1. A partnership which comprises all the profits that a. General partner the partners' may acquire by their work or industry b. Limited partner during the existence of the partnership is called: C. general-limited partner a. Universal partnership of all present property d. dormant partner b. Particular partnership C. Universal partnership of profits 7. Bears the risk of things contributed to the d. Partnership at will partnership: a. General partner 2. A partnership whereby the partners contribute to b. Limited partner a common fund all the property actually belonging c. Partner contributing usufructuary rights over to them at the time of the constitution Of the fungible things partnership, with the intention of dividing the same d. Partner contributing usufructuary rights over among themselves, as well as the profits which non- fungible things they may acquire therewith is: a. Universal partnership of all present property 8. A, B, and C, are capitalist partners, each b. Particular partnership contributed P10,000. After exhausting the assets of c Universal partnership of profits the firm's indebtedness amounts to P90,000. It was d. Partnership at will stipulated that A would be exempted from liability. Which is correct? 3. A partnership without a definite period of a. A may receive his original capital of P10,000 existence and which can be dissolved at any time b. The creditors may collect P30,000 each from by any of the partners is called: AB, and C a. Universal partnership of all present property C. A can recover P20,000 each from B and C should b. Particular partnership he be required to pay the creditors C. Universal partnership of profits d. The creditors can recover P45,000 each from B d. Partnership at will and C 4. AB, C, capitalist partners, each contributed 9. Instances when a partnership is unlawful, except P10,000 and D, the industrial partner contributed his a. A partnership formed to furnish apartment houses which would be used for prostitution services. Suppose X, is the creditor of the firm amounting to P90,000. After getting the P30,000 b. A partnership formed for the purpose C. A partnership formed for gambling purposes capital assets of the partnership, which is correct? d. A partnership formed to create illegal a. X can recover P20,000 each from A.B and C only. b. X can recover P60,000 from either A or B or C monopolies or combinations in restraint of trade c. X can recover P15,000 each from A, B, and D d. X can recover P15,000 each from A, B and C but D 10. A and B orally agreed to form a partnership two years from today, each one to contribute P1,000. If is exempt because he is an industrial partner at the arrival of the period, one refuses to go ahead 5. A, B, and C are partners. D is admitted as a new with the agreement, can the other enforce the agreement? partner. Will D be liable for partnership obligations a. Yes, because the partnership contract is not contracted prior to his admission to the partnership? governed by the Statue of Frauds a. No, only for those contracted after his admission b. Yes, because the prior agreement was voluntarily b. Yes, and his liability would extend to his own made. individual property c. Yes, but his liability will extend only to his share in c. No, because the agreement was merely oral and executor the partnership property and not to his own d. No, since the agreement is to be enforced after individual property one year from the making thereof, the same should d. Yes, as if he had been an original partner be in a public instrument to be enforceable. 6. A partner who has all the rights, powers and subject to all the restrictions of a general partner but whose liability is, among themselves, limited to his capital contribution is