applied? C. Right to inspect and copy partnership books
A. The P3,000 should be applied to the indebtedness of D D. Right to ask dissolution of the firm at the proper time.
to A.
B. The P3,000 should be applied to the indebtedness of D 66. I. Partnership with a capital of three thousand pesos or
to the partnership. more, in money or property, shall appear
C. P2,000 should be applied to the indebtedness of D to in a public instrument, and recorded at SEC. Failure shall
the partnership and P1,000 to the indebtedness of D to not affect the liability of a
A. partnership and members thereof to third person.
D. P1,000 should be applied to the indebtedness of D II. When immovable property is contributed, an inventory
to the partnership and P2,000 to the indebtedness of said property is needed, signed by
of D to A. the parties and attached to the public instrument,
otherwise the contract of partnership is
60. Using the preceding no. but A issued to D a receipt in the void.
name of the partnership. How should the payment of A. True; True
P3,000 be applied? B. False; False
A. The P3,000 should be applied to the indebtedness of D C. True; False
to A. D. False; True
B. The P3,000 should be applied to the indebtedness
of D to the partnership. 67. I. Co-ownership or co-possession does not in itself
C. P2,000 should be applied to the indebtedness of D to establish a partnership, except when such co-owners or co-
the partnership and P1,000 to the indebtedness of D to possessors share in the profits made by the use of the
A. property.
D. P1,000 should be applied to the indebtedness of D to II. The sharing of gross returns does not of itself establish a
the partnership and P2,000 to the indebtedness of D to partnership, except when the persons sharing them have a
A. joint or common right or interest in any property from
which the returns are derived.
61. A, B, C and D are partners. Their contributions are as A. True; True
follows: A, P50,000; B, P30,000; C, P20,000; D, services. B. False; False
The partnership incurred obligations to third persons which C. True; False
the firm was unable to pay. After exhausting the assets of D. False; True
the partnership, there still is unpaid balance of P10,000 to
68. I. The receipt by a person of a share of the profits of a 74. I. A universal partnership of profits comprises all movable
business is conclusive evidence that he is partner in the or immovable property which each of the partners may
business. possess at the time of the celebration of the contract and all
II. A partnership of all present property is where the that the partners may acquire by their industry or work
partners contribute all property which actually belong to during the existence of the partnership.
them to a common fund, with the intention of dividing the
same among themselves, as well as all the profits which II. Future property by inheritance, legacy or donation,
they may acquire therewith. including the fruits thereof cannot be included in the
A. True; True stipulation regarding the universal partnership of all present
B. False; False property.
C. True; False A. True; True
D. False; True(?) B. False; False
C. True; False
69. I. In a universal partnership of all present property, the D. False; True
property which belong to each of the partners at the time of
constitution of the partnership becomes a common fund of 75. I. A and B are partners in a universal partnership of profits.
all partners and all profits which they may acquire through Subsequently, A won first prize in the sweepstakes. The
inheritance, legacy, or donation cannot be included in such prize money will belong to the partnership.
stipulation, except the fruits thereof. II. A and B are partners in a universal partnership of profits.
II. The universal partnership of profits comprises all that Later A purchased a parcel of land.
the partners may acquire by industry or work during the The fruits of said land belong to the partnership.
existence of the partnership. Movable or immovable A. True; True
property which each may possess at the time of the B. False; False
celebration of the contract shall continue to pertain C. True; False
exclusively to each, only the usufruct passing to the D. False; True
partnership.
A. True; True 76. I. Persons who are prohibited from giving each other any
B. False; False donation or advantage cannot enter into universal or
C. True; False particular partnership.
D. False; True II. A partnership begins from the moment of the execution
of the contract, unless it is otherwise stipulated.
70. I. A partnership must have a lawful object or purpose, and A. True; True
must be established for the common B. False; False
benefit or interest of the partners. C. True; False
II. When an unlawful partnership is dissolved by a judicial D. False; True
decree, the profits and partners’ contributions shall be
confiscated in favor of the State. 77. I. If property has been promised by a partner as contribution to
A. True; True the partnership, the fruits Arising from the time the
B. False; False property should have been delivered should also be given
C. True; False provided prior demand was made.
D. False; True II. A partner who has undertaken to contribute a sum of money
and fails to do so becomes a debtor for the interest and
71. I. A partnership may be constituted in any form, except damages from the time he should have complied with his
where immovable property or real rights are contributed obligation, without the need of any demand.
thereto, in which case a written instrument shall be A. True; True
necessary. B. False; False
II. Every contract of partnership having a capital of three C. True; False
thousand pesos or more in money or property shall appear D. False; True
in a public instrument which must be recorded in the office
of the SEC, otherwise the partnership is void. 78. I. The partners shall contribute equal shares to the capital
A. True; True of the partnership.
B. False; False II. If there is no agreement to the contrary, in case of an
C. True; False imminent loss of the business of the partnership, any
D. False; True partner who refuses to contribute additional share to the
capital, to save the venture, shall be obliged to sell his
72. I. A contract of partnership is void, whenever immovable interest to the other partners.
property is contributed thereto, if an inventory of said A. True; True
property is not made, signed by the parties and attached to B. False; False
the public instrument. C. True; False
II. A universal partnership of profits is that in which the D. False; True
partners contribute all the property which actually belongs
to them to a common fund with the intention of dividing 79. I. If a partner collects a demandable sum, which was owed
the same among themselves, as well as the profits which to him in his own name, from a Person who owed the
they may acquired therewith. partnership another sum also demandable, the sum thus
A. True; True collected shall be applied to the two credits in proportion to
B. False; False their amounts, even though he may have given a receipt for
C. True; False his own credit only, but should he have given it for the
D. False; True account of the partnership credit, the amount shall be fully
applied to the latter.
73. I. In a universal partnership of profits, the property which II. The risk of specific and determinate things contributed
belong to each of the partners at the time of the constitution to the partnership so that only their use and fruits may be
of the partnership becomes the common property of all the for the common benefit, shall be borne by the partner who
partners, as well as all the profits which they may acquire owns them.
therewith. A. True; True
II. A universal partnership of all present property comprises B. False; False
only all that the partners may acquire by their industry or C. True; False
work during the existence of the partnership. D. False; True
A. True; True
B. False; False 80. I. In the absence of stipulation, the share of each partner in
C. True; False the profits and losses shall be equal
D. False; True to each other.
II. A stipulation which excludes one or more partners from
any share in the profits or losses is void, as a general rule.
A. True; True 87. I. Every partner may associate another person with him in
B. False; False his share, but the associate shall not be admitted in the
C. True; False partnership without the consent of all the other partners,
D. False; True even if the partner having an associate should be a
manager.
81. I. The partner who has been appointed manager may II. Articles of universal partnership, entered into without
execute all acts of administration despite he opposition of specification of its nature, only constitute universal
his partners, unless he should act in bad faith and his power partnership of profits.
is irrevocable without just or lawful cause. A. True; True
II. When the manner of management has not been agreed B. False; False
upon, none of the partners may, without the consent of the C. True; False
others, make any important alterations in the property of D. False; True
the partnership, even if it may be useful to the partnership.
A. True; True
B. False; False
C. True; False
D. False; True
84. I. Persons who are not partners as to each other are not
partners as to third persons, except in cases of estoppel.
II. An admission or representation made by any partner
concerning partnership affairs is evidence against the
partnership.
A. True; True
B. False; False
C. True; False
D. False; True