Can you help me with these so I can compare my answers to yours?

101. Management of a partnership is usually conferred upon the:

a.. Manager

b. President

c. Partners

d. None of the above

102. A person admitted to all the rights of a limited partner who has died or assigned his interest in a partnership is known as:

a. Assigned Limited Partner

b. Ipso facto Limited Partner

c. Substituted Limited Partner

d. Unlimited Partner

e. Answer not given'

103. A, B and C are partners. Their contributions as follows: A, P60,000; B, P40,000, and C, services. The partners agreed to divide the profits and losses in the following proportions: A, 35%, B, 25% and C, 40%. If there is a profit of P10,000, how should the said profit of P10,000 be distributed among the partners?

a. A, P6,000; B, P4,000; C, nothing

b. A, P3,000; B, P2,000; C, P5,000

c. A, P3,500; B, P2,500; C, P4,000

d. A, P3,500; B, P3,500; C, P3,000

e. None of the above

104. A, B and C are partners. Their contributions as follows: A, P60,000; B, P40,000, and C, services. The partners agreed to divide the profits in the following proportions: A, 35%, B, 25% and C, 40%. If there is a loss of P10,000, how should the said loss of P10,000 be distributed among the partners?

a. A, P6,000; B, P4,000; C, nothing

b. A, P3,000; B, P2,000; C, P5,000

c. A, P3,500; B, P2,500; C, P4,000

d. A, P3,500; B, P3,500; C, P3,000

e. None of the above

105. A, B, and C are partners. Their contributions are as follows: A, P60,000; B, P40,000, and C, services. The partners did not agree on how to divide the profits and losses. If there is a loss of P10,000, how should the said loss of P10,000 be distributed among the partners?

a. A, P6,000; B, P4,000; C, nothing

b. A, P3,000; B, P2,000; C, P5,000

c. A, P3,500; B, P2,500; C, P4,000

d. A, P3,500; B, P3,500; C, P3,000

e. None of the above

106. The following persons are disqualified to form a universal partnership. Who are the exceptions:

a. Brother and sister

b. Husband and wife

c. Those guilty of adultery and concubinage

d. Those guilty of the same criminal offense, if partnership is entered into in consideration of the same.

107. A partner shall have the right:

a. To ask that the books of the partnership be kept at the principal place of business of the firm, and at any reasonable hour have access to and inspect and copy any one of them.

b. To demand true and full information of all things affecting the partnership

c. To share in the profits and surplus assets of the firm

d. To ask for judicial dissolution

e. All of the above

108. Three (3) of the following are rights of a partner. Which one (1) is not?

a. Right to associate another person to his share

b. Right to admit another partner

c. Right to inspect and copy partnership books

d. Right to ask dissolution of the firm at the proper time

109. Which of the following is not an element of a partnership?

a. There must be a valid contract

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

c. There must be an intent to engage in lawful business, trade or profession

d. None of the above

110. Statement 1. A person admitted as a partner into an existing partnership is not liable for obligations of the partnership contracted before his admission. Statement 2. A stipulation which excludes one or more partners from any share in the profits or losses is void.

a. Both Statements are TRUE

b. Both Statements are FALSE

c. Only Statement 1 is TRUE

d. Only Statement 2 is TRUE

111. Statement 1. A partner's interest in the partnership is his share in the profits and losses. Statement 2. A partnership may be established for charity.

a. Both Statements are TRUE

b. Both Statements are FALSE

c. Only Statement 1 is TRUE

d. Only Statement 2 is TRUE

112. Statement 1. A partnership has a juridical personality separate and distinct from that of each of the partners. Statement 2. Any judgment creditor of a partner may charge, attach and execute a partner's interest in the partnership.

a. Both Statements are TRUE

b. Both Statements are FALSE

c. Only Statement 1 is TRUE

d. Only Statement 2 is TRUE

113. Statement 1. Articles of Universal Partnership entered into without specification of its nature is presumed to constitute only a universal partnership of all profits. Statement 2. One of the partners in a proposed partnership is a multi-millionaire. The stipulation in the contract of partnership that this partner shall be exempted from sharing in the profits of the partnership is valid.

a. Both Statements are TRUE

b. Both Statements are FALSE

c. Only Statement 1 is TRUE

d. Only Statement 2 is TRUE

114. Statement 1. That partner who has been appointed manager in the articles of partnership may exercise all acts of administration despite the opposition of his partners and his power is irrevocable without just or lawful cause. Statement 2. Two or more persons may form a partnership for the exercise of a profession.

a. Both Statements are TRUE

b. Both Statements are FALSE

c. Only Statement 1 is TRUE

d. Only Statement 2 is TRUE

115. Statement 1. A capitalist partner cannot engage in business for himself unless the partnership expressly permits him to do so. Statement 2. The designation of losses and profits may be entrusted to one of the partners.

a. Both Statements are TRUE

b. Both Statements are FALSE

c. Only Statement 1 is TRUE

d. Only Statement 2 is TRUE

116. Statement 1. A partnership begins from the time the partnership contract is registered with the Securities and Exchange Commission. Statement 2. 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, even if the partner having an associate should be the manager.

