3/16/22, 3:15 PM Prelim Exam: Attempt review

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UGRD-LAW6149-2123T /
Prelim Examination /
Prelim Exam

Started on Wednesday, 16 February 2022, 12:38 PM

State Finished
Completed on Wednesday, 16 February 2022, 1:17 PM
Time taken 39 mins 4 secs
Marks 49.00/50.00
Grade 98.00 out of 100.00

Question 1
Correct

Mark 1.00 out of 1.00

A partnership has a personality separate and distinct from each of the partners.

Select one:
True 

False

Question 2
Correct

Mark 1.00 out of 1.00

When a partner has been appointed manager in the articles of partnership, he may be removed without just cause by the vote of the partner
owning the controlling interest.

Select one:
True

False 

Question 3
Correct

Mark 1.00 out of 1.00

An industrial partner can engage in business for himself if it is of a kind different from the partnership business even without the consent of
the other partners.

Select one:
True

False 

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3/16/22, 3:15 PM Prelim Exam: Attempt review

Question 4

Correct

Mark 1.00 out of 1.00

A partner may associate another person with him in his share but the associate shall not be admitted to the partnership without the consent
of all the partners.

Select one:
True 

False

Question 5
Correct

Mark 1.00 out of 1.00

Which of the following stipulations is valid?

Select one:
a. a stipulation exempting an industrial partner from losses. 

b. a stipulation excluding an industrial partner from profits.

c. a stipulation excluding a capitalist partner from profits.

d. a stipulation exempting a capitalist partner from losses.

Your answer is correct.

Question 6

Correct

Mark 1.00 out of 1.00

A stipulation exempting a capitalist partner from losses is valid.

Select one:
True

False 

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3/16/22, 3:15 PM Prelim Exam: Attempt review

Question 7

Correct

Mark 1.00 out of 1.00

In a universal partnership of all present property, the partners may stipulate that future property shall belong to the partnership but the
stipulation cannot include property acquired by inheritance, legacy or donation.

Select one:
True 

False

Question 8
Correct

Mark 1.00 out of 1.00

The minimum capital in money or property except when immovable property or real rights thereto are contributed, that will require the
contract of partnership to be in a public instrument and be registered with the SEC.

Select one:
a. P10,000

b. P5,000

c. P3,000 

d. P30,000

Your answer is correct.

Question 9
Correct

Mark 1.00 out of 1.00

Which of the following statements concerning the name of a partnership is false?

Select one:
a. the partnership cannot adopt a name which does not include the name of at least one of the partners. 

b. the partnership name may include the names of two or more, but not all of the partners.

c. the partnership name may include the name of only one of the partners.

d. the partnership name may include the names of all the partners.

Your answer is correct.

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3/16/22, 3:15 PM Prelim Exam: Attempt review

Question 10

Incorrect

Mark 0.00 out of 1.00

Which of the following will not cause the automatic dissolution of a limited partnership?

Select one:
a. insanity of a general partner

b. death of a limited partner

c. death of a general partner 

d. insolvency of a general partner

Your answer is incorrect.

Question 11
Correct

Mark 1.00 out of 1.00

One of the following is not a characteristic of partnership.

Select one:
a. principal

b. onerous

c. preparatory

d. real 

Your answer is correct.

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3/16/22, 3:15 PM Prelim Exam: Attempt review

Question 12

Correct

Mark 1.00 out of 1.00

Which of the following statements is incorrect?

Select one:
a. partnership creditors are preferred as to each partner's separate assets. 

b. partnership creditors are preferred as to partnership assets.

c. a partner's separate creditors are preferred as to the partner's separate assets.

d. a partner's separate creditors may attach a partner's share in the partnership assets.

Your answer is correct.

Question 13
Correct

Mark 1.00 out of 1.00

Articles of universal partnership entered into without specification of its nature only constitute a universal partnership of all present property.

Select one:
True

False 

Question 14
Correct

Mark 1.00 out of 1.00

Which of the following will not cause the automatic dissolution of a general partnership?

Select one:
a. death of a capitalist partner

b. civil interdiction of an industrial partner

c. insanity of an industrial partner 

d. insolvency of a capitalist partner

Your answer is correct.

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3/16/22, 3:15 PM Prelim Exam: Attempt review

Question 15

Correct

Mark 1.00 out of 1.00

The private creditor of a partner shall have preference over such partner's separate property.

Select one:
True 

False

Question 16
Correct

Mark 1.00 out of 1.00

A partnership intended to be formed as a limited partnership but without the word "Limited" or "Ltd." appended to its name shall be
considered as a general partnership.

