UNIVERSITY OF MINDANAO

BANSALAN-BRANCH
1ST QUARTERLY EXAMINATION
LAW ON SALES

Name:______________________________________Date:______________________________
Course & Year:_______________________________Professor:__________________________
GENERAL INSTRUCTIONS: Read and analyze each item carefully.
Kindly follow instructions. AVOID ERASURES.

True or False
_False_1. Even if not registered, the partnership having a capital of P3,000 or more is not a valid one, and
therefore has legal personality.

_True_2. A partner who promises to contribute to the partnership becomes a promissory debtor of the latter.

_True_3. If money has been promised, “interest and damages from the time he should have complied with his
obligation” should be given.

False_4. The general rule is that a stipulation excluding one or more partners from any share in the profits or
losses is voidable.

ESSAY : 5-10. X owes a firm P1 million. P, a partner, was given his share of P500,000, there being only two
partners. Later X becomes insolvent. Must P share the P500,000 with the other partner? Explain.

Yes, because according to A partner who was received, in whole or in part, his share of a
partnership credit, when the other partners have not collected theirs, shall be obliged, if the debtor
should thereafter become insolvent, to bring to the partnership capital what he received even though
he may have given receipt for his share only.