a. Both Statements are TRUE

b. Both Statements are FALSE

c. Only Statement 1 is TRUE

d. Only Statement 2 is TRUE

117. Statement 1. Every partner shall at any reasonable hour have access to and may inspect and copy the books and records of the partnership. Statement 2. Delectus personae is the right to be associated with persons you like.

a. Both Statements are TRUE

b. Both Statements are FALSE

c. Only Statement 1 is TRUE

d. Only Statement 2 is TRUE

118. Statement 1. Minors can become partners if they will only contribute their industry. Statement 2. A person who lends money to a person engaged in business with an understanding that he will receive profits in lieu of the interest are partners in the business.

a. Both Statements are TRUE

b. Both Statements are FALSE

c. Only Statement 1 is TRUE

d. Only Statement 2 is TRUE

119. Statement 1. Losses in the absence of any stipulation and no profit sharing agreement shall be divided according to capital contribution. Statement 2. Profit and loss sharing can be entrusted to a third person but not to one of the partners.

a. Both Statements are TRUE

b. Both Statements are FALSE

c. Only Statement 1 is TRUE

d. Only Statement 2 is TRUE

120. Statement 1. Partnership with a capitalization of at least P3,000.00 must be in a public instrument and must be registered with the Securities and Exchange Corporation. Statement 2. Affectio Societatis is the desire to formulate an active union with people among whom there exists mutual trust and confidence.

a. Both Statements are TRUE

b. Both Statements are FALSE

c. Only Statement 1 is TRUE

d. Only Statement 2 is TRUE

121. Statement 1. Partnership is covered by the rule on Statute of Frauds. Statement 2. In universal partnership of all present property, those which a partner may subsequently acquire by inheritance are part of the common property of the partnership.

a. Both Statements are TRUE

b. Both Statements are FALSE

c. Only Statement 1 is TRUE

d. Only Statement 2 is TRUE

122. Statement 1. In partnership of all profits, ownership of movables owned by the partners at the constitution of the partnership remains with the partner only the usufruct passing to the partnership. Statement 2. Sociedad anonima is one where all partners are exempted from any liability for the debts or obligations beyond their personal contributions.

a. Both Statements are TRUE

b. Both Statements are FALSE

c. Only Statement 1 is TRUE

d. Only Statement 2 is TRUE

123. Statement 1. Failure to deliver the contribution on time shall make the guilty partner liable to pay interest and damages even if there is no stipulation to that effect. Statement 2. If there is failure to deliver the promised capital contribution, the non-defaulting partners can demand for the rescission of the contract under Article 1191.

a. Both Statements are TRUE

b. Both Statements are FALSE

c. Only Statement 1 is TRUE

d. Only Statement 2 is TRUE

124. Statement 1. In universal partnership of profits, the risk of loss of the movable property which was delivered to the partnership remains with the contributing partner. Statement 2. Rights over specific partnership property can be assigned to the other partners discreetly.

a. Both Statements are TRUE

b. Both Statements are FALSE

c. Only Statement 1 is TRUE

d. Only Statement 2 is TRUE

125. Statement 1. Insanity of one of the partners will ipso facto dissolve the partnership. Statement 2. Death of any partner, whether known or unknown to the others causes a decrease in the number of partners, hence the partnership is automatically terminated.

a. Both Statements are TRUE

b. Both Statements are FALSE

c. Only Statement 1 is TRUE

d. Only Statement 2 is TRUE

126. Statement 1. As a rule, a person admitted as a partner into an existing partnership is liable for all the obligations of the partnership arising before his admission as though, he had been a partner when such obligations were incurred. Statement 2. Creditors of the partnership are preferred over the personal creditors of the partners.

a. Both Statements are TRUE

b. Both Statements are FALSE

c. Only Statement 1 is TRUE

d. Only Statement 2 is TRUE

127. Statement 1. For the Doctrine of Partnership by Estoppel to be applied, it is required that the third party must be deceived. Statement 2. The liability of the partners and the partnership arising from tort or quasi-delict is solidary.

a. Both Statements are TRUE

b. Both Statements are FALSE

c. Only Statement 1 is TRUE

d. Only Statement 2 is TRUE

128. Statement 1. In case the depositary delays its return, the depositary is liable for the loss of the thing through a fortuitous event. Statement 2. In deposit, when it is necessary to open a locked receptacle, the depositary is conclusively and absolutely presumed to have the authority to do so.

a. Both Statements are TRUE

b. Both Statements are FALSE

c. Only Statement 1 is TRUE

d. Only Statement 2 is TRUE

129. Statement 1. Guaranty can exist on a natural obligation. Statement 2. Guaranty cannot be used to secure future debts as it may be constituted only on present and existing obligations.

a. Both Statements are TRUE

b. Both Statements are FALSE

c. Only Statement 1 is TRUE

d. Only Statement 2 is TRUE

130. Statement 1. In Chattel Mortgage, there is right of legal redemption. Statement 2. In antichresis, the creditor as a rule, has th obligation to pay the taxes and charges upon the estate.

a. Both Statements are TRUE

b. Both Statements are FALSE

c. Only Statement 1 is TRUE

d. Only Statement 2 is TRUE