\fThe liability of the partners, including industrial partners for partnership contracts entered into in its name and for its account, when all partnership assets have been exhausted is? O a. Pro-rata O b. Common O c. Solidary O d. Voluntary Other:Is that in which the parties contribute all property which actually belongs to them to a common fund, with the intention of dividing the same among themselves, as well as all the profits which they may acquire therewith. (IDENTIFICATION)A partnership that has for its object determinate thing, their use or fruits or specific undertaking, or the exercise of a profession or vocation. O a. Particular O b. General c. Limited d. Universal O Other:This partner cannot engage in business for himself, unless the partnership expressly permits him to do so. (IDENTIFICATION)There are six (6) essential features of a partnership contract, CHOOSE five (5) answers. There must be a valid contract Parties must have legal capacity Partnership must be registered and in a public document V Object must be lawful Partnership has a juridical V personality separate from individual partners Managing partners must be appointed before its operationsWhen the articles of universal partnership does not specify its nature (all present property or all the profits), the partnership will be considered as one only of all the profits. (TRUE OR FALSE)The partnership will bear the risk of loss of three of the following things. Which is the exception? a. Things contributed to be sold. b. Fungible things. c. Things contributed so that only O their use and fruits will be for the common benefit. O d. Things brought and appraised in the inventory. O Other:As to period, this kind of partnership is the formation and dissolution of which depend on the mutual desire and consent of the parties. Any one of the partners may, at his sole pleasure, dictate the dissolution of the partnership, even in bad faith, subject to liability for damages. (IDENTIFICATION)In partnership there is agency, co- ownership and co-possession of partnership property. (TRUE OR FALSE) Your answerA (15%). B (10%). C (35%). D (20%). E (10%) and F (10%) are partners in ATOFpartnership. A, B, C and D were appointed as managers, but there was no stipulationas to their respective duties and no stipulation requiring unanimity. An issue arose onwhether or not to enter into a contract of lease with X Corp. Managers A. B and Cagreed to enter into a contract with X Corp. but D opposed the offer. Whose decisionwill prevail? O The decision of those who have controlling interest O The decision of the minority The decision of the majority O The decision of all the partnersThese who manage actively the business er affairs of the F partnership