LAW 102 - Group3 Quiz

LAW 102 : GROUP 3 ( OBLIGATIONS OF THE PARTNERS SECTION 2&3)
QUIZ: 2 POINTS EACH
Part I: Multiple Choice
1.) A partner’s interest in the partnership is his share of the profits and surplus which he may
assign to a third person. Which of the following statements concerning such right is correct?
a. The conveyance of a partner’s interest will cause the dissolution of the partnership
b. The assignee becomes a partner
c. The assignee has a right to interfere in the management of the partnership business
d. The assignee has the right to receive the profits which the assigning partner would otherwise
be entitled to
ANSWER: D
2.) Which of the following statements is incorrect?

a. Partnership creditors are preferred as to partnership assets
b. Partnership creditors are preferred as to each partner’s separate assets
c. A partner’s separate creditors are preferred as to the partner’s separate assets
d. A partner’s separate creditors may attach a partner’s share in the partnership assets
ANSWER: B
3.) Which of the following does not belong to the property rights of a partner?
a. His right in specific partnership property
b. His right to participate in the management
c. His right to indemnify amounts advanced to the partnership
d. His interest in the partnership
ANSWER: C
4.) Statement I: A partnership cannot claim any right under the homestead laws or exemption
laws when specific partnership property is attached for partnership debt.
Statement II: The legal effect of such conveyance is the same as that of a partner associating
another in his share or interest.
a. Only statement I is correct
b. Only statement II is correct
c. Both statements are correct
d. Both statements are incorrect
ANSWER: B
5.)In three of the following wrongful acts of partners, the partnership is solidarily liable with all
the partners to third persons . Which one is the exception?
a. For loss or injury caused to a third person by reason of the by reason of the use of partnership
property by a partner for personal purpose
b. Where a partner acting within the scope of his apparent authority receives money or property
of a third person and misapplies it
c. For loss or injury caused to a third person by reason of the wrongful act or omission of a
partner acting in the ordinary course of the business
d. Where partnership receives money or property of a third person in the ordinary course of
business and such money or property is misapplied by a partner while it is in the custody of the
partnership
ANSWER: A
6.) Statement I: A partner’s right in specific partnership property is not assignable except in
connection with the assignment of rights of all the partners in the same property
Statement II: A partner’s right in specific partnership property is not subject to legal support
a. Only statement I is correct
b. Only statement II is correct
c. Both statements are correct
d. Both statements are incorrect
ANSWER: C
7.) Matthew, Mark, Luke, John and Joseph are partners in Bigasan Company which is engaged in
the buying and selling of rice. Matthew, is the manager. Mark was also given a special power of
attorney by the partnership to buy a van for the company. No other powers was given to all the
partners. In which of the following acts or contracts is the partnership not bound by act of the
partner?
a. Mark buying rice for the partnership from Ahava who has no knowledge of Mark’s lack of
authority
b. Matthew selling rice for the partnership
c. Mark buying a van for the partnership from Stephen
d. Luke buying a van for the partnership from Areli who has no knowledge of Luke’s lack of
authority
ANSWER: D
8.) Assuming that no fraud is committed by or consented to by the partner concerned, which of
the following statements is false?
a. Knowledge of a partner not acting on the particular matter obtained by him before he became
a partner is knowledge of the partnership
b. Notice to any partner relating to partnership affairs while already a partner is notice to the
partnership
c. Knowledge of a partner acting on the particular matter acquired by him while already a partner
is knowledge of the partnership
d. Knowledge of a partner acting on the particular matter obtained by him before he became a
partner is knowledge of the partnership provided he still remembers the same
ANSWER: A
Part II: True or False
9.) Every partnership shall operate under a firm name, which may or may not include the name of
one or more of the partners.
ANSWER: TRUE
10.) As a general rule, the particular partner who undertakes to bind his co-partners by a contract
without authority is himself personally liable on such contract.
ANSWER: TRUE
11.) A conveyance by all the parents passes some of their rights in such property
ANSWER: FALSE
12.) As a general rule, a person is not bound by the act, admission, statement or engagement of
another of which he has no knowledge or to which he has not given his consent except by virtue
of a particular relation between them.
ANSWER: TRUE
13.) All partners, excluding industrial ones, shall be liable pro rata with all their property and after
all the partnership assets have been exhausted.
ANSWER: FALSE
14.) The purchaser at the public sale becomes a partner

ANSWER: FALSE
15.) The partnership is not liable for any losses suffered by a third person whose money or
property is misappropriated by a partner who received it within the scope of his authority or by
any other partner after it was received by the partnership in the ordinary course of business
while in its custody.
ANSWER: FALSE

LAW 102 - Group3 Quiz

Uploaded by

Copyright:

Available Formats

LAW 102 - Group3 Quiz

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

LAW 102 - Group3 Quiz

Uploaded by

Copyright:

Available Formats

LAW 102 : GROUP 3 ( OBLIGATIONS OF THE PARTNERS SECTION 2&3)

QUIZ: 2 POINTS EACH

Part I: Multiple Choice

2.) Which of the following statements is incorrect?

14.) The purchaser at the public sale becomes a partner

You might also like