Select one:
True 

False

Question 17

Correct

Mark 1.00 out of 1.00

A general partnership is automatically dissolved by reason of the insanity of a partner.

Select one:
True

False 

Question 18

Correct

Mark 1.00 out of 1.00

All partners including industrial ones shall be liable pro rata with all their separate property after the partnership assets have been exhausted.

Select one:
True 

False

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3/16/22, 3:15 PM Prelim Exam: Attempt review

Question 19

Correct

Mark 1.00 out of 1.00

A man and a woman living together as husband and wife without the benefit of marriage may enter into a universal partnership.

Select one:
True

False 

Question 20
Correct

Mark 1.00 out of 1.00

The partnership will bear the risk of the loss of three of the following things. Which is the exception?

Select one:
a. things brought and appraised in the inventory

b. fungible things or those that cannot be kept without deteriorating.

c. things contributed to be sold.

d. things contributed so that only their use and fruits will be for the common benefit. 

Your answer is correct.

Question 21
Correct

Mark 1.00 out of 1.00

A limited partner may contribute

Select one:
a. property and/or services

b. money and/or property 

c. money and/or services

d. services only

Your answer is correct.

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3/16/22, 3:15 PM Prelim Exam: Attempt review

Question 22

Correct

Mark 1.00 out of 1.00

The partnership shall be solidarily liable with all the partners if one partner acting within the scope of his apparent authority receives money
or property of a third person and misapplies it.

Select one:
True 

False

Question 23
Correct

Mark 1.00 out of 1.00

A contract where two or more persons bind themselves to contribute money, property or industry to a common fund with the intention of
dividing the profits among themselves.

Select one:
a. corporation

b. voluntary association

c. partnership 

d. sole proprietorship

Your answer is correct.

Question 24
Correct

Mark 1.00 out of 1.00

As a rule, a limited partner shall be liable as a general partner if he allows the use of his surname to be included in the partnership name.

Select one:
True 

False

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3/16/22, 3:15 PM Prelim Exam: Attempt review

Question 25

Correct

Mark 1.00 out of 1.00

The profits and losses of the partnership shall be divided equally among the partners if they have no profit and loss sharing agreement.

Select one:
True

False 

Question 26
Correct

Mark 1.00 out of 1.00

An artificial person like a corporation may be a partner in a partnership.

Select one:
True 

False

Question 27
Correct

Mark 1.00 out of 1.00

A limited partner may assign his interest to another person.

Select one:
True 

False

Question 28
Correct

Mark 1.00 out of 1.00

After dissolution, a partnership is still bound by the act of a partner authorized to act for the partnership with respect to the completion of
transactions begun before dissolution.

Select one:
True 

False

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3/16/22, 3:15 PM Prelim Exam: Attempt review

Question 29

Correct

Mark 1.00 out of 1.00

A limited partner shall be liable as general partner in three of the following cases. Which one is the exception?

Select one:
a. when his surname which appears in the partnership name is also the surname of a general partner. 

b. when he takes part in the control of the business.

c. when he participates in the management of the business.

d. when he is a general-limited partner as stated in the certificate.

Your answer is correct.

Question 30
Correct

Mark 1.00 out of 1.00

A person admitted to all the rights of a limited partner who has died or has assigned his interest in the partnership is known as

Select one:
a. a general-limited partner

b. an ostensible partner

c. a liquidating partner

d. a substituted limited partner 

Your answer is correct.

Question 31
Correct

Mark 1.00 out of 1.00

Notice to any partner relating to partnership affairs is notice to the partnership.

Select one:
True 

False

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3/16/22, 3:15 PM Prelim Exam: Attempt review

Question 32

Correct

Mark 1.00 out of 1.00

When a partner is not authorized to act for the partnership and the act of the partner is not for apparently carrying on of the business, the
partnership shall be bound by the act of such partner if the third person was not aware of the partner's lack of authority.

Select one:
True

False 

Question 33
Correct

Mark 1.00 out of 1.00

A limited partner may contribute money and/or property to a partnership but not services.

Select one:
True 

False

Question 34

Correct

Mark 1.00 out of 1.00

All the partners are general partners.

Select one:
a. none of the choices 

b. particular partnership

c. partnership at will

d. partnership by estoppel

Your answer is correct.

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3/16/22, 3:15 PM Prelim Exam: Attempt review

Question 35

Correct

Mark 1.00 out of 1.00

A parrnership whose capital in money or property amounts to P3,000 or more does not acquire juridical personality if the contract is not
recorded with the SEC.

