TRUE OR FALSE 1. Being a contract of partnership, each partner must share in the profits and losses of the venture. That is the essence of a partnership. 2. An industrial partner can engage in business for himself, unless the partnership expressly permits him to do so. 3. The partners shall contribute equal shares to the capital of the partnership, unless there is a stipulation to the contrary. 4. The risk of specific and determinate things contributed to the partnership so that only their use and fruits may be for the common benefit, shall be borne by the partner who owns them. 5. If the things contributed are fungible or if they were contributed to be sold, the risk shall be borne by the partnership. 6. A stipulation which excludes one or more partners from any share in the profits or losses is voidable. 7. A partnership begins from the moment of meeting of the minds. 8. Limited partners have the absolute right to participate in the management. 9. The birth and life of a partnership at will is predicated on the mutual desire and consent of the partners. 10. The right to choose with whom a person wishes to associate himself is the very foundation and essence of that partnership. 11. Every partner is a creditor of the partnership for whatever he may have promised to contribute thereto. 12. The mutual contribution to a common fund is the first test in order to have a contract of partnership. 13. Capitalist partners are not bound to contribute additional capital. 14. Every partner is responsible to the partnership for damages suffered by it through his fault. 15. A partner who has received his share of 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. 16. Partners shall render on demand true and full information of all things affecting the partnership to any partner. 17. The partners are governed by a fiduciary relationship, that is, mutual trust and confidence. 18. As a rule, the capitalist partners can engage for their own account in any operation which is of the kind of business in which the partnership is engaged. 19. A conveyance by a partner of his whole interest in the partnership dissolves the partnership. 20. In case of a dissolution of the partnership, the assignee is entitled to receive his assignor's interest and may require an account from the date only of the last account agreed to by all the partners. 21. Every partnership shall operate under a firm name, which may or may not include the name of one or more of the partners. 22. The act of every partner, including the execution in the partnership name of any instrument, for apparently carrying on in the usual way the business of the partnership of which he is a member binds the partnership. 23. The partner who has been appointed manager in the articles of partnership may execute all acts of ownership. 24. If two or more partners have been entrusted with the management of the partnership without specification of their respective duties each one may separately execute all acts of administration. 25. In case it should have been stipulated that none of the managing partners shall act without the consent of the others, the concurrence of the majority shall be necessary for the validity of the acts. 26. Every partner may associate another person with him in his share, and the associate shall be admitted into the partnership without the consent of all the other partners. 27. The partnership books shall be kept at the principal place of business of the partnership, and every partner shall at any reasonable hour have access to and may inspect and copy any of them. 28. Partnership books are examples of partnership property and every partner is a co-owner of specific partnership property. 29. The partnership cannot use an identical or deceptively confusingly similar to that of any existing partnership or corporation or to any other name already protected by law. 30. All partners shall be liable pro rata with all their property and after all the partnership assets have been exhausted, for the contracts which may be entered into in the name and for the account of the partnership.