1.Review the general concepts and principles of Contracts.How are those concepts and principles correlated with Contract of Partnership?

2.Illustrate the characteristics of the contract of partnership using the following case:

Kimmy and Chinny agreed to sell textbooks to their classmates. Kimmy provided the money,P50,000.00, to buy the books, and Chinny purchased them from a bookshop in Recto, Manila.Kimmy was particularly negative on travelling to Manila due to the health risks involved due to the pandemic, and Chinny agreed to take on the health and safety risks as the purchasing of their products was her contribution. Their estimate was to sell the books with 20% mark-up as there was no other way their classmates can buy them as there was no distributor or publishing house outside Metro Manila which was on lockdown.By the middle of the semester, only 70% of the books were sold, giving Kimmy and Chinny only break-even sales.Kimmy revealed that she borrowed the P50,000.00 from a micro-finance lending cooperative for the purpose of their business. The said loan of P50,000.00 is not yet paid and earning interest.