CHAPTER 1 - GENERAL 9. Partnerships with a capital of P3,000.

00
PROVISIONS or more must register with the SEC.
Registration requirement is mandatory.
TRUE OR FALSE
10. The receipt by a person of a share of
1. A partnership may be constituted in any the profits of a business is conclusive
form. evidence that he is a partner in the
business.
2. A partnership may be constituted in any
form, save when immovable property or 10. A general partner is liable only to the
real rights are contributed thereto or when extent of his contribution while a limited
the partnership has a capital of below partner is liable beyond his contribution.
P3,000, in which case a public instrument
shall be necessary. 12. An oral contract of partnership is as
good as a written one.
3. Associations and societies, whose
articles are kept secret among the 13. The right to choose with whom a
members, and wherein any one of the person wishes to associate himself is the
members may contract in his own name very foundation and essence of that
with third persons, shall also have partnership.
juridical personality.
14. An unjustified dissolution by a partner
4. Immovable property to be acquired can subject him to action for damages.
must be in the name of the partnership but
if conveyed, it is not necessary that it be in 15. When an unlawful partnership is
the partnership name. dissolved by a judicial decree, the profits
shall not be confiscated in favor of the
5. An inventory is still required if aside State.
from real property, personal property is
contributed. 16. A partnership must have a lawful
object or purpose, and must be established
6. The sharing of gross returns does not of for the common benefit or interest of the
itself establish a partnership, except when partners.
the persons sharing them have a joint or
common right or interest in any property 17. Where an immovable property is
from which the returns are derived. contributed in a partnership a private
instrument shall be necessary.
7. If a person receives a share in the
profits of a business, he is a prima facie 18. Articles of universal partnership,
presumed to be a partner in business. entered into without specification of its
nature, only constitute a universal
8. In partnership, there is co-ownership partnership of all present property.
and co-possession of partnership property.
19. Persons who are prohibited from
giving each other any donation or
advantage cannot enter into universal Multiple Choice Part I
partnership.
1. It means that it is a contract which has a
20. Co-ownership or co-possession does name in law.
not in itself establish a partnership, except
when such co-owners or co-possession a. Consensual
share in the profits made by the use of the
property. b. Nominate

c. Preparatory

d. Onerous

2. It means that each partner must

contribute money, property, or industry.
Of course, a partner can contribute one,
some or all of these.

a. Consensual

b. Nominate

c. Onerous

e. Preparatory

3.Any external thing over which the rights

of possession, use, and enjoyment are
exercised.

a. Money

b. Property

c. Industry

d. None of the above

4. The latin phrase "delectus personae” b. De jure partnership
means
c. De facto partnership
a. Choice of the person
d. Partnership by estoppel
b. Choice of the people
8. The following are the effects of
c. Choice of the public unlawful partnership, except:

d. None of the above a. The contract is voidable from the very

beginning.

5.The birth and life of a partnership at will b. The profits shall be confiscated in favor
is predicated on the mutual desire and of the government.
consent of the partners.
c. The instruments or tools and proceeds
a. Partnership at will of the crime shall be forfeited in favor of
the government.
b. Partnership for a particular undertaking
d. The contributions of the partners shall
c. Partnership for a fixed term not be confiscated.

d None of the above

9. A document prepared by a notary
public in the presence of the parties who
6. An entity created by law and given sign it before witnesses.
certain legal rights and duties of a human
being or a being, real or imaginary, who a. Private instrument
for the purpose of legal reasoning is
treated more or less as a human being. b. Public instrument

a. Natural person c. Commercial instrument

b. Juridical person d. None of the above

c. Normal person
10. When two or more persons bind
d. None of the above themselves to contribute money, property,
or industry to a common fund, with the
intention of dividing the profits among
7. Where a partnership not duly organized themselves.
has been recognized as such in its dealings
with certain persons. a. Corporation

a. Ordinary partnership b. Partnership

c. Sole proprietorship a. Only 1 is true

d. Cooperative b. Only II is true

c. Both are true

11. A group of men pursuing a learned art
as a common calling in the spirit of public d. Both are false
service.

a. Business
14. It means that it is a contract that is
b. Service perfected by mere consent because all the
partners had a meeting of the minds to
c. Profession enter into a contract partnership.

