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    Law Midterm Quizzes Answer Key-16

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    BOB MARLOW
    Diana owes money to both PATOK Enterprises and one of its managers Olga. Diana pays Olga the full amount she owed her, but the payment should have been divided proportionately between the two debts.

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    Law Midterm Quizzes Answer Key-16

    Uploaded by

    BOB MARLOW
    17 views1 page
    Diana owes money to both PATOK Enterprises and one of its managers Olga. Diana pays Olga the full amount she owed her, but the payment should have been divided proportionately between the two debts.

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    © © All Rights Reserved

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    Diana owes money to both PATOK Enterprises and one of its managers Olga. Diana pays Olga the full amount she owed her, but the payment should have been divided proportionately between the two debts.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    17 views1 page

    Law Midterm Quizzes Answer Key-16

    Uploaded by

    BOB MARLOW
    Diana owes money to both PATOK Enterprises and one of its managers Olga. Diana pays Olga the full amount she owed her, but the payment should have been divided proportionately between the two debts.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    PATOK Enterprises, a partnership engaged in the business of renting out video

    films, is owned by Patricia, Alice, Tina, Olga, and Kaye, with Olga and Kaye as the
    managers. Diana owes PATOK Enterprises P6,000.00 and Olga, P4,000.00. Both
    debts are unsecured and are already due. Diana pays Olga P4,000.00 for which Olga
    issues her own receipt.

    The payment should be applied to Olga's credit only.orrect!

    The payment should be divided proportionately between PATOK and Olga,


    at P2,400.00 and P1,600.00, respectively.

    The payment should be divided equally between PATOK and Olga at P2,000.00 each.

    The payment should be applied to PATOK's credit only.

    As a general rule, a partner cannot ask for a formal accounting of the affairs of the
    partnership during its existence and before it is dissolved, except:

    When he is wrongfully excluded from the partnership business

    All of the above

    When the right exists under the terms of any agreement

    Whenever other circumstances render it just and reasonable

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