All questions are independent of each other. Write TRUE if the answer is true, write FALSE if the answer is false.

1. Professionals cannot form a partnership for the object is not for profit_______ 2. Co-ownership or co-possession may indicate a partnership_____ 3. In case of dissolution of a partnership by court order, the instruments and effects of the crime like the factory or store of the partnership will be confiscated in favor of the state_______ 4. Ms Babe, Sexy and Shrimp created a partnership wherein Babe would contribute her industry, Sexy her car, and Shrimp her house. In the present case the partnership is created by mere consent_______ 5. Every contract of partnership having a capital of three thousand pesos or more, in money or property, shall appear in a public instrument otherwise void. ________ 6. Any immovable property or an interest therein may only be acquired in the partnership name______ 7. Ms Babe, Sexy and Shrimp created a universal partnership of all present property. In this case they should contribute all present property as well as all the profits of the property subsequent to the creation of the parthership_________ 8. Ms Babe, Sexy and Shrimp created a universal partnership of profits. Five(5) years after the partnership was created, Ms. Babe was compensated for her work as a real estate agent with a car. In this case, the car must be contributed to the partnership_________ 9. Ms Babe, Sexy and Shrimp created a universal partnership. Ms. Babe has a car. In this case, the car will not be contributed to the partnership except the use thereof. _________ 10. Ms Babe, Sexy and Shrimp enter into a partnership on January 1, 2022. On January 2, they contributed Php500.00 each. On January 3, 2022, they went to a lawyer and have the contract drafted, signed and notarized. In this case, the partnership begins in January 1, 2022. ________ 11. Ms Babe, Sexy and Shrimp enter into a partnership. They agreed to contribute Php 500.00 each. Even if a contribution is a donation and the partners fails or refuses to contribute, then the other partners or the partnership cannot exercise any of the rights of a donee. _____ 12. Ms Babe, Sexy and Shrimp enter into a partnership. If goods are contributed instead of cash, then the partners are not required to record said goods at fair market value. _______ 13. Ms Babe, Sexy and Shrimp enter into a partnership. Shrimp is an industrial partnership. Shrimp is engaged in selling balot with the knowledge of the other partners. In this case, Shrimp may do so for there is implied consent or the other partners are already in estoppel. _______ 14. Ms Babe, Sexy and Shrimp enter into a partnership. They did not specifically agree on how much each of them shall contribute. In this case the partnership is void for absence of how "profit and loss" would be divided. _______ 15. Ms Babe, Sexy and Shrimp enter into a partnership. Ms. Babe is the managing partner. Ms. Shrimp collects from a debtor of the partnership Ms. Mamorge who happens to be a debtor also of Ms. Shrimp. In this case the sum thus collected shall be applied to the two credits in proportion to their amounts. ____________ 16. Ms Babe, Sexy and Shrimp enter into a partnership. Ms. Babe contributed firewood to be used as display stand. It was unclear whether or not there would be transfer of ownership. In this case, since the object is fungible then there would only be transfer of possession. _________ 17. Ms Babe, Sexy and Shrimp enter into a partnership. If Ms. Babe used his own money to pay for partnership obligations, then the partnership would be liable to Ms. Babe including interest even though there was no agreement as to the application of interest. _______ 18. Ms Babe, Sexy and Shrimp enter into a partnership. The partners agreed that Ms. Talikod Genik would designate the distribution of profits and losses on January 1, 2022. On January 2, 2022, Ms. Genik designate the P and L. On January 3, 2022, the partnership distributed profit in accordance with the designation of Ms. Genik. On February 3, 2022, Ms. Babe would like to impugn the designation of Ms. Genik. In the present case, she has the right to do so for the three (3) month period to impugn has not yet elapsed. _______ 19. Ms Babe, Sexy and Shrimp enter into a partnership. Ms. Babe designated the distribution of profits and was accepted by Sexy and Shrimp. In such case, the designation is void for designation of P and L cannot be left to one of the partners. ___________ 20. Ms Babe, Sexy and Shrimp enter into a partnership. Ms. Babe is appointed as manager. Ms. Babe would like repaint the store of the partnership. In the present case, she may not do so even if it involves partnership business. _________ 21. Ms Babe, Sexy and Shrimp enter into a partnership. It is agreed that none of them may act without the consent of the other. On January 1, 2022 Ms. Babe was sick and must be hospitalized in Manila. On January 2, 2022 there is imminent danger of loss to the partnership. In this case, the other partners must wait for Ms. Babe to be available in order to decide the course of action. ________ 22. Every partner may associate another person with him in his share, but the associate shall not be admitted into the partnership without the consent of all the other partners._________ 23. The partnership books shall be kept, subject to any agreement between the partners, at the principal office of business of the partnership._________ 24. Ms Babe, Sexy and Shrimp enter into a partnership. They could not however agree on a firm name. In the present case the partnership is void for absence of firm name. __________ 25. Ms Babe, Sexy and Shrimp enter into a partnership. Ms. Mamorge a former partner admitted to some illegal acts of the partnership when she was the managing partner. In the present case, it cannot be used as an admission of the partnership. __________