Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(:HAPTER 2 - OBLIGATIONS OF THE PARTNERS TRUE OR FALSE PART I 1. 2. 3. 4. 10. 11. 12. 13. A'partnership begins from the moment

image text in transcribed
(:HAPTER 2 - OBLIGATIONS OF THE PARTNERS TRUE OR FALSE PART I 1. 2. 3. 4. 10. 11. 12. 13. A'partnership begins from the moment of meeting of the minds. Limited partners have absolute right to participate in the management. The birth and life of a partnership at will is predicated on the mutual desire and consent of the partners. The right to choose with whom a person wishes to associate himself is the very foundation and essence of that partnership. Every partner is a creditor of the partnership for whatever he may have promised to contribute thereto. The mutual contribution to a common fund is the first test in order to have a contract of partnership. Being a contract of partnership, each partner must share in the prots and losses of the venture. That is the essence of a partnership. An industrial partner can engage in business for himself, unless the partnership expressly permits him to do so. The partners shall contribute equal shares to the capital of the partnership, unless there is a stipulation to the contrary. Capitalist partners are not bound to contribute additional capital. Every partner is responsible to the partnership for damages suffered by it through his fault. A partner who has received his share of a partnership credit, when the other partners have not collected theirs, shall be obliged, if the debtor should thereafter become insolvent, to bring to the partnership capital what he received even though he may have given receipt for his share only. The risk of specic and determinate things contributed to the partnership so that only their use and fruits may be for the common benet, shall be borne by the partner who owns them. 14. If the things contribute are fungible or if they were contributed to be 15. A stipulation which excludes one or more partners sold, the risk shall be borne by the partnership. . from any share in the prots or losses is voidable

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contract Law Text Cases And Materials

Authors: Ewan McKendrick

10th Edition

0192856545, 978-0192856548

More Books

Students also viewed these Law questions

Question

The importance of goals and goal setting.

Answered: 1 week ago