(Sentence 1): A public instrument is necessary for the validity of a partnership.

(Sentence 2): An inventory is necessary for the validity of a partnership.

Correct answer

Both sentences are possible.

(Sentence 1): Notice to one partner is always considered as notice to the partnership.

(Sentence 2): The partnership and all of the partners are always liable solidarily by any wrongful act or
omission of any partner.

Correct answer

Both sentences are false.

Limited partners have absolute right to participate in the management.

Correct answer

False

The right to choose with whom a person wishes to associate himself is the very foundation and essence
of that partnership.

Correct answer

True

(Sentence 1): A partner cannot be obliged to contribute additional share to the capital in case of an
imminent loss of the business of the partnership. (Sentence

(Sentence 2): If a partner authorized to manage collects a demandable sum which was owed to him in
his own name, from a person who owed the partnership another sum also demandable, the sum thus
collected shall be applied to the two credits in proportion to their amounts, even though he may have
given it for the account of the partnership credit.

Correct answer

Sentence 1 possible and sentence 2 is false.

(Sentence 1): The partners may agree to intrust to a third person the designation of the share of each
one in the profits and losses.

(Sentence 2): The partners may intrust the designation of profits and losses to one of the partners.

Correct answer

Sentence 1 is true but sentence 2 is false.

Persons who are prohibited from giving each other any donation or advantage cannot enter into
universal partnership.

Correct answer

True

(Sentence 1): All partners, except industrial ones, shall be liable pro rata with all their property and after
all the partnership assets have been exhausted.

(Sentence 2): Every partner is an agent of the partnership for the purpose of its business.

Correct answer

Sentence 1 is false and sentence 2 is possible.

All acts of ownership requires the consent of one or more but not all partners.

Correct answer

False

Partnerships with a capital of P3,000.00 or more must register with the SEC. Registration requirement is
mandatory.

Correct answer

False

A general partner is liable only to the extent of his contribution while a limited partner is liable beyond
his contribution.

Correct answer

False
Associations and societies, whose articles are kept secret among the members, and wherein any one of
the members may contract in his own name with third persons, shall also have juridical personality.

Correct answer

False

(Sentence 1): The risk of specific and determinate things, which are not fungible, contributed to the
partnership so that only their use and fruits may be for the common benefit, shall be borne by the
partnership.

(Sentence 2): The risk of the things brought and appraised in the inventory, shall always also be borne by
the partnership.

Correct answer

Both sentences are false.

The receipt by a person of a share of the profits of a business is conclusive evidence that he is a partner
in the business.

Correct answer

False

(Sentence 1): A partner’s interest in the partnership is his share of the profits and surplus.

(Sentence 2):A conveyance by a partner of his whole interest in the partnership entitles the assignee to
interfere in the management or administration of the partnership business or affairs.

Correct answer

Sentence 1 is true and sentence 2 is possible.

(Sentence 1): One of the property rights of a partner is his right to use and occupy a partnership
property for his own benefit. (Sentence 2): A partner’s right in specific partnership property may be
assigned.

Correct answer

Both sentences are possible.

(Sentence 1): All humans are persons under the law.

(Sentence 2): All persons are human under the law.

Correct answer

Sentence 1 is true but sentence 2 is false