Correct Q.

1) As a juridical person, a partnership may acquire and possess property of all kinds, as well as incur obligations and bring civil or criminal actions in conformity with the laws, and regulations of the organization. A. True (Your Answer) B. False Correct Q.2) The following are the distinctions between a co-ownership and a partnership. Which should not be included? A co-owner cannot represent the co-ownership while a partner may bind the partnership in the absence of any stipulation to the contrary. A partnership is may exist even without a contract while a co-ownership is B. generally created by law. (Your Answer) A partnership has a juridical personality separate and distinct from that of each C. partner while a co-ownerhip has none. The purpose of a co-ownership is the common enjoyment of a thing or right D. while in partnership, it is the realization of profits. Correct A. Q.3) A partnership in which the partners contribute all the properties which actuall belong to each of them at the time of the constitution of the partnership to a common fund, with the intention of dividing the same among themselves as well as the profits which they may acquire therewith. A. universal partnership of all present property (Your Answer) B. universal partnership of all properties C. universal partnership of profits D. universal partnership of all properties and profits Incorrect Q.4) A partnership in which no time is specified and is not formed for a particular undertaking or venture and which may be terminated anytime by mutual agreement of the partners, or by the will of any one partner alone. Particular Partnership(Your Answer) Possible correct answers:

partnership at will

Correct Q.5) Alice and Brien inherited from their mother a condominium unit which is leased to Carol. Are Alice and Brien partners?

No, they are merely co-owners if they do not share in the profits made by the lease of the property No, they are merely co-owners even if they share in the profits made by the B. lease of the property. Yes, they are partners because they share in the profits made by the lease of C. the property. No, they are merely co-owners or co-possessors whether or not they share in D. the profits made by the lease of the property. (Your Answer) Correct A. Q.6) A husband and his wife cannot enter into any kind of partnership or be members thereof. A. True B. False (Your Answer) Correct Q.7) Since the partnership is for the common benefit or interest of the partners, it is necessary that there be an intention to divide the profits, among the members, in equal shares. A. True B. False (Your Answer) Correct Q.8) A partner who does not take any active part in the business although he may be known to be a partner. A. secret B. dormant C. silent (Your Answer) D. ostensible Correct Q.9) Where a partnership has been validly created, a subsequent stipulation which excludes one or more partners from any share in the profits will make the partnership contract void. A. True B. False (Your Answer) Correct Q.10) If Ana and Bona are not partners as to each other, neither will they be partners with respect to Chona, a third person. But if Ana, with the consent of Bona, represents to Chona that they are partners, then Ana and Bona will be considered partners as to Chona, even if they are not really partners. This is an example of-

A. de jure partnership B. de facto partnership C. partnership by estoppel (Your Answer) D. universal partnership Correct Q.11) A contract of partnership may be made orally or in writing regardless of the value of the contributions unless immovable property or ____________ ___________ are contributed, in which case there is a need for the execution of a public instrument. real rights(Your Answer) Possible correct answers:

real rights

Correct Q.12) Every contract of partnership having a capital of P3,000.00 or more, in money or property, shall appear in a ___________ _____________, which must be recorded in the Office of the Securities and Exchange Commission. public instrument(Your Answer) Possible correct answers:

public instrument

Correct Q.13) Any ___________ property or an interest therein may be acquired in the partnership name and title so acquired can be conveyed only in the partnership name. immovable(Your Answer) Possible correct answers: Correct

immovable real

Q.14) Xander and Yuri put up money to buy lotto tickets for the sole purpose of dividing equaly the prize which they may win. No partnership exists because Xander and Yuri are considered as mere co-owners of whatever winnings they may have. A. True B. False (Your Answer) Correct Q.15) A partnership formed for an unlawful purpose is void ab initio and the partnership never existed in the eyes of the law.

A. True (Your Answer) B. False Incorrect Q.16) Articles of universal partnership entered into without specification of its nature, only constitute a universal partnership of all present property A. True (Your Answer) B. False (Correct Answer) Correct Q.17) If A and B are not partners as to each other, neither will they be partners with respect to C, a third person. But if A, with the consent of B, represents to C that they are partners, then A and B will be considered partners as to C, even if they are not really partners. A. True (Your Answer) B. False Correct Q.18) Sondang, creditor of ABC Partnership, agreed that the payment of interest to the loan obtained by said partnership shall be taken from the net profits to be realized by the partnership. In such a case, Sondang becomes a partner in the partnership. A. True B. False (Your Answer) Correct Q.19) A partnership may be organized to engage in banking operations. A. True B. False (Your Answer) Correct Q.20) In a universal partnership of all present property, property subsequently acquired by inheritance, legacy or donation cannot be included by stipulation except the fruits thereof. A. True (Your Answer) B. False