1. Without the written consent or ratification by all the limited partners, a general partner or all the general partners, have no authority to perform any of the following acts, except to:

1 point

A. Admit a person as a general partner

B. Continue the business with partnership property on the death, retirement, insanity, civil interdiction or insolvency of a general partner.

C. Admit a person as a limited partner.

D. Continue the business with partnership property on the death, retirement, insanity, civil interdiction or insolvency of a limited partner.

2. Book Enterprises, Ltd. Is a partnership engaged in the book store business, with L, I, B, R, O as partners. L is the only limited partner contributing P200,000. I contributed her services by managing the firm, while B, R, O contributed P50,000, P100,000 and P150,000, respectively. The partners have a stipulation that O shall not be liable for obligations of the partnership because of the goodwill she brought to the business. Who among the partners may creditors go against for their separate property after the partnership assets have been exhausted?

1 point

A. All of the partners

B. B and R only

C. I, B, and R only.

D. All of the partners, except L.

3. Any external thing over which the rights of possession, use, and enjoyment are exercised.

1 point

a. Money

b. Property

c. Industry

d. None of the above

4. The latin phrase "delectus personae" means

1 point

a. Choice of the person

b. Choice of the people

c. Choice of the public

d. None of the above

5. The birth and life of a partnership at will is predicted on the mutual desire and consent of the partners.

1 point

a. Partnership at will

b. Partnership for a particular undertaking

d. Partnership for a fixed term

d. None of the above

6. An entity created by law and given certain legal rights and duties of a human being, real or imaginary, who for the purpose of legal reasoning is treated more or less as a human being.

1 point

a. Natural person

b. Juridical person

c. Normal person

d. None of the above

7. Where a partnership not duly organized has been recognized as such in its dealings with certain persons.

1 point

a. Ordinary partnership

b. De jure partnership

c. De facto partnership

d. Partnership by estoppel

8. The following are the effects of unlawful partnership, except:

1 point

a. The contract is voidable from the very beginning.

b. The profits shall be confiscated in favor of the government.

c. The instruments or tools and proceeds of the crime shall be forfeited in favor of the government.

d. The contributions of the partners shall not be confiscated.

9. Without the written consent or ratification by all the limited partners, a general partner or all the general partners, have no authority to perform any of the following acts, except to:

1 point

A. Admit a person as a general partner

B. Continue the business with partnership property on the death, retirement, insanity, civil interdiction or insolvency of a general partner.

C. Admit a person as a limited partner.

D. Continue the business with partnership property on the death, retirement, insanity, civil interdiction or insolvency of a limited partner.

10. When 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.

1 point

a. Corporation

b. Partnership

c. Sole proprietorship

d. Cooperative