Professional Documents
Culture Documents
01 Quiz 1
01 Quiz 1
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 type of partnership that A and B enter was universal partnership of all present
property. They contribute property which belongs to them to a commo fund, with
the intention of dividing the same among themselves as long as the profits which
may be acquire therewith (Article 1778)
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:
As stated above, yes, the parties can enter into a contract of partnership. A and B
contribute P22.00 with the purpose of purchasing a parcel of land and also it was
agreed upon acquisition that the property would be divided to the both of them
equally, but contract may be dissolved due to A’s action stated above.
3. Suppose A, B, and C are not really partners, but A told X that A, B, and C are partners. X, believing the
representation made by A and consented to by B, extended credit to A. What type of partnership was described?
Explain.
Answer:
4. Suppose A, B, and C are accounting professionals who decided to start a partnership. What type of partnership
will they establish? Explain.
Answer:
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
8. Which of the following statements 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:
C
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
Answer:
D
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
11. This is a type of partnership whereby the common fund comprises only all that the partners may 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
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:
B