A, B and C formed a general partnership where A, also appointed manager, contributed 70% of the capital, B contributed 30%, and C was an industrial partner who would manage the business. After a few months of operation all the assets of the partnership were exhausted, but one legitimate debt remained unpaid. The partners who are liable to the unpaid creditor, with their separate property, are - *

Only A and B, on a 70/30 ratio

A, B, and C, but C's liability will be what is just and equitable

All three are liable, each one for 1/3 of the unpaid debt

Only A because he was the manager and caused the liability incurred

Phineas is the active partner and Ferb is the silent partner in a general partnership engaged in running a hardware store. After 5 years of being uninvolved in the management of the business, Ferb purchases 5,000 wheelbarrows for their hardware store. Which of the following is true? *

Ferb can bind the partnership by his act

Silent partners are investors only and cannot bind the partnership **

Unless his name is in the partnership name, third persons are "on notice" that he is unauthorized to contract for the partnership

Ferb, as a silent partner, is not authorized to purchase and therefore the sale may be set aside.

Dave, Stuart and Kevin are partners engaged in a jam retail business. Their contribution is P20,000.00 each. Jerry is admitted as a new partner with a contribution of P8,000.00. At the time of his admission, the partnership has an outstanding obligation to Gru in the amount of P80,000.00. What Jerry's liability? *

Jerry is not liable to Gru for this obligation and his P8,000.00 contribution shall remain with the partnership.

Jerry is liable to Gru for this obligation so that after the assets of the partnership amounting to P68,000.00 will be exhausted leaving a balance of P12,000.00, only Dave, Stuart and Kevin shall be liable pro rata out of their separate property.

Jerry is liable to Gru for this obligation so that after the assets of the partnership will be exhausted leaving a balance of P12,000.00, all the partners will be liable pro rata, including Jerry, out of their separate property.

Jerry will be liable only if he knew of the liability of P80,000.00 at the time he joined the partnership.

Partnership,Co-ownership, or Corporation

Under the law, there is no limitation upon its duration.

It has no juridical personality

Death of one party results to the dissolution of the contract

Generally created by agreement of the parties

It has a right of succession

It may only be dissolved with the consent of the State

Its powers must be expressly provided by law or implied from those granted/incident to its existence

It must not exist for more than 10 years

It may be liable with their private property beyond their contribution to the firm

It is not governed by the New Civil Code of the Philippines

True or false

If the industrial partner so engages in business other than that of the partnership, the other partners may exclude him from the firm and avail themselves of the benefits which he may have obtained.

As a general rule, the relationship between a limited partner and partnership is not one of trust and confidence.

The designation of losses and profits can be entrusted to one of the partners.

The liability of the partnership and the erring partner for quasi-delict is joint