1)
Which of the following acts is considered an act of administration that may be done by the managing partner alone? a. Disposition of the goodwill of the business of the partnership. b. Selection of the major supplier of the partnership. c. Renunciation of a claim of the partnership d. Submission of a partnership claim or liability to the arbitration.In which of the following instances shall the partnership be bound by the acts of the partners? I. If the partner is authorized to act for the partnership whether or not the act is for apparently carrying on in the usual way the business of the partnership. II. If the partner is not authorized to act for the partnership but the act is forth apparently carrying on in the usual way of the business of the partnership and the third person has no knowledge of the partner's lack of authority. III. When although the act is for the apparently carrying on in the usual way the business of the partnership, the partner is not authorized to act for the partnership and the third person has knowledge of the partner's lack of authority. IV. When the partner is not authorized to act for the partnership and the act is not for apparently carrying on in the usual way te business of the partnership whether or not the third person has knowledge of the partner's lack of authority. V. Any act in the contravention of a restriction on authority of a partner to persons having knowledge of the restriction. a. land !I b. Ill and IV c. I and Ill d. II and IThe following are the liabilities or obligations of the partnership to the partners, except: a. The partnership shall be responsible to every partner for the amounts he may have disbursed on behalf of the partnership and for the corresponding interest, from the time the expense are made. b. The partnership shall answer to each partner for the obligations he may have contracted in good faith in the interest of the partnership business. c. The partnership shall answer to each partner the risks as a consequence of its management. d. The partnership shall answer for the personal liabilities and debts of the partners. The following are the rules on sharing of partnership liabilities to the third persons as regards to general partners whether capitalist or industrial, except: a. The liability of the partnership shall be divided pro-rate among the partners. b. Each general partner, whether capitalist or industrial, shall be liable with his separate property after all the assets of the partnership have been exhausted. c. A stipulation exempting a general partner from pro rata and subsidiary liability after the exhaustion of partnership asset valid among the partners. d. A stipulation exempting a general partner from pro rata and subsidiary liability after the exhaustion of partnership asset is valid as to third person
