Problem 1

A partnership was formed orally though more than P500 was contributed in cash.

Now then, under the last paragraph of Art. 1358, contracts where the amount

involved exceeds P500 [such contract] must appear in writing, even a private one.

Should the oral partnership formed be considered valid? (Art. 1357, Civil Code; see

also Thunga Chui v. Que Bentec, 2 Phil. 661; see also Magalona v. Pesayco, 59 Phil.

453).

PROBLEM 2

Facts: X and Y entered into a universal partnership of all present property. In the

contract, there was no stipulation regarding other properties. Subsequently, X

received a parcel of land by inheritance from his father; and another parcel of land

from Alpha Corporation as remuneration for Xs work as Controller therein.

Question 1: Are the two parcels of land and their fruits to be enjoyed by the

partnership?

Question 2: Same facts, except that in the contract, it was stipulated that all

properties subsequently acquired would belong to the partnership. Are the two

parcels of land and their fruits to be enjoyed by the partnership?

Problem 3

Magalona v. Pesayco

59 Phil. 453

FACTS: Pesayco, a partner in an oral partnership for the catching of fish, with cash

as the only contributions thereto refused to account for proceeds of the firm on the

ground that the agreement was not in writing. Is he correct?