PARTNERSHIP: GENERAL PROVISIONS IN THE PHILIPPINES

1. A and B are partners in a partnership known as X & Co. They agreed that they would contribute all their

properties to a common fund for the purpose of dividing the same between themselves, as well as the

profits to be derived therefrom. A contributed all his properties consisting of two (2) big parcels of

agricultural land and a tractor. B contributed also his properties consisting of P100,000 cash and farm

implements. What type of partnership did A and B enter into?

2. Under the verbal contract, A and B contributed P22.00 each for the purpose of purchasing a parcel of

land. It was agreed that upon its acquisition, the property would be divided equally between them. A

kept the land for himself and refused to divide. B brought an action for partition. Did the parties enterinto a contract of partnership? Explain.

3. Suppose A, B, and C are not really partners, but A told X that A, B, and C are partners. X, believing the

representation made by A and consented to by B, extended credit to A. What type of partnership was

described? Explain.

4. Suppose A, B, and C are accounting professionals who decided to start a partnership. What type ofpartnership will they establish? Explain.

Thank you :^)