1. Sandy is designated by the partnership as a managing partner in grocery store chain business. Unknown to the other partners, she bought the building the partnership was previously leasing for one of the store operations. Sandy's action does not bind the partnership.

a. true

b. false

2. Jean contributed 5 sacks of certified palay seeds to her partnership with Mandy and Wilson who contributed 15 hectares of land to be planted. After delivery to the farm, torrential rains caused a massive flood which washed away the sacks of certified palay seeds. The loss will be borne or shouldered by

a. Jean

b. The Partnership

c. Both Jean and The partnership, solidarily

d. Both Jean and The partnership, jointly

3.. Dana and Danilo, and Imelda are partners in the firm DD&I each having contributed 1,000,000, P500,000 and P250,000 respectively to the common fund. The partnership owes Irene P300,000 and has been unable to pay, having exhausted all partnership assets. Irene may sue Dana alone for the whole amount DD&I owes her.

a. true

b. false

4. Earvin, Aleck, and Tyshaun are general partners in a partnership with a term of 10 years. Because she needed cash, Aleck, before the expiration of the term, sold her whole interest in the partnership to Janice without the knowledge of her partners. Which of the following statements is true?

a. Aleck may not validly sell her whole interest in the partnership without first getting the permission of her partners

b. Janice does not automatically become a partner by her purchase of the interest

c. Both of the above.

d. None of the above.

5. Any partner has, at any time and in all instances, the right and the power dissolve the partnership.

a. true

b. false