d. Artists a Consensual

b. Principal
12 The following are requisites of
partnership, except: c. Preparatory

a. There must be a valid contract; d. Commutative

b. There must be a contribution of money,

property, and industry to a common fund;
15. It means that the contribution of each
c. The partnership must be organized for partner, whether money, property or
gain or profit; and industry, is considered as the equivalent of
the contribution of the other partners.
d. The partnership should have a lawful
object or purpose, and must be established a. Consensual
for the common benefit or interest of the
partners. b. Principal

c. Preparatory
13. There are two tests to determine the
existence of a partnership: d. Commutative

I. First test: Determine whether or not

there is an agreement to contribute money,
property or industry to a common fund.

II. Second test: Determine whether or not

there is an intent of th contracting parties
to divide the profits among themselves.
Multiple Choice Part II d. Both are false

1. It is one where persons, by words

spoken or written or by conduct represents
themselves, or consents to another 4. May contribute money, property or
representing them to anyone, as partners industry to a common fund.
in an existing partnership or with one or
more persons not actual partners. a. Limited partner

a. Partnership by estoppel b. General partner

b. Partnership by prescription c. Both limited and general partner

c Closed partnership d. Both limited and industrial partner

d. Partnership sole
5. The following are disqualified to form a
universal partnership, except one:
2. It is one which has not complied with
all the legal requirements for its creation. a. Brother and sister

a De facto partnership b Husband and wife

b. De jure partnership c Those guilty of adultery or concubinage

c. Real partnership d. Those guilty of the same offense, if the

partnership is entered into in consideration
d. Ordinary partnership of the same

3. I. Q was an accountant in a partnership, 6. X and Y verbally entered into a

with a yearly salary amounting to 10% of partnership with each of them contributing
the net profits for the year. Thus, he is a P2,000 each and some personal properties
partner in the said partnership in the amount of P500 each. The
partnership contract is:
II. The receipt by a person of a share of
the profits of a business is conclusive a Unenforceable because the amount
evidence that he is a partner in the involved exceeds P500.00.
business
b Void because it is not in public
a Only I is true
c Valid instrument.
b. Only II is true
d. Void, because it is not registered with
c. Both are true the SEC.
 c. Particular partnership
7. The following are instances, except
one, when a partnership is unlawful. d None of the above
Which is the exception?

a. A partnership formed for the purpose of 10. It comprises all that the partners may
selling illegal drugs. acquire by their industry or work during
the existence of the partnership.
b A partnership formed for the purpose of
buying lands. a. Universal partnership of all profits

c. A partnership formed to create illegal b Universal partnership of all present

gambling. property

e. A partnership formed for selling c. Particular partnership

smuggled cars.
d. None of the above

8. X and Y orally agreed to form a

partnership. Each contributed cash worth 11. A particular partnership has for its
P15,000 to common fund. But they did object determinate things, their up or
not register the partnership with the fruits, or specific undertaking, or the
Securities and Exchange Commission. exercise of a profession vocation.

a. The partnership is void a Universal partnership of all profits

b. The partnership is voidable b. Universal partnership of all present

property
c. The partnership is still valid
c Particular partnership.
d. The partnership is valid and
unenforceable d. None of the above

9. The partners contribute all the property 12. It is one where all the partners are
which actually belongs to them to a general partners.
common fund, with the intention of
dividing the same among themselves, as a. De jure partnership
well as all the profits which they may
acquire therewith b. De facto partnership

a. Universal partnership of all profits c. Limited partnership

b. Universal partnership of all present d. General partnership

property
13. It is one where there is at least one
general partner and one limited partner.

a. De jure partnership

b. De facto partnership

c. Limited partnership

d. General partnership.

14. It is one where the life or period of

existence of the partnership has been
agreed upon by the partners.

a. Partnership with a fixed term

b. Partnership for a particular undertaking

c. Partnership at will

d. De facto partnership

15. It is one where it will exist until the

purpose is accomplished.

a. Partnership with a fixed term

b. Partnership for a particular undertaking.

c. Partnership at will

d. De facto partnership