1. A and B are partners in a partnership known as X & Co. They agreed that they would contribute all their properties to a common fund for the purpose of dividing the same between themselves, as well as the profits to be derived therefrom. A contributed all his properties consisting of two (2) big parcels of agricultural land and a tractor. B contributed also his properties consisting of P100,000 cash and farm implements. What type of partnership did A and B enter into? 2. Under the verbal contract, A and B contributed P22.00 each for the purpose of purchasing a parcel of land. It was agreed that upon its acquisition, the property would be divided equally between them. A kept the land for himself and refused to divide. B brought an action for partition. Did the parties enter into a contract of partnership? Explain. 3. Suppose A, B, and C are not really partners, but A told X that A, B, and C are partners. X, believing the representation made by A and consented to by B, extended credit to A. What type of partnership was described? Explain. 4. Suppose A, B, and C are accounting professionals who decided to start a partnership. What type of partnership will they establish? Explain. 5. Which of the following is NOT a requirement of a contract of partnership? a.There must be a valid contract. b.There must be a mutual contribution of money, property, or industry to a common fund. https://t.co/FxCfQwfo8M must obtain profits and divide the same themselves. d.The articles of partnership are kept a secret among the members. 6. Which of the following is NOT a characteristic of partnership? a.Consensual b.Bilateral c.Communicative d.Onerous 7. It is a contract of two (2) or more persons who bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profits among themselves. It may also be formed by two (3) or more persons for the exercise of a common profession. a.Contract of Agency b.Contract of Partnership c.Contract of Co-ownership d.Contract of Sale 8. Which of the following statements concerning partnership is FALSE? a.Partnership is a juridical entity which has a personality separate and distinct from that of each of the partners. b.There must be an intent to form a partnership. c.There is a fiduciary relation among partners. d.All partnership contracts are consensual. 9. Which of the following is generally NOT allowed to enter into a contract of partnership? a.Any natural person who is capacitated b.Another partnership c.A professional d.A corporation 10. The articles of universal partnership are entered into without specification as to their nature. What shall be its construction or interpretation? https://t.co/G36MlSd44Q is a particular partnership. https://t.co/3JBvj9Hmzw is a universal partnership of all present property. https://t.co/R7n7CRs0po is a universal partnership of profits. https://t.co/9Ktet6t9FO is a general professional partnership. 11. This is a type of partnership whereby the common fund comprises only all that the partners may acquire by their work or industry during the existence of the partnership. a.Universal partnership of all present property b.Universal partnership of profits c.Particular partnership d.General professional partnership 12. Which of the following persons can enter into a universal partnership but cannot enter into a particular partnership? a.Husband and wife b.Persons who were guilty of adultery or concubinage at the time of formation c.Persons who were guilty of the same criminal offense d.Public officer or his wife, descendants and ascendants and another person by reason of the public officer's position