1. A contract where 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. a. Voluntary association b. Corporation c. Partnership d. Sole proprietorship 2. 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. b. Principal, because it can stand by itself. c.Preparatory, because it is a means by which other contracts will be entered into. d. Onerous, because the parties contribute money, property or industry to the common fund. 3. One of the following is not a requisite of a contract of partnership. Which is it? a. There must be a valid contract. b. There must be a mutual contribution of money property or industry to a common fund. c. It is established for the common benefit of the partners which is to obtain profits and divide the same among themselves. d. The articles are kept secret among the members. 4. 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 b. P10,000.00 c. P3,000.00 d. P30,000.00 5. If the partnership has the minimum capital mentioned in No.4, but the contract is not in a public instrument or the same is not recorded with the SEC, the partnership: a. is void. b. is voidable. c. does not acquire juridical personality. d. still acquires juridical personality. 6. Joseph and Edward entered into a universal partnership of all present property. At the time of their agreement, Joseph had a four-door apartment which he inherited from his father 3 years earlier. Edward, on the other hand, had a fishpond which he acquired by dacion en pago from Robert. During the first year of the partnership, rentals collected on the four-door apartment amounted to P480, 000.00; while fish harvested from the fishpond were sold for P300, 000.00. During the same period, Edward received by way of donation a vacant lot from an uncle. The partners had a stipulation that future property shall belong to the partnership. Which of the following does not belong to the common fund of the partnership? a. Fishpond. b. Rental of P480,000.00 c. Apartment. d. Vacant land. 7.Vincent and James entered into a universal partnership of profits. At the time of the execution of the articles of partnership, Vincent had a two-door apartment which he inherited from his father 3 years earlier. James, on the other hand , had a fleet of taxis which he purchased 2 years before. In the first year of the partnership , Vincent earned P500,000.00 as a radio talent while James won P1,000,000.00 in the lotto. During the same period, rentals of P120,000.00 were collected from the apartment ,while fare revenues of P200,000.00 were realized from the operation of the fleet of taxis. Which of the following belongs to the partnership? a. Two-door apartment. b. Lotto winnings of P1,000,000.00 c. Salary of P500,000.00 d. Fleet of taxis. 8. A partnership formed for the exercise of a profession which is duly registered in an example of: a. Universal partnership of profits. b. Universal partnership of all present property. c. Particular partnership. d. Partnership by estoppel. 9. Three of the following partnership contracts are void. Which one is not? a. A universal partnership of all present property between husband and wife. b. A universal partnership of a profit between a man and women living together as husband and wife without the benefit of marriage. c. A particular partnership between husband and wife. d. A universal partnership of profits between a private individual and a public officer. 10. John, Albert and Wilfred are partners in JAW Enterprises. Not having established yet their credit standing, the three partners requested Simon, a well-known businessman, to help them negotiate a loan from Carlos, a money lender. With the consent of John, Albert and Wilfred, Simon represented himself as a partner of JAW Enterprises. What kind of partner is Simon? a. Managing partner. b. Liquidating partner. c. Ostensible partner. d. Partner by estoppel