BUSINESS LAW AND REGULATIONS

BSA1C ONLINE QUIZ #2

2020 MARCH 23-27

TRUE OR FALSE
____________1. when the firm is dissolved, a partner can still bind the partnership.
____________2. where the dissolution is caused by the act, insolvency or death of a partner,
each partner is not liable to his co-partners for his share of any liability created by any
partner acting for the partnership.
____________3. the dissolution of the partnership discharge the existing liability of any
partner.
____________4. when a partner retires, he is entitled what is due him after liquidation and
liquidation is needed if there is already a settlement at the date of dissolution.
____________5. an INDUSTRIAL PARTNER can also engage in BUSINESS FOR HIMSELF.
____________6. a PARTNERSHIP being a juridical person by itself can form another
partnership.
____________7. Unless he is generally sued, a partner has no right to make a separate
appearance in court, if the partnership being sued is already represented.
____________8. any immovable property or an interest therein maybe acquired in the
partnership name.
____________9. a partner who has undertaken to contribute a sum of money and fails to do
so becomes a debtor for the interest and damages from the time he should have
complied with his obligation.
____________10. if the cause is not justified or no cause was given, the withdrawing partner
is liable for damages but in no case can he be compelled to remain in the firm.

MATCHING TYPE
A. JUDICIAL C. DISSOLUTION E. EXTRAJUDICIAL
B. TERMINATION D. WINDING UP F. CONTRAVENTION

______1. Winding up under the control and direction of the court, upon proper cause that
is shown to the court.
______2. Winding up by the legal representative of the last surviving partners
______3. partnership is not terminated but continues until the winding up of partnership
affairs is completed.
______4. The process settling business affairs after dissolution.
______5. the point in time after all the partnership affairs have been wound up.