1-2

1. Where title to real property is in the partnership name, what is the effect of the conveyance of such property by any partner in the partnership name? a. The conveyance will transfer title of the real property to the buyer. b. The partnership can always recover such real property from buyer. c. The conveyance will bind only the partnership if such partner has special power of attorney. d. The conveyance will not transfer title of the real property to the buyer. 2. Which type of partner is not allowed to engage in a business of different kind of partnership business without the express permission of the partnership? a. Capitalist partner b. Industrial partner c. Managing partner d. All of them3. Without prejudice to other remedies and rights available under the law, where a partnership contract rescinded on the ground of the fraud or misrepresentation of one of the parties thereto, the party entitled to rescind is entitled to the following rights, except: a. To a lien on, or right of retention of, the surplus of the partnership property after satisfying the partnership liabilities to third persons for any sum of money paid by him for the purchase of an interest in the partnership and for any capital or advances contributed by him. b. To stand, after all liabilities to third persons have been satisfied, in the place of the creditors of the partnership for any payments made by him in respect of the partnership liabilities. c. To be indemnified by the person guilty of the fraud or making the representation against all debts and liabilities of the partnership. d. To be exempted from pro-rata subsidiary liability to third person. 4. If a person owes separate demandable debts to the partnership and to the partner not authorized to receive credits also known as non-managing partner, how shall the payment by the debtor be applied? a. It shall be applied fully to the non-managing partner's receivable. b. It shall be applied fully to the partnership's receivable. c. It shall be applied proportionately to both receivables. d. It shall be applied equally to both receivables