A and B orally agreed to form a partnership two years from today.

Each one to
contribute P10,000. If at the arrival of the period, one refuses to go ahead with the
agreement, can the other enforce the agreement? (Phil CPA, 97-2)

No, since the agreement is to be enforce after one year from the making thereof, the
same should be in writing to be enforceable.

Yes, because the partnership contract is not governed by the statute of frauds.ou
nswered

Yes, because the prior agreement was voluntarily made.

No, because the agreement was merely oral.

Which of the following statements is not correct? (Phil CPA, 93-2)u Answered

A partnership contract is not covered by the Statute of Fraud.

A limited partnership is one having at least one general partner and one limited partner
and the limited partner shall not be liable for the obligations of the partnership.

A limited partner who takes active part in the management of the firm becomes liable as
a general partner.

The contract of partnership is void if it contains a stipulation which excludes a partner

from sharing in the profits of the firm.

All present properties are contributed: (Phil CPA, 85-2)

Universal partnership

None of them

Limited partnership

General partnership