Law On Partnership at Adamson University | Flashcards & Summaries

Lernmaterialien für Law on Partnership an der Adamson University

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TESTE DEIN WISSEN
An artificial person like a corporation may become a partner in a partnership.
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TESTE DEIN WISSEN
False
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TESTE DEIN WISSEN
If a partnership is formed for the practice of a profession, its primary purpose is to obtain profits.
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TESTE DEIN WISSEN
True
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TESTE DEIN WISSEN
A partnership has a personality separate and distinct from each of the partners.
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TESTE DEIN WISSEN
True
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TESTE DEIN WISSEN
A partnership begins from the moment of the execution of the contract, unless different date is stipulated.
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TESTE DEIN WISSEN
True
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TESTE DEIN WISSEN
Partnership is consensual because it is entered into by two or more persons whose rights and obligations are reciprocal.
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TESTE DEIN WISSEN
False
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TESTE DEIN WISSEN
What is an essential difference between a partnership and a corporation?
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TESTE DEIN WISSEN
A partnership is created by voluntary agreement of the partners, whereas a corporation is always created by some express legislative authority either in the form of a special law or of a general law.
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TESTE DEIN WISSEN
Partnership is both a contract and a business organization.
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TESTE DEIN WISSEN
True
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TESTE DEIN WISSEN
One of the following is not a characteristic of contract of partnership.
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TESTE DEIN WISSEN
Real, in that the partners must deliver their contributions in order for the partnership contract to be perfected.
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TESTE DEIN WISSEN
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 Securities and Exchange Commission (SEC).
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TESTE DEIN WISSEN
P5,000.00
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TESTE DEIN WISSEN
A partnership contract may be constituted in any form, oral or written.
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TESTE DEIN WISSEN
True
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TESTE DEIN WISSEN
Persons who are not partners as to each other are not partners as to third persons except when a person represents himself or consents to another representing him to anyone, as a partner in an existing partnership or with one or more persons not actual partners.
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TESTE DEIN WISSEN
True
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TESTE DEIN WISSEN
One of the following is not a requisite of a contract of partnership. Which is it?
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TESTE DEIN WISSEN
There must be a valid contract.
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Q:
An artificial person like a corporation may become a partner in a partnership.
A:
False
Q:
If a partnership is formed for the practice of a profession, its primary purpose is to obtain profits.
A:
True
Q:
A partnership has a personality separate and distinct from each of the partners.
A:
True
Q:
A partnership begins from the moment of the execution of the contract, unless different date is stipulated.
A:
True
Q:
Partnership is consensual because it is entered into by two or more persons whose rights and obligations are reciprocal.
A:
False
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Q:
What is an essential difference between a partnership and a corporation?
A:
A partnership is created by voluntary agreement of the partners, whereas a corporation is always created by some express legislative authority either in the form of a special law or of a general law.
Q:
Partnership is both a contract and a business organization.
A:
True
Q:
One of the following is not a characteristic of contract of partnership.
A:
Real, in that the partners must deliver their contributions in order for the partnership contract to be perfected.
Q:
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 Securities and Exchange Commission (SEC).
A:
P5,000.00
Q:
A partnership contract may be constituted in any form, oral or written.
A:
True
Q:
Persons who are not partners as to each other are not partners as to third persons except when a person represents himself or consents to another representing him to anyone, as a partner in an existing partnership or with one or more persons not actual partners.
A:
True
Q:
One of the following is not a requisite of a contract of partnership. Which is it?
A:
There must be a valid contract.
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