True or False 1. In a contract of partnership, agency exists because a partner is an agent of another person. 2. There is an element of trust between a limited partner and thr other partners. 3. If there is stipulation as regards the partnership's period of existence, a partner cannot ask for the dissolution of the partnership before the agreed period. 4. An action for specific performance is available if a limited patner fails to perform the promised service. 5. Even if the definition of partnership does include sharing of losses, an industrial partner is still liable for such. 6. Managing partner has the right to demand for compensation because he performs actions in behalf of the partnership and all other partners. 7. Capitalist partner cannot engage in another business without the consent of all the other partners. 8. A secret partner takes no active part in the partnership. 9. If there are two managing partners, their concurrence is necessary for the administration of the partnership affairs. 10. Partners can designate one partner to determine how profits will be distributed among them. Definition of Terms. Please define the following terms 1. Partnership 2. Civil interdiction 3. Winding up 4. Joint venture 5. Limited partner Thank you