Quiz On Partnership: General Provisions: Score: Date: Section: Name

QUIZ ON PARTNERSHIP : GENERAL PROVISIONS
NAME: SECTION: DATE: SCORE:

Ladylyn B. Patrimonio BSA 301 September 20, 2021
QUESTIONS:
1. A and B are partners in a partnership known as X & Co. They agreed that they would contribute all their
properties to a common fund for the purpose of dividing the same between themselves, as well as the
profits to be derived therefrom. A contributed all his properties consisting of two (2) big parcels of
agricultural land and a tractor. B contributed also his properties consisting of P100,000 cash and farm
implements. What type of partnership did A and B enter into?
Answer : The partnership formed of A and B is a Universal Partnership of all Present Property because both
of them agreed to the contract that each of them should surrender all their properties at the time of the
constitution of the partnership and the profits that they could derive from the given property.
2. Under the verbal contract, A and B contributed P22.00 each for the purpose of purchasing a parcel of
land. It was agreed that upon its acquisition, the property would be divided equally between them. A
kept the land for himself and refused to divide. B brought an action for partition. Did the parties enter
into a contract of partnership? Explain.
Answer : No, the transaction entered into between A and B involves the joint and friendly acquisition of
related property, neither for the purpose of doing business nor for joint management, but to share the
property between them completely and equally. Since the land is undivided, A and B are the co-owners of
the land, so the partition or division of the property must be allowed according to their agreement.
3. Suppose A, B, and C are not really partners, but A told X that A, B, and C are partner. X, believing the
representation made by A and Consented to by B, extended credit to A. what type of partnership was
described? Explain.
Answer : In contrast to A and B. A, B, and C constitute a partnership by Estoppel. However, C has no consent
to the agreement between A, B, and X. Therefore, when the debt is due C will not liable to X, only A and B is
entitled to X because they are liable as general partners even though they are not actually partners.
4. Suppose A, B, and C are accounting professionals who decided to start a partnership. What type of
partnership will they establish? Explain.
Answer : The partnership of A, B, and C established is particular partnership. A particular partnership has
only one purpose, as in the case of professional partnership. A professional partnership is intended to
engage only in the practice of one particular profession, nothing else.
5. Which of the following is NOT a requirement of a contract of partnership?
a. There must be a valid contract
b. There must be a mutual contribution of money, property, or industry to a common fund
c. Partners must obtain profits and divide the same themselves
d. The articles of partnership are kept a secret among the members
Answer : D - The articles of partnership are kept a secret among the members
6. Which of the following is NOT a characteristic of partnership?

a. Consensual
b. Bilateral
c. Communicative
d. Onerous
Answer : C - Communicative
7. It is a contract of two (2) or more persons who bind themselves to contribute money, property, or
industry to a common fund, with the intention of dividing the profits among themselves. It may also be
formed by two (3) or more persons for the exercise of a common profession.
a. Contract of Agency
b. Contract of Partnership
c. Contract of Co-ownership
d. Contract of sale
Answer : B - Contract of Partnership
8. Which of the following statement concerning partnership is FALSE?

a. Partnership is a juridical entity which has a personality separate and distinct from that of each of the
partners
b. There must be an intent to form a partnership
c. There is a fiduciary relation among partners
d. All partnership contracts are consensual
Answer : D - All partnership contracts are consensual
9. Which of the following is generally NOT allowed to enter into a contract of partnership?
a. Any natural person who is capacitated
b. Another partnership
c. A professional
d. A corporation
e.
Answer : A - Any natural person who is capacitated
10. The articles of universal partnership are entered into without specification as to their nature. What shall
be its construction or interpretation?
a. It is a particular partnership.
b. It is a universal partnership of all present property.
c. It is a universal partnership of profits.
d. It is a general professional partnership.
Answer : C - It is a universal partnership of profits.
11. This is a type of partnership whereby the common fund comprises only all that the partners ay acquire
by their work or industry during the existence of the partnership.
a. Universal partnership of all present property
b. Universal partnership of profits
c. Particular partnership
d. General professional partnership
Answer : B - Universal partnership of profits
12. Which of the following persons can enter into a universal partnership but cannot enter into a particular
partnership?
a. Husband and wife.
b. Persons who were guilty of adultery or concubinage at the time of formation.
c. Persons who were guilty of the same criminal offense.
d. Public officer or his wife, descendants and ascendants and another person by reason of the public
officer’s position.
Answer : D - Public officer or his wife, descendants and ascendants and another person by reason of the
public officer’s position.

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QUIZ ON PARTNERSHIP : GENERAL PROVISIONS

NAME: SECTION: DATE: SCORE:

6. Which of the following is NOT a characteristic of partnership?

Answer : B - Contract of Partnership

8. Which of the following statement concerning partnership is FALSE?

Answer : D - All partnership contracts are consensual

Answer : C - It is a universal partnership of profits.

Answer : B - Universal partnership of profits

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