True or False

1) Partnership is co ownership

2) Partnership is a principal contract

3) If partnership fails to prove the existence of the elements to be valid, it may enter into a contract of sale.

4) If partnership fails to prove the existence of the elements to be valid, the partnership acquires separate juridical personality.

5) The partnership must have an objective to be achieved in order to be valid

6) Partnership requires to be registered with the Securities and Exchange Commission

7) Capitalist partner may contribute services at the same time

8) Capitalist partner must contribute money and property

9) Express partnership can be verbal or in writing

10) In partnership, partners contribute money, property or industry

11) The main purpose of commercial partnership is common enjoyment of a thing held in common

12) partnership is a contract

13) A, B, C are partners. The partnership received a parcel of land at the time of its organization as contribution from its partners, it is not registered with SEC. There are four persons before the eyes of the law, including the partnership.

14) The partnership received a parcel of land at the time of its organization as contribution from its partners, it is not registered with SEC. If it borrows money from the bank, the partners are personally liable for the loan.

15) Partnership is a classic example of an innominate contract

16) Partnership is a real contract

17) Partnership must appear in public instrument

18) Insolvency of the partners in a partnership carries with it the insolvency of the partnership

19) If the partnership has liabilities more than its assets, but the partners have more assets than liabilities,the partnership can be declared insolvent.

20)A, B and C formed a partnership with a capitalization of 500000. the partnership is in writing but not duly notarized by a notary public. Partnership acquired seprate juridical personality.