1. Reynold, Melissa, Nina, and Virginia are partners in a business that was in danger of closing down for lack of operating capital. Reynold, Melissa, and Nina came to a decision that all should contribute additional amounts to save their business. Virginia refused to contribute, arguing that as an industrial partner she is exempted by law. Virginia's contention is

a. true

b. false

2. A partnership formed strictly in compliance with all the requirements of the law is termed

a. De facto

b. De jure

c. Revolutionary

d. None of the above

3. Carpio, Morales, Perlas, and Francisco is the name of a firm of lawyers. Francisco died. The remaining partners may continue to use the name of Francisco in the firm name to take advantage of his great reputation as a trial lawyer.

a. true

b. false

4. Under the facts in the immediately preceding question (No.3), assuming that Veronica entered into a contract for the partnership while still on such a vacation as mentioned above, the contract binds the partnership and her other living partners.

a. true

b. false

5. Still under the same facts No.3, the properties which Marcos left behind after his death are answerable for all obligations of the partnership incurred before his death.

a. true

b. false