Select one:
True

False 

Question 36
Correct

Mark 1.00 out of 1.00

One of the following is not a requisite of a contract of partnership. Which is it?

Select one:
a. there must be a mutual contribution of money, property or industry to a common fund.

b. there must be a vaild contract.

c. it is established for the common benefit of the partners which is to obtain profits and divide the same among themselves.

d. the articles are kept secret among the members. 

Your answer is correct.

Question 37
Correct

Mark 1.00 out of 1.00

One of the distinctions between a partnership and a corporation is that a partnership

Select one:
a. acts through a board of directors

b. may exist for an indefinite period 

c. may be formed by one person

d. is created by operation of law

Your answer is correct.

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3/16/22, 3:15 PM Prelim Exam: Attempt review

Question 38

Correct

Mark 1.00 out of 1.00

In a limited partnership where there are 4 partners:

Select one:
a. the number of limited partners must be greater than the number of general partners, that is, 3:1.

b. all the partners must be limited partners.

c. it is enough that there is one limited partner; the rest may all be general partners. 

d. the number of limited partners must be equal to the number of general partner, that is, 2:2.

Your answer is correct.

Question 39
Correct

Mark 1.00 out of 1.00

Which of the following will not cause the automatic dissolution of a general partnership?

Select one:
a. insanity of a partner 

b. insolvency of a partner

c. death of a partner

d. when the partnership business becomes unlawful

Your answer is correct.

Question 40
Correct

Mark 1.00 out of 1.00

A partnership begins from the moment of the execution of the contract unless a different date is stipulated.

Select one:
True 

False

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3/16/22, 3:15 PM Prelim Exam: Attempt review

Question 41

Correct

Mark 1.00 out of 1.00

If the partnership has the required minimum capital in money or property but the contract is not in a public instrument or the same is not
recorded with the SEC, the partnership

Select one:
a. is void

b. is voidable

c. does not acquire juridical personality

d. still acquires juridical personality 

Your answer is correct.

Question 42
Correct

Mark 1.00 out of 1.00

The sharing of gross returns does not of itself establish a partnership even if the persons sharing them have a joint or common interest in the
property from which the returns are derived.

Select one:
True 

False

Question 43
Correct

Mark 1.00 out of 1.00

A partner may be a limited and general partner at the same time.

Select one:
True 

False

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3/16/22, 3:15 PM Prelim Exam: Attempt review

Question 44

Correct

Mark 1.00 out of 1.00

Braganza, Ortiz and Nevado want to form a partnership with Braganza contributing P500,000; Ortiz, office equipment; and Nevado, his
services. If the three were to form a limited partnership, who among them will be the limited partner/s?

Select one:
a. either Ortiz or Nevado or both of them.

b. either Braganza or Ortiz or both of them. 

c. all the three must be limited partners.

d. either Braganza or Nevado or both of them.

Your answer is correct.

Question 45
Correct

Mark 1.00 out of 1.00

A partner's interest in the partnership is his share of the profits and surplus which he may assign to a third person. Which of the following
statements concerning such right is correct?

Select one:
a. the assignee becomes a partner.

b. the assignee has a right to interfere in the management of the partnership business.

c. the conveyance of a partner's interest will cause the dissolution of the partnership.

d. the assignee has the right to receive the profits which the assigning partner would otherwise be entitled to. 

Your answer is correct.

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3/16/22, 3:15 PM Prelim Exam: Attempt review

Question 46

Correct

Mark 1.00 out of 1.00

A partnership formed for the exercise of a profession whic is duly registered is an example of

Select one:
a. partnership by estoppel

b. universal partnership of profits

c. universal partnership of all present property

d. particular partnership 

Your answer is correct.

Question 47
Correct

Mark 1.00 out of 1.00

He contributes his services to the partnership.

Select one:
a. general partner

b. industrial partner 

c. substituted limited partner

d. capitalist partner

Your answer is correct.

Question 48
Correct

Mark 1.00 out of 1.00

A newly admitted partner is liable for partnership debts contracted before his admission to the extent of his contribution unless there is a
contrary stipulation.

Select one:
True 

False

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3/16/22, 3:15 PM Prelim Exam: Attempt review

Question 49

Correct

Mark 1.00 out of 1.00

The change in the relation of the partners caused by any ceasing to be associated in the carrying on of the business is

Select one:
a. termination of the partnership

b. liquidation of the partnership business

c. winding up of partnership affairs

d. dissolution of the partnership 

Your answer is correct.

Question 50
Correct

Mark 1.00 out of 1.00

The partnership shall bear the loss of things which are contributed to the partnership to be sold.

Select one:
True 

False

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