Drill 1 Partnership PDF

Since 1977
BUSINESS LAW ATTY. ONG/LOPEZ

BL.2802 Drill 1 - Partnership MAY 2020
1. General partners shall have no right to perform the During the month of April, the following transactions were
following acts without the written consent or ratification by entered into by the following partners in behalf of the
all the limited partners, except: partnership without any authority:
a. Admit a person as a general partner. I. The sale of a generator by Roland to Juan Torres who
b. Admit a person as a limited partner, unless the right to was not aware that Roland had no authority. Juan
do so is given in the certificate. Torres has paid for the generator which is due for
c. Continue the business with partnership property on the delivery.
death, retirement, insanity, civil interdiction or II. The purchase of a car by Edmond from Lexus Motors
insolvency of a general partner, unless the right to do whose owner was not aware of Edmond's lack of
so is given in the certificate. authority. The car and the price are due for delivery
d. To have the partnership books kept at the principal and payment, respectively.
place of business of the partnership, and at a Based on the foregoing, the partnership is bound by:
reasonable hour to inspect and copy any of them. a. Transaction I only.
a. b. Transaction II only.
2. A, B, C partnership has a partnership credit against X in the c. Both Transactions I and II.
amount of P300,000. In the course of conducting the d. Neither of Transaction nor II.
business of the partnership. A, B, and C agreed equally to 7. All partners are liable solidarity with the partnership for the
divide the credit of P300,000 among themselves. A and B purpose of making good the loss:
were able to collect from X P100,000 each, but C was not a. Where one partner acting within the scope of his
able to collect because X has already become insolvent. In apparent authority receives money or property of a
this case: third person and misapplies it.
a. A and B should share their collection with C. b. Where the partnership in the course of its business
b. A and B should return to the partnership capital what receives money or property of a third person and the
they have collected. same is misappropriated by any partner while it is in
c. A and B cannot be compelled to share their collection the custody of the partnership.
with C nor return it to the partnership capital because c. Where by any wrongful act or omission of any partner
the agreement to divide was made after the partnership acting in the ordinary course of the business of the
was dissolved and therefore, there is no more element partnership or with the consent of his copartners loss or
of mutuality or reciprocity existing among the partners. injury is caused to any person who is not a partner in
d. Correct answer not indicated the partnership.
3. A partnership formed for the exercise of a profession which d. All of the above
is duly registered is an example of: 8. Partner shall have the right:
a. Universal partnership of profits. a. To ask that the books of the partnership be kept at the
b. Universal partnership of all present property. principal place of business of the firm, and at any
c. Particular partnership. reasonable hour have access to and inspect and copy
d. Partnership by estoppel. any of them.
4. In A, B and c partnership, A was appointed sole manager b. To demand true and full information of all things
of its tailoring business. A as such manager can execute all affecting the partnership.
acts of administration despite the operation of b and C. c. To share in the profits and surplus assets of the firm.
Which of the following acts cannot be done by A alone? d. All of the above.
a. To buy textile materials for use of the tailoring on 9. X, Y, and Z are partners where X was appointed manager
credit. with authority to collect. D is indebted to XYZ partnership
b. To buy much needed Singer sewing machines for cash. in the amount of P100,000 which is already due and
c. To pay for the salaries of the employees. demandable and is also indebted to X personally and
d. To transfer the location of the tailoring form the likewise due and demandable in the amount of P50,000. X
university belt to Makati Avenue. collected from D P45,000. Which of these is not a correct
e. None of the above. statement?
5. Allan, Beth and Chris are partners with capital contribution a. If X gave a receipt in his own name, he is bound to
of Which of the following statements about a contract of give XYZ partnership a proportionate which is
partnership having a capital of P3,000 or more in cash or P30,000.
personal property is true? b. If X gave a receipt in the name of partnership he has to
a. It must be in writing even a private one to be valid. give the P45,000 to XYZ partnership.
b. It should appear in a public instrument which must be c. If X's credit to D carries an interest of 18% and XYZ
recorded with the S.E.C. to be valid partnership's credit to D has an interest of 14% only,
c. It need not be in writing to be valid. when X collects from D P15,000 and gives a receipt in
d. It should appear in a public instrument even if not his own name he also has to share the collection with
recorded with the S.E.C. to be valid the partnership in proportion.
6. GREAT Company, a partnership engaged in the 10. None of the above.A and B are partners engaged in the real
distribution of generators, is composed of George, Roland, estate business. A learned that C was interested in buying a
Edmond, Albert and Troy. George is the managing partner. certain parcel of land owned by the partnership, even for a
Page 1 of 2 www.prtc.com.ph BL.2802

