chapter 1- general provisions

Question 1

What is Partnership

Answer 1

By contract of Partnership 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.

Article 1767

Question 2

it is a calling in the preparation for or practice of which academic learning is required and which has for its prime purpose the rendering of public service.

Answer 2

Profession

Question 3

Characteristics of Partnership

Answer 3

Consensual
Nominate
Bilateral
Onerous 
Commutative
Principal 
Preparatory

Question 4

what does the latin phrase delectus personae mean

Answer 4

it means no one can become a member of the partnership association with our the consent of all other associates.

Question 5

Essential Features of a Partnership

Answer 5

1. it must be a valid contract
2. parties must have legal capacity to enter into a contract
3. there must be mutual contribution of money, industry, or property to a common fund
4. the object must be lawful
5. the purpose must be to obtain profits and divide it among the parties.

Question 6

the following cannot give their consent to a contract of partnership:

Answer 6

unemancipated minors
insane or demented persons
deaf-mutes who do not know how to read and write
persons who are suffering from civil interdiction
incompetents who are under guardianship

Question 7

A corporation is with capacity or power to enter into a contract of partnership.

Answer 7

FALSE. IT is not incapacity because in a partnership, corporations would be bound by the actors of persons whoa re not its duly appointed and authorised officers and agents, and this is entirely inconsistent with the policy of the law that the corporation shall manage its own affairs separately and exclusively.

Question 8

Forms of contribution

Answer 8

money
property
industry

Question 9

a limited partner in a limited partnership cannot contribute mere industry or service.

Answer 9

TRUE

Question 10

the object is unlawful when it is contrary to:

Answer 10

law
morals
good customs
public order
public policy

Question 11

a partnership duly formed under the law is a judicial person to which the law grants judicial personality separate and distinct from hat of each of the partners.

Answer 11

TRUE

Question 12

what are the rights does a partnership have as a judicial person:

Answer 12

a partnership may acquire and possess property of all kinds, as well as incur obligations and bring civil air criminal actions in conformity with the laws and regulations of its organisations.

Question 13

it is a partnership formed by the marriage of husband and wife by virtue of which, they place in a common fund the fruits and income from their separate properties and those acquired through their efforts by chance, unless otherwise agreed in the marriage, divide equally, upon the dissolution of the marriage of the partnership, the net gains or benefits obtain by either or both of them during the marriage.

Answer 13

conjugal partnership of gains

Question 14

classification of partnership as to subject matter:

Answer 14

universal partnership

particular partnership

Question 15

two kinds of universal partnership

Answer 15

universal partnership of all present property

universal partnership of profits

Question 16

what is a universal partnership

Answer 16

a universal partnership may refer to all the present property or to all the profits

art. 1777

Question 17

what is a particular partnership

Answer 17

a particular partnership has for its object determinate things, their use or fruits, or a specific undertaking, or the exercise of a profession or vocation.

AR. 1783

Question 18

classification of partnership as to liability

Answer 18

general partnership

limited partnership

Question 19

classification of partnership as to duration

Answer 19

partnership at will

partnership with a fixed term

Question 20

it is a partnership in which the partners contribute all the properties which actually belong to each of them at the time of the constitution of the partnership to command fund, with the intention of diving the same among themselves as well as the profits which they may acquire therein.

Answer 20

universal partnership of all present property.

Question 21

articles of universal partnership entereed into without specification of its nature, only institute a universal partnership of all present property.

Article 1781.

Answer 21

FALSE. Universal partnership of profits

reason: it imposes less obligation on the partners, since they preserve the ownership of their separate property

Question 22

Persons who are prohibited from giving each other any donation or advantage cannot enrer into a universal partnership

Answer 22

TRUE

Question 23

classification of partnership as to the legality of its existence

Answer 23

de jure partnership

de facto partnership

Question 24

classification of partnership as to representation to others

Answer 24

ordinary or real partnership

ostensible or partnership by estoppel

Question 25

classification of partnership as to publicity

Answer 25

secret partnership

open or notorious partnership

Question 26

classification of partnership as to purpose

Answer 26

commercial or trading partnership

professional or non-trading partnership

Question 27

kinds of partners

Answer 27

capitalist partner
industrial ;
general partner
limited;
managing partner 
liquidating ;
partnership by estoppel 
continuing partner
surving partner
subpartner

ostensible partner
secret
silent
dormant

original partner
incoming
retiring

Question 28

one who takes active part and know to the public as a partner in the business

Answer 28

ostensible partner

Question 29

one who takes active part in the business but is not know to be a partner by outside parties

Answer 29

secret partner

Question 30

who does not take active part in the business although he may be know to be a partner

Answer 30

silent partner

Question 31

one how does not take active part int he business and is not know or held out as partner

Answer 31

dormant partner