MCQ: Law on Partnership

May 5, 2015
  • MCQ



Thank you for taking this test. This is a quiz on the Law on Partnership covered under Article 1767 to 1867 of the Civil Code of the Philippines. This quiz consists of 22 items.

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It is a contract between the partner and his associate whereby the latter has the right to receive his share in the profits of the partnership from the partner to whom he associates.
Juan and Pedro are limited partners in a partnership. In the certificate of partnership, it appears that Juan contributed P10,000.00. But actually, he contributed only P8,000.00. In the certificate too, Pedro promised to give an additional contribution of P4,000.00 at a specified date. Which of the following best explains the liability of Juan and Pedro?
The following are true with regards to partnership of all present property except one:
Statement No. 1: A partner has the right to access the partnership books on demand.

Statement No. 2: A partner has the right to information of all things affecting the partnership on reasonable hour.
A, to obtain a loan from X, represented himself to be a partner in partnership Z & Co., composed of B, C, and D. When X confirmed with B if A was really a partner, B said “yes” because as a friend of A, he knows A needed the money badly (even though A was not really a partner). On said premise, X granted A the loan. When the debt became due and demandable, A was not able to pay. X filed a case for collection of sum of money impleading A, B, C, D, and Z & Co. as defendants. Z & Co. together with B, C, and D filed a motion to dismiss on the ground that they were strangers to the contract of loan executed by A and X, and A was not a partner in their partnership. Which of the following statements is true regarding the given situation.
A universal partnership may refer to:

Statement 1: partnership of all present property.

Statement 2: partnership of all present property including those subsequently acquired by the partners through inheritance, legacy, or donation.

Statement 3: partnership of all profits.
Any important alteration in the immovable property is an –
In settling accounts after dissolution of limited partnership, payment of partnership liabilities DUE THE CREDITOR shall be paid/settled first before that of the others. Tarzan is the sole creditor of Universal Construction, Ltd. (UC). Tarzan, as such,:
A partner is liable for everything chargeable to the partnership. What is the degree of liability of a partner?
Rick Puno is a limited partner who is indebted to Vick Wood. Mr. Wood applies to the court to charge the interest of Mr. Puno in the partnership. The interest so charged may be redeemed:
A limited partner is considered as trustee for the partnership for:
The following are examples of particular partnership, except:
The following statements are true if an association is not lawfully organized as a partnership, except:
Partnership classified according to its object refers to:
A partnership at will may be dissolved in what instance:
Special powers of attorney are necessary in the following cases, except:
The obligation of warranty in case of eviction is in consequence of the character of the contract of partnership which is:
A, B, and C are partners in Partnership X & Co. engaged in a lending business. A received from D a 24k gold bracelet as security for a loan D received from the company. A misappropriated the ring to his own use. Which of the following statements is true with regard the given situation?
The sheer ability to obtain funds on credit may be contributed by a partner to the partnership. Credit in the following forms are acceptable as contribution to the common fund by a partner except:
M&M Ltd., is a domestic enterprise engaged in the production of quality and specially packed “bagoong” which they are exporting to Hawaii for the consumption of many Ilocanos and other Filipino folks populating said city. Max and Mentol, they being the only limited partners of said enterprise, CEASED to be such. As a consequence:
In order to show the existence of the partnership, all of its essential characteristics must be proved, particularly all of the following, except:
It does not of itself discharge the existing liability of the partner.

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Top 5 for this quiz (Law on Partnership Quiz)

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