COMLAW3 EXAM
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34 questions
| 🇬🇧 | 🇬🇧 |
| – perfected by mere consent. | Consensual |
| Formed by two or more persons creating reciprocal rights and obligations. | Bilateral or multilateral |
| - entered into as a means to an end. | Preparatory |
| – a person has the right to select persons with whom he wants to be associated with in partnership. | Principle of Delectus Personae |
| TRUE OR FALSE The contract of partnership can be made in writing only. | FALSE The contract may be made ORALLY OR IN WRITING. |
| When the partnership is with capital of P3, 000 or more contract must appear in a public instrument AND it must be recorded or registered w/ the SEC. Non-compliance with this rule prevents the formation of the partnership or affect any liability towards third persons. | FALSE non-compliance with this rule does not prevent the formation of the partnership or affect any liability towards third persons. |
| One who is liable only to the extent of his contribution | Limited partner |
| One who furnishes labor or industry | Industrial partner |
| One who takes an active part but now known as partner | Secret Partner |
| One who is liable to the extent of his separate property | General Partner |
| One which has failed to comply with all the legal tender requirements of the partnership | De facto Partnership |
| Cestui que trust | Beneficiary under a trust |
| To preserve said property with the ________ pending delivery to the partnership | Diligence of a good father of a family |
| TRUE or FALSE An industrial partner can engage in business for himself unless the partnership expressly permits him to do so | FALSE An industrial partner cannot engage in business for himself unless the partnership expressly permits him to do so |
| WHAT RULE IS THIS?! | RULES IN PROFIT SHARING |
| WHAT RULE IS THIS?! | RULES IN LOSS SHARING |
| What are the principal rights of a partner? | Rights in Specific Partnership Property Interest in the Partnership Right to participate in the Management |
| What are the related rights of a partner? | ARI PIC NALANG |
| Every partnership shall operate under a firm name, which may or may not include the name of one or more partners. Persons who, not being partners, include their names in the firm name shall not be subject to the liability of a partner | FALSE Every partnership shall operate under a firm name, which may or may not include the name of one or more partners. Persons who, not being partners, include their names in the firm name shall be subject to the liability of a partner |