Question
Essential to existence of partnership is acquisition of juridical personality. The law prescribes certain formalities in executing the partnership contract for this purpose. From the
Essential to existence of partnership is acquisition of juridical personality. The law prescribes certain formalities in executing the partnership contract for this purpose. From the following scenario state the form that partners need to observe to acquire such personality, at the same time make the contract valid and binding even as against third persons.
a.)In celebration of a local fiesta, D and G decided to engage in a barbeque cart business each of whom agreed to contribute P1,500.00. They rented a space owned by W atP2,000.00 for a week's occupancy and paid half of the rental, balance payable at theend of the week. The partnership agreement was done orally.
b.)Suppose R wants to join in the business venture of D and G, promising to contribute the cart and grill with a total value P5,000.00, and the agreement is done in a private document.
Suppose further, the partnership failed to pay W the balance of the rent, can any ofPartners refuse the demand to pay on grounds that their agreement was merely in aPrivate document?
c.)If from the above case, the business became successful and the three of them agreed to continue with R offering his 100 square meter lot as an additional contribution, will the agreement based on a private document suffice?
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