Question 18 1 pts Partners in a partnership have: O the right to true and full information O the right of inspection in all cases provided it is done in a reasonable hour of a business day O the qualified right to a formal accounting O all of the choices Question 19 1 pts Statement 1: An industrial partner may be liable to third persons for contractual obligations of the partnership after partnership assets are exhausted. Statement 2: An industrial partner does not share in any losses of the partnership. O Statement 1 is True and Statement 2 is False Both statements are true. O Statement 1 is False and Statement 2 is True O Both statements are false. Question 20 1 pts A partnership is automatically dissolved except: O by the failure of a partner to deliver his promised contribution O by the insanity of a general partner O by the insolvency of the general partner O by the death of the general partnerQuestion 21 1 pts Statement 1: An industrial partner has the right to manage the business equal to that of the capitalist partner. Statement 2: A general partner can also be a limited partner. Statement 1 is True and Statement 2 is False. Statement 1 is False and Statement 2 is True. O Both statements are False. O Both statements are True. Question 22 1 pts As a general rule, partnership contract is: O a nominate contract that requires SEC approval. an innominate contract that requires SEC approval O a consensual contract perfected by consent of the partners. O a real contract that requires delivery of the promised contributions Question 23 1 pts A situation where one represents himself to be a partner in an existing partnership without the objection of the partners despite the fact that he is not truly a partner. O limited partnership O ostensibly partnership partnership at will O partnership by estoppelQuestion 24 1 pts A limited partnership is a partnership where all partners are limited partners. O True O False Question 25 1 pts Co-owners of a property leased it out and have been receiving rent for the past year. The law automatically considers this as a de facto partnership. False O Absolutely True O True if it is not registered with SEC O True only if co-owners are dividing rent among themselves Question 26 1 pts A partner designated as one of the managers in charged with selling fish to Manila and the purchasing of supplies, can purchase a truck and a barge on behalf of the partnership. O False - it is an act of administration O True - it is an act of dominion O False - truck and barge are not supplies O False - if the partner is not the managing partnerPersons who are prohibited from giving each other any donation or advantage are absolutely prohibited from entering into a partnership. O False - only universal partnership O False - only for particular partnership O True O False - only for limited partnership Question 28 1 pts A general capitalist partner has the following rights, except: O Inspect the partnership books O Manage the business O Undertake acts of dominion O Right to information relative to the business Question 29 1 pts A person below 21 years old can enter into a partnership contract O True if he has been emancipated through marriage O True so long as he has reached age of majority with full capacity O True if there is parental consent O False Question 30 1 pts Dissolution may be caused by any of the following, except: O resignation of a general partner O insolvency of a general partner O civil disobedience by a general partner Death of a general partner