Rick Puno is a limited partner who is indebted to

Vick Wood. Mr. Wood applies to the court to charge

the interest of Mr. Puno in the partnership. The
interest so charged may be redeemed:
With the separate property of any general partner or
with partnership property
With the separate property of any limited partner but
cannot be redeemed with partnership property
With the separate property of any general partner or
any limited partner
With the separate property of any general partner but
cannot be redeemed with partnership property

A limited partner is considered as trustee for the

partnership for:
Money wrongfully paid or conveyed to him on account
of his contribution
Specific property of the partnership which had been
refunded by him
Specific property stated in the certificate by him and
which he had actually contributed
Other property wrongfully paid or conveyed by him to
a creditor

Any important alteration in the immovable property

is an –
Act of general dominion
Act of possession
Act of usufruct
Act of strict dominion
M&M Ltd., is a domestic enterprise engaged in the
production of quality and specially packed
“bagoong” which they are exporting to Hawaii for the
consumption of many Ilocanos and other Filipino
folks populating said city. Max and Mentol, they
being the only limited partners of said enterprise,
CEASED to be such. As a consequence:
The certificate shall be properly amended to reflect
such changes and is required to be registered with the
Securities and Exchange Commission
Max and Mentol should be sued in their personal
capacity
The certificate shall be cancelled since the entire
limited partner ceased to be such
The word Ltd. must be omitted in the certificate since
there is no longer a limited partner in said enterprise

Partnership classified according to its object refers

to:
Limited partnership
Can refer both to universal or particular partnership
Universal partnership
Particular partnership

The following statements are true if an association is

not lawfully organized as a partnership, except:
It possesses no legal personality
Individual persons can sue in their individual capacity
It cannot sue
It can be adjudged insolvent
Juan and Pedro are limited partners in a partnership. In the certificate of
partnership, it appears that Juan contributed P10,000.00. But actually, he
contributed only P8,000.00. In the certificate too, Pedro promised to give an
additional contribution of P4,000.00 at a specified date. Which of the following best
explains the liability of Juan and Pedro?
Juan should pay the difference of P2,000.00 while Pedro remains to be liable only as
to the extent of his actual contribution being his promised additional contribution was not
yet given to the partnership
Juan should pay the difference of P2,000.00 and Pedro, the amount of P4,000.00 on
the date specified or now, if the date has arrived
Juan and Pedro shall amend the articles of partnership to reflect their actual
contributions to the partnership
Juan and Pedro should only be liable to the extent of their actual contributions

In order to show the existence of the partnership, all

of its essential characteristics must be proved,
particularly all of the following, except:
There is a common fund obtained from contributions
There is a joint interest in the profits
There is a co-possession with profit-sharing
There is an intention to create a partnership

A, to obtain a loan from X, represented himself to be

a partner in partnership Z & Co., composed of B, C,
and D. When X confirmed with B if A was really a
partner, B said “yes” because as a friend of A, he
knows A needed the money badly (even though A
was not really a partner). On said premise, X granted
A the loan. When the debt became due and
demandable, A was not able to pay. X filed a case for
collection of sum of money impleading A, B, C, D,
and Z & Co. as defendants. Z & Co. together with B,
C, and D filed a motion to dismiss on the ground that
they were strangers to the contract of loan executed
by A and X, and A was not a partner in their
partnership. Which of the following statements is
true regarding the given situation.
B should not be liable because he did not benefit from
the loan obtained by A. at most, he can only be
considered a guarantor.
Neither Z & Co. nor B, C, and D benefited from the
loan secured by A, hence they are not liable to X for said
loan.
Neither Z & Co. nor B, C, and D gave their consent in
the loan secured by A, hence they are not liable to X for
said loan.
B, excluding Z & Co., C, and D, cannot negate the
“partnership” created between himself and A with regard
the damage suffered by X because he consented to the
misrepresentation made by A to obtain the loan from X. B
is estopped from claiming that no partnership between
him and A existed.

It does not of itself discharge the existing liability of

the partner.
Specific partnership property
Assigning of a partner’s interest to a third person
Dissolution of partnership
Transfer of partnership to a third person

Statement No. 1: A partner has the right to access

the partnership books on demand.

