Reymart S.

Mudja BSAIS-2

Business Laws and Regulation Management ( F 4:00 PM-7:00 PM)

Quiz Assignment.

Instruction: Give what is/are asked in each item.

1. Essential requisites of contract partnership

 There must be a valid contract;

 The parties ( two or more persons) must have legal capacity to enter into the contract;
 There must be a mutual contribution of money, property, or industry to a common fund;
 The object must be lawful; and
 The primary purpose must be to obtain profits and to divide the same among the parties.

2. Characteristics of a contract partnership

The contract partnership is;

 Consensual
 Nominate
 Bilateral
 Onerous
 Commutative
 Principal
 Preparatory

3. Explain the doctrine of delectus personae

During the virtual discussion as what I remember that delectus personae signifies the choice of
an individual , as a person you have the right to whom you will associate yourself with, there's
no such thing that someone will tangle up with you unless they have your consent to do some
business.

4. Form of a contract of partnership.

 GENERAL RULE: No special Form is required for the validity of the contract.
 Where immovable property or real rights are contributed.
 When partnership agreement covered by Statue of Frauds.
5. Different classification of partnership. Explain each.

1. As to the extent of its subject matter.

(a) Universal partnership of profits - comprises all that the partners may acquire by their
industry or work during the existence of the partnership.

(b) Particular partnership. The object of the partnership is determinate - its use or fruit,
specific undertaking, or the exercise of a profession or vocation.

2. As to liability of the partners.

(a) General partnership - All the partners are liable to the extent of their separate properties.

(b) Limited partnership - The limited partners are liable only to the extent of their personal
contributions. In a limited partnership, the law states that there shall be at least one general
partner.

3. As to its duration

(a) Partnership at will - One in which no term is specified and is not formed for any particular
undertaking.

(b) Partnership with a fixed term - the term for which the partnership is to exists is fixed or
agreed upon or one formed for a particular undertaking.

4. As to the legality of its existence

(a) De jure partnership - One which has complied with all the legal requirements for its
establishment.

(b) De facto partnership - One which has failed to comply with all the legal requirements for its
establishment.

5. As to presentation to others
(a) Ordinary or real partnership - One which actually exists among the partners and also as to
3rd persons.

(b) Ostensible partnership or partnership by estoppel - one which in reality is not a

partnership but is considered a partnership only in relation to those who, by their conduct or
omission, are precluded to deny or disprove its existence.

6. Kinds of partners. Explain each.

1. Under the civil code 2. Other classifications

a. Capitalist partner. One who contributes a. Ostensible partner. One who takes active
money or property to the common fund of the part and known to the public as partner in the
partnership. business.

b. Industrial partner. One who contributes b. Secret partner. One who does not take
his knowledge or personal service to the active part in the business but it is not known to
partnership. be a partner by outside parties.

c. General partner. One who is liable to the c. Silent partner. One who does not take active
extent of his separate property after all the part in the business of the partnership though
assets of the partnership are exhausted. may be known as a partner.

d. Limited partner. One who is liable only to d. Dormant partner. One who does not take
the extent of his capital contribution. active part in the business of the partnership
and is not known as a partner.
e. Managing partner. One whom the partners
has appointed as manager of the partnership. e. Original partner means a person who or
which was a limited partner of the Operating
f. Liquiditing partner. One who is designated Partnership as of the date hereof and any
to wind up or settle the affairs of the legatee or devisee who becomes a limited
partnership after dissolution. partner of the Operating Partnership as a result
of the death of such person.

g. Nominal partner or Partner by estoppel. f. Incoming partner is the partner who is

One who is actually not a partner but who joining the partnership firm by contract or is
represents himself as one. added to the firm.

h. Continuing partner. One who continues g. Retiring partner. A partner who cut his
the business of a partnership after it has been connection with the firm is called a retiring
dissolved by reason of the admission of a new partner or outgoing partner. Retirement of a
partner, retirement, death or expulsion of one partner leads to reconstitution of a partnership
of the partners. firm as the original agreement between the
partners comes to an end. The business may
i. Surviving partner. One who remains after a continue with a new agreement with the
partnership has been dissolved by death of any remaining partners.
partner.

j. Subpartner or one who, not being a

member of the partnership, contracts with a
partner with reference to the latter's share in
the partnership.

7. What are the property rights of a partner?

Article 1810. The property rights of a partner are :

(1) His rights in specific partnership property;

(2) His interest in the partnership; and

(3) His right to participate in the management

Extent of property rights of a partner

1. PRINCIPAL RIGHTS- The property rights of a partner enumerated under the law are as
follows:

(1) His rights in specific partnership property; (Art.1811)

(2) His interest in the partnership; (Art.1812) and

(3) His rights to participate in the management (Art.1803)

2. RELATED RIGHTS- A partner has other rights which are related to principal rights, namely :

a. the right to reimbursement for amounts advanced to the partnership and to indemnification for
risks in consequence of management.
b. the right of access and inspection of partnership.

c. the right to true and full information of all things affecting the partnership.

d. the right to a formal account of partnership affairs under certain circumstances.

e. the right to have the partnership dissolved also under certain conditions.