BM1905

QUIZ ON PARTNERSHIP: GENERAL PROVISIONS

NAME: SECTION: DATE: SCORE:

QUESTIONS:
1. A and B are partners in a partnership known as X & Co. They agreed that they would contribute all their
properties to a common fund for the purpose of dividing the same between themselves, as well as the
profits to be derived therefrom. A contributed all his properties consisting of two (2) big parcels of
agricultural land and a tractor. B contributed also his properties consisting of P100,000 cash and farm
implements. What type of partnership did A and B enter into?
Answer:

2. Under the verbal contract, A and B contributed P22.00 each for the purpose of purchasing a parcel of
land. It was agreed that upon its acquisition, the property would be divided equally between them. A
kept the land for himself and refused to divide. B brought an action for partition. Did the parties enter
into a contract of partnership? Explain.
Answer:

3. Suppose A, B, and C are not really partners, but A told X that A, B, and C are partners. X, believing the
representation made by A and consented to by B, extended credit to A. What type of partnership was
described? Explain.
Answer:

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4. Suppose A, B, and C are accounting professionals who decided to start a partnership. What type of
partnership will they establish? Explain.
Answer:

5. Which of the following is NOT a requirement of a contract of partnership?

a. There must be a valid contract.
b. There must be a mutual contribution of money, property, or industry to a common fund.
c. Partners must obtain profits and divide the same themselves.
d. The articles of partnership are kept a secret among the members.
Answer:

6. Which of the following is NOT a characteristic of partnership?

a. Consensual
b. Bilateral
c. Communicative
d. Onerous
Answer:

7. It is a contract of two (2) or more persons who bind themselves to contribute money, property, or
industry to a common fund, with the intention of dividing the profits among themselves. It may also be
formed by two (3) or more persons for the exercise of a common profession.
a. Contract of Agency
b. Contract of Partnership
c. Contract of Co-ownership
d. Contract of Sale
Answer:

8. Which of the following statements concerning partnership is FALSE?

a. Partnership is a juridical entity which has a personality separate and distinct from that of each of
the partners.
b. There must be an intent to form a partnership.
c. There is a fiduciary relation among partners.
d. All partnership contracts are consensual.
Answer:

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9. Which of the following is generally NOT allowed to enter into a contract of partnership?
a. Any natural person who is capacitated
b. Another partnership
c. A professional
d. A corporation
Answer:

10. The articles of universal partnership are entered into without specification as to their nature. What shall
be its construction or interpretation?
a. It is a particular partnership.
b. It is a universal partnership of all present property.
c. It is a universal partnership of profits.
d. It is a general professional partnership.
Answer:

11. This is a type of partnership whereby the common fund comprises only all that the partners may acquire
by their work or industry during the existence of the partnership.
a. Universal partnership of all present property
b. Universal partnership of profits
c. Particular partnership
d. General professional partnership
Answer:

12. Which of the following persons can enter into a universal partnership but cannot enter into a particular
partnership?
a. Husband and wife
b. Persons who were guilty of adultery or concubinage at the time of formation
c. Persons who were guilty of the same criminal offense
d. Public officer or his wife, descendants and ascendants and another person by reason of the
public officer’s position
Answer:

Rubric for grading:

CRITERIA PERFORMANCE INDICATORS POINTS
Content Provided pieces of evidence, supporting details, 7
and factual scenarios
Organization of Expressed the points in clear and logical 3
ideas arrangement of ideas in the paragraph
TOTAL 10

Rubric for grading multiple choice questions: (8 items x 2 points)

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