DEF Partnership is a general partnership. It was found out that one of its partners, Kimmy, is undergoing psychiatric therapy because she is diagnosed to have been suffering from schizophrenia. This diagnosis was brought to all the partners. This prompted one of the partners to file for the dissolution of the partnership. What is the consequence of Kimmy's diagnosis of having schizophrenia? * The partnership will remain to exist because there is a need for a court order to declare Kimmy insane. The partnership will be dissolved because insanity is one of the grounds for dissolution of a partnership O The partnership will be converted to a limited partnership because if a partner is no longer competent to perform her functions, it will be detrimental to the operations of the partnership. O The partnership will remain to exist because all the partners must first vote if they want to dissolve the partnership. There being no majority vote, the partnership remains to exist.President X, Secretary Y, and Treasurer V have been very diligent with their functions in the corporation. After the lapse of several years, the board of directors that voted is obliged to step down because of expired term. What is the consequence of this stepping down to the officers X, Y, and V? *CO The officers need not step down unless there is a protest against them. () The officers need not step down because their terms of office are separate from that of the board of director: O The officers must also step down. () The officers may remain as such if they are elected by the stockholders in the same position.The following instances require the unanimous approval of all the partners, EXCEPT one: * O) Dispose of the well-known name of the partnership O Entering to an arbitration O Confession of a judgment Sale of products and good of the partnershipStatement 1: A stockholder is liable up to the extent of his real and personal properties if the corporation is not able to pay for its obligations. Statement 2: A stockholder may be appointed as a member of the board of directors. Which of these statements is correct? * Only Statement 1 Statement 1 and Statement 2 Only Statement 2 O None of the aboveBecca was so jealous of the success of HIJK Partnership. So that she can get some income, she misrepresented to five (5) interested clients of HIJK Partnership, that she was part of it and that she was the managing partner. These 5 clients gave Becca P100,000.00 each to become part of the partnership. Later, these 5 clients found out that Becca was lying. What kind of partner was Becca? * O Partner by estoppel O Liquidating partner O General partner O Limited partner