Republic of the Philippines

BICOL UNIVERSITY
Legazpi City

FINAL EXAMINATION
For:
BSBA OM III
(December 16, 2021

Jhamaica Mae M. Gonzalgo BSBA OM III

Instructions:
Please answer each question clearly and concisely using your
own words.
Good luck!

1. What are the formalities required by law for the

organization or constitution of a partnership?

According to the essential requisites of a contract of

partnership; (1) there must be a valid contract; (2) there must be a
contribution of money, property or industry to a common fund; (3)
the said partnership must be organized for gain or profit and; (4) it
must have lawful object or purpose, and must be established for
the common benefit or interest of the partner.
 2. What do you understand by the term delictus personae?
The doctrine of delectus personae means the right of a
person to choose their preferred partner or member to associate
with. The said doctrine allows the partner to have a power but
not necessarily the right to dissolve the partnership.
3. A, B, and C formed a general partnership with the following
contributions to the common fund: A= P2,000,000.00, B=
P4,000,000.00, and C= P6,000,000.00. There was no
agreement on the division of profits or apportionment of
losses. After some years of business operations, the assets
of the partnership dwindled to P3,000,000.00 only, thus,
the partners agreed to stop their business. The partnership
is indebted to Corpuz for a loan of P12,000,000.00. Under
the circumstances, from whom can Corpuz demand
satisfaction of his credit, and to what extent?
A, B and C contributed to a common fund with the intent to
form a general partnership therefore, they are equally liable to
Corpuz as provided by Article 1794 of the Civil Code “Every partner
is responsible to the partnership for damages suffered by it through
his fault, and he cannot compensate them with the profits and
benefits which he may have earned for the partnership by his
industry. However, the courts may equitably lessen this
responsibility if through the partner’s extraordinary efforts in other
activities of the partnership, unusual profits have been realized.
(1686a) “
4. Can a limited partner be held liable for partnership
obligations?
A limited partner can only be held liable up to the extent of
their contribution for partnership obligations.
5. What are the tests or indicia to determine the existence of a
partnership?
 In determining the existence of a partnership, it begins with a
valid contract, and followed by the contribution of money, property
or industry to a common fund between partners should also be
present, next will be the sole purpose is to gain and have profit,
and lastly it should have a lawful object or purpose.
6. On August 1, 2021, A and B entered into a duly notarized
contract of agency with X whereby they agreed to sell a
house and lot owned by X for P2,000,000.00 and for a
commission of 5% plus overpriced. On September 1, 2021,
A and B
introduced C to X but during this time X informed A and B
that she was no longer interested in selling the property. On
October 1, 2021, however, A and B learned that X
nevertheless sold the house and lot to C for P2,500,000.00.
A and B then filed an action against X for the payment of
5% commission plus the overprice. Is X liable to A and B?
Yes, X is liable to A and B since the sale is valid because of the
notarized contract of agency. A and B have a right to sue or
demand a commission of 5% plus overprice that is stated in law.
7. What are the most fundamental obligations of an agent?
Under the Civil Code of the Philippines, the fundamental
obligation of an agent is first, to carry out the agency and second, to
act within the scope of his authority and lastly, to act on behalf of
his principal.
8. Can an agent duly authorized to sell a commodity bind his
principal by selling it to himself, either directly or
indirectly?
No, an agent who’s duly authorized to sell a commodity
cannot bind the principal to sell the sale to himself either direct or
indirect.
 9. Give at least 3 distinctions between a contract of agency
and a contract of services.
- Contract of agency is applying the principle of representation
while the contract of service is based on employment.
- A contract of agency is a person to render some service or to
do something in representation or on behalf of another, with
the consent of authority of the latter while in a contract of
service, the agreement is only between the employee and
employer.
- The relationship in the contract of agency is between the
principal and the agent. The principal is the one who appoints
the agent to do his transactions on his behalf while the agent
is responsible for managing the transaction that the principal
appointed him. While in contract of sale, the employee is only
responsible to follow the command of his employer.
10. Distinguish between implied agency and agent by
estoppel?
An implied agent is a de jure agent who possess the rights and
duty of an agent while the agent by estoppel is not really an agent.
In implied agency the third person who’s connected to the implied
agent can hold the principal liable while an agent by estoppel
cannot always hold the principal liable.