EXCEL PROFESSIONAL SERVICES, INC.
higher price. Without informing B, A was able to make B B. To avail himself of the usual remedies in case of fraud
sell to him (A) his (B's) share in the partnership. Then A in the management.
sold the land at a big profit. C. To demand information, accounting and inspection of
a. A is liable to B for the latter's share in the profit. the partnership books
b. C is liable to B for the latter's share in the profit. D. The right to participate in the management
c. The partnership is dissolved when A became the sole a. All of the above c. B, C and D
owner. b. Only C d. C and D
d. The sale of the land to C is void since it was without 16. A, B and C are partners in an import and export business
the knowledge of B. where customers desiring to place an order are required to
11. Alexis and Bote entered into a universal partnership of all make a deposit of 30% to the partnership. T, a regular
present property. No stipulation was made regarding other customer deposited P300,000 to partner A who, instead of
properties. Subsequently, Alexis received a parcel of land turning over the money to ABC partnership,
by inheritance from his father; and another parcel of land misappropriated it for his own use. In this case:
from “The Best Ito University” as remuneration for Alexis a. T should sue alone A the misappropriating partner for
work as professor therein. the amount of P300,000.
a. The two parcel of land and their fruits are to be b. T can sue A or B or C the partnership of ABC
enjoyed by the partnership because the contract entered solidarity for the amount of P300,000
is a universal partnership of all present property. c. T can only sue partners A, B and C jointly for
b. The two parcel of land and their fruits will not be P300,000.
enjoyed by the partnership because there is no d. Correct remedy not indicated.
stipulation regarding future properties or their fruits. 17. The following statements pertain either to a partner
c. The partnership is entitled only to the fruits but not to appointed manager in the articles of partnership or through
the two parcel of land. a document after the formation of the partnership.
d. The partnership is entitled to use the two parcel of land I. He may be removed as manager only for a just or
as usufructuary and also entitled to the fruits produced lawful cause by the vote of the partners owning the
by the property. controlling interest.
12. These persons cannot enter into a universal partnership II. He may be removed as manager with or without just or
contract: lawful cause by the vote of the partner owing the
a. husband and wife controlling interest.
b. persons guilty of adultery and concubinage III. He may perform all acts of administrator despite the
c. persons who commit adultery in consideration thereof opposition of his partners provided he is in good faith.
d. public officials by reason of their office IV. He may perform all acts of administration in good faith
e. all of them but opposing partners may resort to his removal if he
13. A, B, C and D are partners where A, B, and C contributed persists.
P1,000,000 each and D his services. The partnership is Based on the foregoing:
engaged in the manufacture and export of garments. Due to a. I and III pertain to a partner appointed as manager in
a very strong typhoon, the entire roofing of the factory was the articles of partnership.
blown by the strong winds and if not repaired immediately b. I and III pertain to a partner appointed as manager
would aggravate the damage. A, B, C and D agreed on an through a document after the formation of the
additional contribution of P200,000 each in order to save partnership
the business from imminent loss. Which of these is the c. II and III pertain to a partner appointed through a
correct statement? document after the formation of the partnership.
a. D is duty bound to contribute 20% more of his time to d. I and IV pertain to a partner appointed as manager in
the business of the partnership. the articles of partnership
b. If A no longer has money, he can be complied to sell 18. A, B. C and D are partners where D is an industrial partner
his interest in the partnership to the other partners. and A, B and C respectively contributed P400,000,
c. B can question the decision because he did not vote for P200,000 and P200,000. ABCD & Co. became indebted to
the additional contribution. X in the amount of P1,800,000.
d. If C still has money, but refuses to make the a. X can only hold liable A, B, and C as the capitalist
contribution, he can be compelled to sell his interest in partners;
the partnership to the other partners. b. X must first exhaust the partnership asset of P800,000
14. Paul and Joven entered into a universal partnership of and then hold A, B and C jointly for the balance of
profits. Subsequently, Paul won 1st prize in the lotto. Will P1,000,000
the money belong to the partnership? c. X must first exhaust the partnership assets amounting
a. Yes, because it is considered profit acquired by the to P800,000 and then hold A, B, C and D solidarily
partner. liable for the balance of P1,000,000;
b. No, because it is not acquired by “industry or work” d. X must first exhaust the partnership assets amounting
c. Yes, because all profit acquired become part of to P800,000 and then hold liable jointly A, B, C and D
common fund. from the balance of P1,000,000 – but after D the
d. No, because the profit was acquired only after the industrial partner pays X P250,000 he can ask
constitution of the partnership. reimbursement from A, B, and C so that in the end D
15. Which of the following right cannot be exercise by an as an industrial partner will not be liable for losses
assignee of interest: among themselves.
A. To get whatever profits the assignor partner would
have obtained
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Since 1977

BUSINESS LAW ATTY. ONG/LOPEZ

Page 1 of 2 www.prtc.com.ph BL.2802

Page 2 of 2 www.prtc.com.ph BL.2802

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