Fernando, Filoteo, Fortunato and Fulgencio are partners in the firm F4 Enterprises

which is engaged in the trading of fertilizers Fernando contributed P50,000.00;

Filoteo, P30,000.0l Fortunato, P20,000.00. Fulgencio is an industrial partner and
manages the partnership. Based on the foregoing facts, which of the following
statements is incorrect?ou Answered

Fulgencio is exempt from losses although there is no agreement among the partners.

Fulgencio may not engage in the car repair business without the consent of his co-
partners.

Filoteo may be validly exempted from losses incurred by the partnership by agreement
of the partners.

Fernando may engage in the business of trading car spare parts without the consent of
the other part

A and B are partners in buying and selling automobiles. A, by the partner’s

agreement, was authorized to buy any immovables on a cash basis, never on the
installment plan. One-day A bought on installment plan a parcel of land with
improvements from X, a client. X did not know of A’s lack of authority. A’s purchase
was made on behalf and in the name of the partnership. Is the partnership bound?

Yes, because all transaction made by any partners with third person is valid provided
the latter acted in good faith.

No because A failed to obtain the consent of all partners although he was authorized to
buy any immovables.nswered

Yes, because although A was not really authorized, still for “apparently carrying on in
the usual way the business of the partnership” A is implicitly authorized and X did not
know of A’s lack of authority.

No because A was not really authorized to buy on installment plan and the same is not
“apparently carrying on in the usual way the business of the partnership”.