PARTNERSHIP ACTIVITY 1

• An oral contract of partnership is as good as a written one.

  TRUE
• The right to choose with whom a person wishes to associate himself is the very foundation and essence of that partnership.

  TRUE
• An unjustified dissolution by a partner can subject him to action for damages.

  TRUE
• When an unlawful partnership is dissolved by a judicial decree, the profits shall not be confiscated in favor of the State.

  FALSE
• A Partnership must have a lawful object or purpose, and must be established for the common benefit or interest of the partners.

  TRUE
• Where an immovable property is contributed in a partnership a private instrument shall be necessary.

  FALSE
• Partnership may be constituted in any form.

  TRUE
• A partnership may be constituted in any form, save when immovable property or real rights are contributed thereto or when the partnership has a capital of below P3,000, in which case a public instrument shall be necessary.

  FALSE
• Associations and societies, whose articles are kept secret among the members, and wherein any one of the members may contract in his own name with third persons, shall also have juridical personality.

  FALSE
• Immovable property to be acquired must be in the name of the partnership but if conveyed, it is not necessary that it be in the partnership name.

  FALSE
• An inventory is still required if aside from real property, personal property is contributed.

  TRUE
• Articles of universal partnership, entered into without specification of its nature, only constitute a universal partnership of all present property.

  FALSE
• Persons who are prohibited from giving each other any donation or advantage cannot enter into universal partnership.

  TRUE
• Co-ownership or co-possession does not in itself establish a partnership, except when such co-owners or co-possession share in the profits made by the use of the property.

  FALSE
• The sharing of gross returns does not of itself establish a partnership, except when the persons sharing them have a joint or common right or interest in any property from which the returns are derived.

  FALSE
• If a person receives a share in the profits of a business, he is a prima facie presumed to be a partner in business.

  TRUE
• In partnership, there is co-ownership and co-possession of partnership property.

  TRUE
• Partnerships with capital of P3,000.00 or more must register with the SEC. Registration requirement is mandatory.

  FALSE
• The receipt by a person of a share of the profits of a business is conclusive evidence that he is a partner in the business.

  FALSE
• A general partner is liable only to the extent of his contribution while a limited partner is liable beyond his contribution.

  FALSE
• When two or more persons bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profits among themselves.

  PARTNERSHIP
• A group of men pursuing a learned art as a common calling in the spirit of public service.

  PROFESSION
• A valid contract is a requisite of partnership.


  TRUE
• There must be a contribution of money, property, and industry to a common fund. This is a requisite of partnership.

  FALSE
• A requisite of a partnership is that it must be organized for gain or profit.

  TRUE
• The partnership should have a lawful object or purpose, and must be established for the common benefit or interest of the partners. This is a requisite of partnership.

  TRUE
• There are two tests to determine the existence of partnership:

  I. First test: Determine whether or not there is an agreement to contribute money, property or industry to a common fund.

  I. Second test: Determine whether or not there is an intent of the contracting parties to divide the profits among themselves.

  BOTH ARE TRUE
• It means that it is a contract that is perfected by mere consent because all the partners had a meeting of the minds to enter into a contract of partnership.

  CONSENSUAL
• It means that the contribution of each partner, whether money, property or industry, is considered as the equivalent of the contribution of the other partners.


  COMMUTATIVE
• It means that it is a contract which has a name in law.

  NOMINATE
• It means that each partner must contribute money, property, or industry. Of course, a partner can contribute one, some or all of these.

  ONEROUS
• Any external thing over which the rights of possession, use, and enjoyment are exercised.

  PROPERTY
• The latin phrase "delectus personae" means

  CHOICE OF THE PERSON
• The birth and life of a partnership at will is predicated on the mutual desire and consent of the partners.

  PARTNERSHIP AT WILL
• An entity created by law and given certain legal rights and duties of a human being or a being, real or imaginary, who for the purpose of legal reasoning is treated more or less as a human being.

  JURIDICAL PERSON
• Where a partnership not duly organized has been recognized as such in its dealings with certain persons.

  PARTNERSHIP BY ESTOPPEL
• The following is an effect of unlawful partnership: The contract is voidable from the very beginning.

  FALSE
• The following is an effect of unlawful partnership: The profits shall be confiscated in favor of the government.

  TRUE
• The following is an effect of unlawful partnership: The instruments or tools and proceeds of the crime shall be forfeited in favor of the government.

  TRUE
• The following is an effect of unlawful partnership: The contributions of the partners shall not be confiscated.

  TRUE