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    Quiz On Dissolution and Winding Up Name: Section: Date: Score

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    Palileo Kids
    This document contains a 7 question quiz on dissolution and winding up of partnerships. The questions cover situations where a partnership may be considered dissolved, rights of partners upon dissolution, governance after the end of a partnership's term, who has authority over liquidation, and priority of claims against a debtor partner's separate property. The document also provides a rubric for grading an essay question and assigning points to multiple choice questions.

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    Quiz On Dissolution and Winding Up Name: Section: Date: Score

    Uploaded by

    Palileo Kids
    600 views2 pages
    This document contains a 7 question quiz on dissolution and winding up of partnerships. The questions cover situations where a partnership may be considered dissolved, rights of partners upon dissolution, governance after the end of a partnership's term, who has authority over liquidation, and priority of claims against a debtor partner's separate property. The document also provides a rubric for grading an essay question and assigning points to multiple choice questions.

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    business law

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    03_Quiz_1(2) new

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    This document contains a 7 question quiz on dissolution and winding up of partnerships. The questions cover situations where a partnership may be considered dissolved, rights of partners upon dissolution, governance after the end of a partnership's term, who has authority over liquidation, and priority of claims against a debtor partner's separate property. The document also provides a rubric for grading an essay question and assigning points to multiple choice questions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    600 views2 pages

    Quiz On Dissolution and Winding Up Name: Section: Date: Score

    Uploaded by

    Palileo Kids
    This document contains a 7 question quiz on dissolution and winding up of partnerships. The questions cover situations where a partnership may be considered dissolved, rights of partners upon dissolution, governance after the end of a partnership's term, who has authority over liquidation, and priority of claims against a debtor partner's separate property. The document also provides a rubric for grading an essay question and assigning points to multiple choice questions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    BM1905

    QUIZ ON DISSOLUTION AND WINDING UP

    NAME: SECTION: DATE: SCORE:

    QUESTIONS:
    1. A and B formed a partnership to exploit a fishpond and thereafter to divide it between them into two (2)
    equal parts. Succeeding events reveal the intent of both parties to terminate the partnership by refusing
    to share the fishpond with the other – in direct violation of the undertaking for which they have
    established their partnership – which resolution they articulated in letter to each other. Should the
    partnership be considered dissolved? Explain.

    Answer:

    2. A withdrew as a partner from partnership X. It was the intention and understanding of the parties that
    A was relinquishing all his rights and interests in the partnership upon the return of all his investment,
    subject to the condition that A was to be repaid within three (3) days from the date the settlement was
    agreed upon. This condition was fulfilled when on the following day, A was reimbursed the amount due
    him under the agreement. Is A entitled to profits of the partnership at the time of dissolution? Explain.

    Answer:

    3. When a partnership for a fixed term or particular undertakings continued after the termination of such
    term or particular undertaking without any express agreement, what shall govern the rights and duties
    of the partners?
    a. The rights and duties of the partners remain the same as they were at such termination, so far as
    they are consistent with a partnership at will.
    b. The partnership shall be liquidated because there is dissolution of the partnership.
    c. The partnership shall not be continued.
    d. The partnership shall be governed by the rules on co-ownership.
    Answer:

    03 Quiz 1 *Property of STI


    Page 1 of 2
    BM1905

    4. Which of the following is NOT an instance wherein a general partnership may be dissolved by a decree
    of court upon application by a partner, or also known as non-automatic causes of dissolution?
    a. The business of the partnership can be carried only at a loss.
    b. A partner willfully or persistently commits a breach of the partnership contracts.
    c. Death of any partner.
    d. Other circumstances that render a dissolution equitable.
    Answer:

    5. Who shall have the right or authority to liquidate or wind up the partnership affairs?
    a. The liquidating partner agreed upon by the partners
    b. The partners who have not wrongfully dissolved the partnership
    c. The legal representative of the last surviving partner, not insolvent
    d. Any of the above
    Answer:

    6. Indicate the property order on priority of claims against the separate property of a debtor who is
    insolvent or whose estate is insolvent.
    I. Those owing to separate creditors
    II. Those owing to partnership creditors
    III. Those owing to partners by way of contribution
    a. I – II – III
    b. II – I – III
    c. III – II – I
    d. I – III – II
    Answer:

    7. When may a partner, his legal representative, or assignee ask for liquidation or winding up of
    partnership affairs by the court?
    a. When there is no agreement as to who shall wind up the partnership affairs
    b. When there is no violation of articles of co-partnership
    c. When said partner violated the articles of co-partnership
    d. When said partner or legal representative or assignee shows valid cause for liquidation
    Answer:

    Rubric for grading essay:


    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

    For multiple choice questions: 5 items x 2 points

    03 Quiz 1 *Property of STI


    Page 2 of 2

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