31. a. Only X is true b. Only Y is true c. Both are true d.

Both are false

32. A person who is not a partner of the partnership, but is made liable as a partner for the the protection of innocent third persons is called: a. secret partner b. dormant partner c. partner by estoppels d. silent partner 33. A A mana!in! partner appointed after the establishment of the partnership may be interest. B A, B, and " are the mana!in! partners and it has been stipulated that one cannot act without the consent of the others. B may ma#e a decision for the partnership alone by himself if there is a $ustifiable reason. a. Both are true b. Both are false c. Only A is true d. Only B is true 3%. One of the followin! may be a cause for the in&oluntary dissolution of a partnership. a. 'ermination of the term of the partnership c. ()press will of any partner b. *nsol&ency of any partner d. ()pulsion of any partner 3+. , - 'he loss of the specific thin! contributed by a partner to the partnership dissol&es the partnership. . - 'he loss of the specific thin! will not dissol&e the partnership, when only the use thereof is contributed by a partner to the partnership. a. , is false, . is true c. both are true b. , is true, . is false d. both are false 3/. 'hree of the followin! are similarities between a partnership and a corporation. 0hich is not1 a. 'he indi&iduals composin! both ha&e little &oice in the conduct of business b. Both ha&e $uridical personality separate and distinct from the indi&iduals composin! them c. Both can only act throu!h their a!ents d. Both are or!ani2ations composed of a!!re!ate of indi&iduals 33. 'hree of the followin! are the ri!hts of a !eneral and limited partners in a limited partnership which is not1 a. 'o inspect and copy at reasonable hours the partnership boo#s and records b. 'o demand true and full information of all matters affectin! the partnership c. 'o ha&e dissolution and windin! up by decree of court d. .one of the abo&e 34. 0hen cash or property worth 53,666.66 or more is contributed as capital, the articles of partnership must be in a public instrument and should be re!istered with the securities and ()chan!e "ommission. *f the said re7uirements are not complied with: a. it will render the partnership &oid b. it will not affect the liability of the partnership and the partners to third parties c. *t will not !i&e le!al personality to the partnership d. *t will !i&e the partnership a de facto e)istence. 38. 'he partnership is not dissol&ed upon the death of a: a. !eneral partner b. limited partner c. industrial partner d. !eneral limited partner %6. *n AB" partnership, A and B contributed 526,666.66 each and " his ser&ice. After payin! all the creditors of the partnership only 514,666 remains. *n the absence of terms to the contrary, the share of " is e7ual to: a. 5/,666.66 b. the share of A c. the share of B d. nothin! %1. 0, X, Y and 9 formed a partnership. 0, X and Y are !eneral partners, who contributed 5+,666.66 each, while 9, an industrial partner, his ser&ices only. All the partners si!ned an a!reement stipulatin! that the liability of 0 is limited to his contribution. After all the assets of the partnership ha&e been e)hausted, there remains an unpaid liability of 5%6,666.66. 'he creditors of the partnership can compel: a. X and Y to pay the 5%6,666.66 c. 0, X, Y and 9 to pay 516,666.66 each and 0 and 9 can demand reimbursement from X and Y b. X, Y and 9 to pay the 5%6,666.66 d. X and Y to pay 5%6,666.66 %2. A, B and ", are partners in : 3 "ompany. On April 28, 2613, " died. On ,ay 2, 2613, A, without the #nowled!e of ";s death a liability to :, who also do not #now of the death of ". 'he partnership debt to : is in the amount of 536,666.66. : can collect: a. 536,666.66 from A b. 51+,666.66 each from A and B c. 516,666.66 each from A and B and 516,666.66 from the estate of " d. 526,666.66 from A and 516,666.66 from B %3. A partner, who ta#es acti&e part in the business, but is not #nown as a partner to third person is called: a. silent partner b. dormant partner c. secret partner d. nominal partner %%. 1st statement - 'he arri&al of the term of the partnership with a fi)ed term shall not dissol&e the partnership if the partners continue its business, b ut such partnership may be terminated anytime dependent on the will of the continuin! partners. 2nd statement - 'he loss of the specific thin!, the use of which is contributed to the partnership dissol&es the partnership. a. Only the 1st statement is false c. Both are false b. Only the 2nd statement is false d. Both are true %+. A limited partner who ta#es acti&e part in the mana!ement of partnership becomes: a. a mana!in! partner c. liable as a !eneral partner b. a !eneral partner d. a !eneral limited partner %/. 0hen a uni&ersal partnership is constituted but its nature is not specified, it is only considered: a. a uni&ersal partnership of all present property b. a uni&ersal partnership of all present property < profits c. a uni&ersal partnership of all profit d. a limited partnership %3. Anton, Ben and "ris are partners in a business en!a!ed in real estate and land de&elopment. Anton, without the #nowled!e of Ben and "ris, offered to sell to :an all the remainin! unsold lots at a price &ery much hi!her than the pre&ailin! mar#et price. 'hen Anton bou!ht out Ben and "ris from the partnership and thereafter sold all the lots at a &ery bi! profit. 1st conclusion: 0hen Anton bou!ht out Ben and "ris from the partnership, the partnership was dissol&ed so Ben and "ris ha&e no more share in the profit of the sale 2nd conclusion: 'he sale of the lots between Anton and :an is &oid because it was without the #nowled!e and consent of Ben and "ris. a. Only the 1st conclusion is correct c. Both are correct b. Only the 2nd conclusion is correct d. Both are incorrect %4. 'he followin! are instances when a partnership is unlawful. 0hich is the e)ception1 a. A partnership formed for smu!!lin! of contraband b. A partnership formed for the purpose of buyin! public lands c. A partnership formed to create a cartel for monopolies d. A partnership formed to furnish apartment houses to be used for ille!al !amblin!

%8. XY9 partnership composed of three capitalist partners and one industrial partner suffered business losses. *ts remainin! assets amounted to 5166,666.66 'he partnership is indebted to its supplier, ,r. "ru2, *n the amount of 51/6,666.66. =ow can ,r. "ru2 reco&er the 5/6,666.661 a. =e can reco&er 5166,666.66 from the partnership and 5/6,666.66 from the three capitalist partner b. =e can reco&er 5166,666.66 from the partnership and 5/6,666.66 from any of the partners solidarily c. =e can reco&er 5166,666.66 from the partnership and 5/6,666.66 from the four partners $ointly d. =e can reco&er 5166,666.66 from the partnership and suffer as his loss the balance of 5/6,666.66 +6. 0hich of the followin! is not correct1 *n a limited partnership composed of A, B and " the contribution may be as follows: a. A cash >limited partner?@ B cash >!eneral partner?@ " ser&ices >!eneral partner? b. A property >limited partner?@ B ser&ices >!eneral partner?@ " ser&ices >!eneral partner? c. A ser&ices >limited partner?@ B cash >!eneral partner?@ " ser&ices >!eneral partner? d. A cash >limited partner?@ B property >!eneral partner?@ " ser&ices >!eneral partner