Mulitple Choice:
Where the partnership in the course of its business receives money or property of a third person and the money or property so received is misapplied by any partner while it is in the custody of the partnership, All partners are * JOINTLY LIABLE ABSOLUTELY LIABLE PROPORTIONATELY LIABLE SOLIDARILY LIABLE The liability of the partnership when it misapplies the property of a third person which was received in the course of its business is * JOINT SUBSIDIARY AND JOINT JOINT AND SEVERAL ABSOLUTE Other: a transaction entered by partner which is not for the carrying on of the business of the partnership does not bind the partnership unless * it is necessary for winding up the third person who transacted to him is innocent of his want of authority he is authorized by majority of the partners authorized by the other partners Other: A newly admitted partner in 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, provided* he has agreed to be bound by these previous obligations in the article of partnership the previous obligation is necessary in the conduct of the partnership business the creditor has extended credit to the new partnership his liability shall be limited only to his contribution in the partnership Other: The managing partner appointed in the articles of partnership may execute all acts of administration despite the opposition of his partners, unless * the partner owning majority of the controlling interest votes against it he acted in bad faith the act is not in line with partnership business O he acted in excess of his authority Other: An assignee, who does not become a substituted limited partner, has a right to * require any information or account of the partnership transactions O inspect the partnership books be admitted as a partner receive the share of the profits Other: When one of the partner induced by fraud or misrepresentation to become a partner, the contract is irregular void ab initio valid unless annulled contrary to law Other: If a partner is insolvent, his individual property shall be distributed as follows: * First, to those owing to partnership creditors; then to those owing to separate creditors; Lastly, to those owing to partners by way of contribution. First, to those owing to partnership creditors; to those owing to partners by way of contribution then to those owing to separate creditors First, to those owing to separate creditors; Then, to those owing to partnership creditors; and Lastly, to those owing to partners by way of contribution. First, to those separate creditors, then those owing to partnership creditors; then to the limited partners, and lastly, to those owing to partners by way of contribution Other: BARNEY, TED, LILY and ROBIN organized a general partnership with BARNEY and TED as industrial partners and LILY and ROBIN as capitalist partners. LILY contributed P50,000.00 and ROBIN contributed P20,000.00 to the common fund. By a unanimous vote of the partners, BARNEY and TED were appointed managing partners, without any specification of their respective powers and duties. MARSHALL applied for the position of Secretary and JOEY applied for the position of Accountant of the partnership. The hiring of MARSHALL was decided upon by BARNEY and TED, but was opposed by LILY and ROBIN. The hiring of JOEY was decided upon by BARNEY and ROBIN, but was opposed by TED and LILY. A. What are the different juridical relationships created by the contract of partnership? * Your answer B. Should Marshall be hired even if the same was opposed by Lily and Robin? * Your answer C. Should Joey be hired even if it was opposed by Ted and Lily? * Your answer D. Distinguish particular partnership from universal partnership Your
