A. Choose the correct answer

1.One of the following is not a requisite of partnership. Which is it?

a.There must be a valid contract

b.There must be a mutual contribution of money, property or industry to a common fund.

c.It is established for the common benefit of the partners which is to obtain profits and divide the same among themselves

d.The articles are kept secret among the members

2.X and Y entered into a universal partnership of all present property. At the time of their agreement. X had a four-door apartment which he inherited from his father 3 years earlier. Y, on the other hand, has a fishpond which he acquired by dacion en pago from Z. During the first year of the partnership, rentals collected on the four-door apartment amounted to P480,000; while fish harvested from the fishpond were sold for P300,000. During the same period. B received by way of donation a vacant lot from an uncle. The partners had stipulation that future property shall belong to the partnership. Which of the following does not belong to the common fund of the partnership?

a.Fish pond

b.Rental of P480,000

c.Apartment

d.Vacant lot

3.D and E entered int a universal partnership of profits. At the time of execution of the articles of partnership, D had a two-door apartment which he inherited from his father 3 years earlier. E on the other hand, had fleet of taxis which he purchased two years before. In the first year of the partnership, D earned P500,000 as radio talent while E won P1,000,000 in the lotto. During the same period, rentals of P120,000 were collected from the apartment, while fare revenues of P200,000 were realized from the operation of the fleet of taxis. Which of the following belongs to the partnership?

a.Two-door apartment

b.Lotto winnings of P1,000,000

c.Salary of P500,000

d.Fleet of taxis

4.Essential elements or feature of a partnership, except

a.Must have a lawful object or purpose

b.There must be a contribution of money, property or industry to a common fund

c.With intention to divide and contribute whatever profits they make to other people

d.Must be established for the common benefit or interest of the partners

B. Answer directly what is asked then justify your answer with the provision of the law where you based your answer.

1.Can a husband and wife form a limited partnership to engage in real estate business, with the wife being a limited partner?

2.Can two corporations organize a general partnership under the civil code of the Philippines?

3.Can a corporation and an individual form a general partnership?