BUSINESS LAW

TRUE OR FALSE

52.Apple, partner with Alejandro, Priscilla, and Elvis in a real estate business, bought a parcel of land for the partnership from Martha who promised him a 5% share in her commission. Apple received her commission from Martha only after the dissolution. Apple is legally bound to account for the commission she received as a result of the sale.

53.Partner Melencio agreed to split his share in partnership profits with Inocencio who is not member of the partnership. The other partners knew of this agreement between Melencio and Inocencio. Inocencio may participate in the management of the partnership.

54.Alex, Mon, Tom, and Fidel signed the Articles of Limited Partnership which indicates Fidel as the sole limited partner but failed to register the same with the Securities and Exchange Commission. Fidel may raise the defense of his being a limited partner against any creditor with actual knowledge that he is a limited partner.

58.Gina, Ursula, and Dino are the partners in the firm XYC. Tina, in the presence of Gina and Ursula, represented herself as a member of XYC, to Andrew who extended a loan because of his great trust in Tina who was a family friend. In case of legal injury, partnership XYC may be held liable by estoppel.

60.Andre bought a 4-door apartment building in the name of the partnership which is in the business of buying apartments and then renting out the same. Andre and 3 other partners occupied the 4 apartments in the said building without paying rent, all without the knowledge of Boki. The partners other than Boki are bound to account for the rents the partnership would have gained had these been occupied by clients of the partnership.