The following are general rules regarding partnership’s books, except:

A. The partnership books shall be kept in the place agreed upon by the partners.

B. The partnership books shall be kept at the principal place of business of the partnership in the
absence of agreement.

C. Every partner shall have at a reasonable hour access to and may inspect andcopy any of the
partnership books.

D. Every partner shall have for his own account the right to access the partnership books on the
reasonable hour accorded to his will.

The following are true regarding the partners’ duty to render information, except:

A. Mutual trust and confidence requires that there be no concealment among partners.

B. Good faith not only requires that there be no false statement. It also requires that there be no
concealment among partners.

C. There is still duty to render information even though such already appears in the partnership books.

D. Partners shall render on demand true and full information of all things affecting the partnership
to any partner or legal representative of a deceased partner or of a partner under legal disability.

A universal partnership may refer to all present property or all profits. The following refer to a
universal partnership of all profits except for one which refers to the other kind. Which among the
following refer to a universal partnership of all present property?

A. It comprises all that the partners may acquire by their industry or work during the existence of the
partnership.

B. The partners contribute all the property which belongs to them to a common fund, with the
intention of dividing the same among themselves, as well as the profits they may acquire therewith.

C. Only the usufruct over the property of the partners passes to the partnership.

D. Articles of universal partnership, entered into without specification of its nature, only
constitute a universal partnership of all profits

The universal partnership of profits

A. Is by which property contributed includes all those belonging to the partners at the time of the
constitution of the partnership.
B. Presumes that property acquired by partners subsequently by inheritance, legacy or donation
cannot be included in a stipulation for its common enjoyment.

C. Presupposes that partners must contribute all property belonging to them to a common fund.

D. Imposes less obligation because their real and personal properties are retained by them in naked
ownership.

A particular partnership has the following characteristics, except

A. Object must be determinate

B. No specific undertaking required

C. Persons related by affinity may enter such partnership

D. Exercise of a profession or vocation

A partnership has a judicial personality separate and distinct from that of each of the partners.
Which statement does not support the aforementioned?

A. Partners are individually liable for the debts of the partnership.

B. Immovable property to be acquired must be in the name of the partnership.

C. Immovable property acquired in the name of the partnership must also be in the partnership
name if conveyed.

D. The partnership is held responsible for liability incurred.

The following are true regarding a partner, except:

A. Every partner must account to the partnership for any benefit.

B. Every partner must hold as trustee for the partnership any profits derived by him in any
transaction connected with the formation, conduct, or liquidation of the partnership or from any use by
him of its property.

C. Each partner is considered in law to be the disclosed agent of the others.

D. Each partner must always act for the common benefit in all transactions affecting the partnership
affairs.

Which is not true about a capitalist partner?

A. He cannot engage in the same or similar business to which the partnership is engaged.
B. Though he did not acquire knowledge of the business secrets of the partnership, it is unfair for him to
engage in another but similar kind of business.

C. If he violates such prohibition, he shall bear the losses alone.

D. If he violates such prohibition, he must bring to the common fund any profits he derived from his
transactions.

What kind of action is an action for accounting?

A. Action subrogatoria

B. Action Pauliana

C. Action of Account

D. Action in Personam

The following are principal rights of a partner with regards to his property rights. Which is only a
related right?

A. Rights of access and inspection of partnership books

B. Rights in specific partnership property

C. Interest in the partnership

D. Rights to participate in the management

Specific partnership property is not subject to the following by a partner alone except for one.
Which must not be included?

A. Attachment

B. Execution

C. Injunction

D. Depreciation

Assets of the partnership after partnership debts and liabilities are paid and settled and the rights of
the partners among themselves adjusted are known as:

A. Revenue

B. Goodwill
C. Profit

D. Surplus

Rights of an assignee include the following, except:

A. To receive in accordance with his contract the profits accruing to the assigning partner

B. To require information or formal account from the managing or supervising partner

C. To avail himself of the usual remedies provided by law in the event of fraud in the management

D. To receive the assignor’s interest in case of dissolution.

It means the extinguishment of the charge or attachment on the partner’s interest in the profits.

A. Remission

B.Redemption

C. Condonation

D. Restitution

Which is not true about a firm name?

A. It must include the name of at least one of the partners.

B. It must not be misleading.

C. It must be distinguished from other partnerships.

D. Use of the name of a deceased partner is allowed as long as it is indicated that said partner is
already deceased.

May one partner make all the partners liable for the obligation of the partnership?

A. No, he is the only one that should answer to such obligation in any circumstance.

B. Yes, he may, provided that he acted personally for the benefit of his interest.

C. Yes, he may, by entering into a contract in the name and for the account of the partnership.
D. No, he cannot bind the partnership and the partners since he is not considered an agent of the
firm when he acts principally for it.

Except as among the partners, any stipulation against the liability laid down for the contractual
obligations of the partnership is considered:

A. Rescissible

B. Unenforceable

C. Voidable

D. Void