BUSINESS LAW AND REGULATIONS Obligations of Partners 1 A sold to B, one of the managing partners of Partnership X, the other being C, a certain number of mining claims without the consent of C In an action by A to recover the unpaid balance of the purchase price against Partnership X, C claims that the contract is not binding upon the partnership for the reason that under the articles of partnership, there is a stipulation that one of the partners cannot bind the firm by a written contract without the consent of the others Is the transaction made by B binding upon the partnership Explain Dissolution and Winding Up A and B formed a partnership to exploit a fishpond and thereafter to divide it between them into two (2) equal parts Succeeding events reveal the intent of both parties to terminate the partnership by refusing to share the fishpond with the other in direct violation of the undertaking for which they have established their partnership which resolution they articulated in letter to each other Should the partnership be considered dissolved Explain A withdrew as a partner from partnership X It was the intention and understanding of the parties that A was relinquishing all his rights and interests in the partnership upon the return of all his investment, subject to the condition that A was to be repaid within three (3) days from the date the settlement was agreed upon This condition was fulfilled when on the following day, A was reimbursed the amount due him under the agreement Is A entitled to profits of the partnership at the time of dissolution Explain Limited Partnership A, B, and C are general partners with D as limited partner The total assets of the partnership amount to P200,000 The partnership owes D P50,000 and E, a third party creditor, P250,000 Can D receive his claim of P50,000 Explain and justify After operating for some time as a limited partnership, X Co , composed of A, B, and C, as general partners, who contributed P30,000 each and D and E, as limited partners, who contributed P20,000 each, has a total assets of P150,000 and the following liabilities (1) For return of contributions of limited partners (D and E) P40,000 (2) Due to third party credits 50,000 (3) For loan extended by C 25,000 (4) For loan extended by D 35,000 (5) For taxes 15,000 (6) For indemnity to B for damages suffered in consequence of management 5,000 TOTAL P170,000 May E legally demand the return of his contribution, assuming that all the partners have given their consent and are willing to have the certificate amended as to set forth the withdrawal

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BUSINESS LAW AND REGULATIONS Obligations of Partners 1. A sold to B, one of the managing partners of Partnership X, the other being C, a

BUSINESS LAW AND REGULATIONS

Obligations of Partners 1. A sold to B, one of the managing partners of Partnership X, the other being C, a certain number of mining claims without the consent of C. In an action by A to recover the unpaid balance of the purchase price against Partnership X, C claims that the contract is not binding upon the partnership for the reason that under the articles of partnership, there is a stipulation that one of the partners cannot bind the firm by a written contract without the consent of the others. Is the transaction made by B binding upon the partnership? Explain.

Dissolution and Winding Up

A and B formed a partnership to exploit a fishpond and thereafter to divide it between them into two (2) equal parts. Succeeding events reveal the intent of both parties to terminate the partnership by refusing to share the fishpond with the other - in direct violation of the undertaking for which they have established their partnership - which resolution they articulated in letter to each other. Should the partnership be considered dissolved? Explain.
A withdrew as a partner from partnership X. It was the intention and understanding of the parties that A was relinquishing all his rights and interests in the partnership upon the return of all his investment, subject to the condition that A was to be repaid within three (3) days from the date the settlement was agreed upon. This condition was fulfilled when on the following day, A was reimbursed the amount due him under the agreement. Is A entitled to profits of the partnership at the time of dissolution? Explain.

Limited Partnership

A, B, and C are general partners with D as limited partner. The total assets of the partnership amount to P200,000. The partnership owes D P50,000 and E, a third party creditor, P250,000. Can D receive his claim of P50,000? Explain and justify.
After operating for some time as a limited partnership, X & Co., composed of A, B, and C, as general partners, who contributed P30,000 each and D and E, as limited partners, who contributed P20,000 each, has a total assets of P150,000 and the following liabilities:

(1) For return of contributions of limited partners (D and E)		P40,000
(2) Due to third party credits			50,000
(3) For loan extended by C			25,000
(4) For loan extended by D			35,000
(5) For taxes			15,000
(6) For indemnity to B for damages suffered in consequence of management	5,000
TOTAL			P170,000

May E legally demand the return of his contribution, assuming that all the partners have given their consent and are willing to have the certificate amended as to set forth the withdrawal?