Statement No. 2: A partner has the right to

information of all things affecting the partnership on
reasonable hour.
Both statements are true
 Both statements are false
Only statement 2 is true
Only statement 1 is true

A, B, and C are partners in Partnership X & Co.

engaged in a lending business. A received from D a
24k gold bracelet as security for a loan D received
from the company. A misappropriated the ring to his
own use. Which of the following statements is true
with regard the given situation?
All the partners are liable for the loss to D. Even B and
C, who were not involve in A’s conversion are personally
liable without right to recover from A.
All partners are liable for the loss with X & Co. to D.
Even B and C who were not involve in A’s conversion are
personally liable without prejudice to their right to recover
from A.
All the partners are liable for the loss with X & Co. to
D. Even B and C who were not involve in A’s conversion
are personally liable without prejudice to their right to
recover from X & Co.
All the partners are liable for the loss with X & Co. to
D. Even B and C who were not involve in A’s conversion
are personally liable with prejudice to their right to
recover from A.

In settling accounts after dissolution of limited

partnership, payment of partnership liabilities DUE
THE CREDITOR shall be paid/settled first before that
of the others. Tarzan is the sole creditor of Universal
Construction, Ltd. (UC). Tarzan, as such,:
 May not necessarily be paid first as the order of
preference under the provisions of the Civil Code is
merely directory and for mere convenience in the
distribution of partnership asset
Should be given the least priority in the payment of
partnership liabilities since he is merely an outsider
Should be entitled to payment first following the order
of payment expressly provided under the Civil Code
Should not be given higher preference in the order of
payment than that of partners as every partner is entitled
to exercise management prerogative by crediting first
what is due them

The obligation of warranty in case of eviction is in

consequence of the character of the contract of
partnership which is:
A commutative contract
An onerous contract
A consensual contract
A preparatory contract

A partner is liable for everything chargeable to the

partnership. What is the degree of liability of a
partner?
Solidarily and subsidiarily
Solidarily
Primarily
Subsidiarily

A universal partnership may refer to:

Statement 1: partnership of all present property.

Statement 2: partnership of all present property

including those subsequently acquired by the
partners through inheritance, legacy, or donation.

Statement 3: partnership of all profits.

Only statements 1 and 2 are correct
Only statements 1 and 3 are correct
Only statement 1 is correct
Only statement 2 is correct

The following are examples of particular partnership,

except:
Those formed for the use of present and future
property but the partners retain ownership from the same
upon dissolution
Those formed for the practice of a profession or
vocation
Those established for the purpose of carrying out a
specific enterprise such as the construction of a building
Those formed for the acquisition of an immovable
property for the purpose of reselling it at a profit or for the
common enjoyment of its use and the benefits derived
therefrom

It is a contract between the partner and his associate

whereby the latter has the right to receive his share
in the profits of the partnership from the partner to
whom he associates.
Subpartnership
Partnership
 Assignment
Association

The sheer ability to obtain funds on credit may be

contributed by a partner to the partnership. Credit in
the following forms are acceptable as contribution to
the common fund by a partner except:
Economic credit
Political credit
Commercial credit
Economic credit

The following are true with regards to partnership of

all present property except one:
There is intention of dividing among themselves the
property contributed
Their intention of dividing among themselves the
profits subsequently acquired through the property
contributed
The partners contribute all the property which actually
belongs to them to a common fund
There is intention of dividing among themselves any
other profit subsequently acquired during the existence of
the partnership

Special powers of attorney are necessary in the

following cases, except:
To create or convey real rights over immovable
property
To bind the principal to render in a contract of
partnership
 To enter into any contract by which the ownership of a
movable is transmitted or acquired either gratuitously or
for a valuable consideration
To compromise, to submit questions to arbitration, to
renounce the right to appeal from a judgment, to waive
objections to the venue of an action, or to abandon a
prescription already acquired

A partnership at will may be dissolved in what

instance:
Any one of the real partners may, at his sole pleasure,
dictate the dissolution of a partnership at will
Any one of the managing partners may, at his sole
pleasure, dictate the dissolution of a partnership at will
Any one of the general partners may, at his sole
pleasure, dictate the dissolution of a partnership at will
Any one of the partners may, at his sole pleasure,
dictate the dissolution of a partnership at will

http://www.uberdigests.info/2015/05/mcq-law-on-partnership/