MCQ: Law on Partnership May 5, 2015 No comments Share this...00000 ADVERTISEMENTS Hello! 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. Don't forget to provide your name on the field below (to be recognized in case you make it to the top 5!).You can share your quiz results on FB and Twitter after you finished the quiz. Good luck! NamePartnership classified according to its object refers to: Can refer both to universal or particular partnership Universal partnership Particular partnership Limited partnershipThe 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: Economic credit Economic credit Political credit Commercial creditIt 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. Partnership Assignment Subpartnership AssociationIt does not of itself discharge the existing liability of the partner. Assigning of a partner’s interest to a third person Specific partnership property Dissolution of partnership Transfer of partnership to a third personA, 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. B should not be liable because he did not benefit from the loan obtained by A. at most, he can only be considered a guarantor. B, excluding Z & Co., C, and D, cannot negate the “partnership” created between himself and A with regard the damage suffered by X because he consented to the misrepresentation made by A to obtain the loan from X. B is estopped from claiming that no partnership between him and A existed. Neither Z & Co. nor B, C, and D gave their consent in the loan secured by A, hence they are not liable to X for said loan. Neither Z & Co. nor B, C, and D benefited from the loan secured by A, hence they are not liable to X for said loan.A partner is liable for everything chargeable to the partnership. What is the degree of liability of a partner? Subsidiarily Primarily Solidarily and subsidiarily SolidarilyA limited partner is considered as trustee for the partnership for: Specific property stated in the certificate by him and which he had actually contributed Specific property of the partnership which had been refunded by him Money wrongfully paid or conveyed to him on account of his contribution Other property wrongfully paid or conveyed by him to a creditorThe following are true with regards to partnership of all present property except one: There is intention of dividing among themselves any other profit subsequently acquired during the existence of the partnership The partners contribute all the property which actually belongs to them to a common fund There is intention of dividing among themselves the property contributed Their intention of dividing among themselves the profits subsequently acquired through the property contributedA partnership at will may be dissolved in what instance: Any one of the real partners may, at his sole pleasure, dictate the dissolution of a partnership at will Any one of the general partners may, at his sole pleasure, dictate the dissolution of a partnership at will Any one of the managing partners may, at his sole pleasure, dictate the dissolution of a partnership at will Any one of the partners may, at his sole pleasure, dictate the dissolution of a partnership at willThe obligation of warranty in case of eviction is in consequence of the character of the contract of partnership which is: An onerous contract A commutative contract A consensual contract A preparatory contractSpecial powers of attorney are necessary in the following cases, except: To compromise, to submit questions to arbitration, to renounce the right to appeal from a judgment, to waive objections to the venue of an action, or to abandon a prescription already acquired To create or convey real rights over immovable property To bind the principal to render in a contract of partnership To enter into any contract by which the ownership of a movable is transmitted or acquired either gratuitously or for a valuable considerationM&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: Max and Mentol should be sued in their personal capacity The certificate shall be cancelled since the entire limited partner ceased to be such The word Ltd. must be omitted in the certificate since there is no longer a limited partner in said enterprise The certificate shall be properly amended to reflect such changes and is required to be registered with the Securities and Exchange CommissionRick 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: With the separate property of any general partner or any limited partner With the separate property of any general partner but cannot be redeemed with partnership property With the separate property of any general partner or with partnership property With the separate property of any limited partner but cannot be redeemed with partnership propertyStatement 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. Both statements are false Both statements are true Only statement 1 is true Only statement 2 is trueThe following statements are true if an association is not lawfully organized as a partnership, except: It cannot sue It can be adjudged insolvent Individual persons can sue in their individual capacity It possesses no legal personalityIn 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,: Should not be given higher preference in the order of payment than that of partners as every partner is entitled to exercise management prerogative by crediting first what is due them Should be given the least priority in the payment of partnership liabilities since he is merely an outsider Should be entitled to payment first following the order of payment expressly provided under the Civil Code May not necessarily be paid first as the order of preference under the provisions of the Civil Code is merely directory and for mere convenience in the distribution of partnership assetJuan 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? Juan and Pedro shall amend the articles of partnership to reflect their actual contributions to the partnership Juan and Pedro should only be liable to the extent of their actual contributions Juan should pay the difference of P2,000.00 while Pedro remains to be liable only as to the extent of his actual contribution being his promised additional contribution was not yet given to the partnership Juan should pay the difference of P2,000.00 and Pedro, the amount of P4,000.00 on the date specified or now, if the date has arrivedIn order to show the existence of the partnership, all of its essential characteristics must be proved, particularly all of the following, except: There is a joint interest in the profits There is a co-possession with profit-sharing There is a common fund obtained from contributions There is an intention to create a partnershipAny important alteration in the immovable property is an – Act of general dominion Act of strict dominion Act of possession Act of usufructA, 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? All the partners are liable for the loss with X & Co. to D. Even B and C who were not involve in A’s conversion are personally liable with prejudice to their right to recover from A. All partners are liable for the loss with X & Co. to D. Even B and C who were not involve in A’s conversion are personally liable without prejudice to their right to recover from A. All the partners are liable for the loss to D. Even B and C, who were not involve in A’s conversion are personally liable without right to recover from A. All the partners are liable for the loss with X & Co. to D. Even B and C who were not involve in A’s conversion are personally liable without prejudice to their right to recover from X & Co.The following are examples of particular partnership, except: Those formed for the use of present and future property but the partners retain ownership from the same upon dissolution Those formed for the acquisition of an immovable property for the purpose of reselling it at a profit or for the common enjoyment of its use and the benefits derived therefrom Those established for the purpose of carrying out a specific enterprise such as the construction of a building Those formed for the practice of a profession or vocationA 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. Only statement 1 is correct Only statements 1 and 3 are correct Only statements 1 and 2 are correct Only statement 2 is correctBe sure to click Submit Quiz to see your results! Top 5 for this quiz (Law on Partnership Quiz) RANKNAMERATING 1.Chrelyn the Camel100% 2.Eunice95% 3.Ronna Rica Co90% 4.Jig90% 5.90% Share this...00000Comments comments bar exam, civil law, law exam, law on partnership, law quiz, mcq, multiple choice question, multiple choice quiz, online exam, online quiz, quizzer, sample mcq Go To Top Leave a Comment Click here to cancel reply Submit Comment Notify me of follow-up comments by email. Notify me of new posts by email.