What are your verdicts in these situations?

61. X and Y verbally entered into a partnership with each of them contributing P2,000 each and some personal properties in the amount of P500 each. The partnership contract is: *

a. Unenforceable because the amount involved exceeds P500.00.

b. Void because it is not in public instrument.

c. Valid.

d. Void because it is not registered with the SEC.

62. A, B and C formed a partnership. They contributed P250,000 each. They also agreed on equal distribution of profit. After 5 years of operation, however, C conveys her whole interest in the partnership to D, without the knowledge and consent of A and B. Is the partnership dissolved? *

a. The partnership is not dissolved because the assignment made by C of his whole interest was without the knowledge and consent of A and B.

b. The partnership was dissolved because the assignee, D automatically becomes a new partner.

c. It is dissolved because C has ceased to be a partner because of this assignment of his whole interest to D.

d. The partnership is not dissolved because the conveyance of a partner's interest in the partnership does not in itself dissolve the partnership.

63. Based on the preceding problem, which of the following is true? *

a. D can participate in the management of the partnership.

b. D cannot inspect the books.

c. D can inspect the books because he is a partner and therefore there is a fiduciary relationship.

d. D can take part in the control of the business.

64. Still based on problem no. 62, which of the following is true? *

a. If A and B want to dissolve the partnership, C as a partner need not consent thereto because he had assigned his interest to D.

b. D may ask the court for its dissolution being the assignee of C's interest in the partnership.

c. A, B, and C may dissolve the partnership even without the consent of D.

d. A, B and C can ask for judicial dissolution of the partnership.

E. None of the above

65. The following are obligations of partners, except: *

a. To give their promised contribution.

b. To engage in any business which is of the same kind in which the partnership is engaged.

c. To account and hold as trustee for any profits derived without the consent of the partners.

d. Not to convert partnership money to their own use.

e. None of the above

66. The following are the property rights of a partner. Which is not? *

a. Right to specific partnership property.

b. Right to demand formal accounting of partnership affairs.

c. Right to participate in the management.

d. Interest of the partner in the partnership.

67. A is a capitalist partner and B the industrial one. A engaged personally in the same kind of business as that of the partnership. Which of the following is correct? *

a. If there are losses, the partnership will bear the losses.

b. If there are profits, A shall give them to the partnership.

c. If there are profits, they will be shared by A and the partnership.

d. A may be excluded from the partnership with liability for damages.

68. If a partner is insolvent, the first in the order of preference in the distribution of his assets is *

a. Partnership creditors.

b. Separate creditors of the partner-debtor.

c. Partner's contribution to the partnership.

d. Pro-rata between the separate creditors and partnership creditors.

69. In extra-judicial liquidation, the following will wind-up the partnership, except: *

a. The liquidating partner or partners as agreed upon by all of the partners.

b. The partners who have not wrongfully dissolved the partnership.

c. The legal representative of the last surviving partner who is not insolvent.

d. The managing partner who has the controlling interest.

70. The certificate of limited partnership shall state the following, except: *

a. The name of the partnership, adding thereto the word "General".

b. The character of the business.

c. The location of the principal place of business.

d. The name and place of residence of each general and limited partners

71. The following are allowable business transactions of a limited partner with the partnership, except: *

a. To lend money to the partnership.

b. To transact business with the partnership.

c. Receive or hold as collateral security and partnership property.

d. To receive on account of resulting claims against the partnership, with general creditors, a pro rata share of the assets.

e. none of the above

72. Mr. Arigato, a partner in an oral partnership for the operation of a fish ball store, 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? *

A.) No, because the oral partnership is valid, real properties not having been contributed.

B.) No, because the partnership has a capital of less than P3,000.00.

C.) No, because it is a particular partnership.

D.) Yes, because for the said partnership to be valid, it must have been contained in a public instrument with an inventory attached to it

e. none of the above

73. Carla, Charles and Macon entered into a contract of partnership where each of them contributed the amount of Php 200,00.00 to the common fund. Save the formalities required by law, they started to do business already. What is the condition of the contract of partnership which they formed? *

A)The partnership is void.

B)The partnership is voidable.

C)The partnership is still vaild.

D)The partnership is unenforceable

74. Carla, Charles and Macon are donees of a parcel of land on which a commercial building has been constructed. They agreed to lease out the land and building and for them to divide profits therefrom at the end of the year. Did Carla, Charles and Macon form partnership? *

A) Yes, because they agreed to do business and divide profits therefrom.

B) Yes, because, they have each a contribution to the common fund being co-owners of the lot and building;

C) No, because there was no intention among them to form partnership in the first place.

D) No, because they are not partners but donees

75. Would the sale of the land and building being used by the partnership in its business entered into by its managing partner be binding on the partnership? *

A) Yes, because a managing partner is allowed to enter into such transaction on behalf of the partnership.

B) Yes, because it is an act consistent with the prerogative to manage the partnership.

C) No, because the act partakes of one which requires the concurrence of all the partners.

D) No, because the act is one that may render the partnership not to continue business for which reason, the consent of all the partners is necessary

76. The partnership has the following obligations to the partners, EXCEPT: *

(A) Compensate the industry of the partners, especially the managing partner;

(B) Refund amounts disbursed by the partner in behalf of the partnership plus interest from time expenses made;

(C) Answer for obligations the partner may have contracted in good faith in the interest ofthe partnership business;

(D) Answer for risks in consequence of its management

77. The designation of the share in profits and losses made by a third person, even if manifestly inequitable, is binding if: *

(A) A partner has begun to execute the decision of a third person

B) A partner fails to impugn the same within 3 months from the time he had knowledge of it;

(C) A partner fails to impugn the same after 3 months from the time he had knowledge of it;

(D) A and B;

(E) A and C

78. Where unanimity of action is stipulated, the concurrence of all managing partners shall be necessary for the validity of acts, UNLESS: *

(A) There is absence of one of them;

B) There is disability of one of them;

(C) There is imminent danger of grave or irreparable injury to the partnership

(D) All of the above

79. Acts for apparently carrying on in the usual way of business of the partnership applies the principle of mutual agency and partnership is liable, except if: *

(A) The acting partner has in fact no authority;

B) The third person transacting with the acting partner has knowledge of such lack of authority;

C) The third person transacting with the acting partner has NO knowledge of such lack of authority;

(D) A and B;

E) A and C

80. Partnership which no time is specified and is not formed for a particular undertaking *

(A) Limited partnership;

(B) Particular partnership;

(C)De facto partnership;

(D) Partnership at will;

(E) Ordinary partnership.

81. One who contracts with a partner with reference to the latter's share in the partnership: *

(A) Assignee;

(B) Silent partner;

(C) Secret partner;

(D) Liquidating partner;

(E) Subpartner.

82. One in whose favor a partner conveys his whole interest in the partnership. *

(A) Assignee;

(B) Silent partner;

(C) Secret partner;

(D) Liquidating partner;

(E) Subpartner

83. P owns a parcel of land valued at P100,000.00 and appoints A as his agent in writing. The agency to sell the property on cash basis for the same amount. A succeeded in selling it for P120,000.00 in two installment payments payable within 20 days. What is the rule as regards the act of A? *

a. A exceeded his authority because the power to sell on cash does not include the power to sell on credit.

b. A did not exceed his authority because the act done is more advantageous than that of his instruction.

c. The act cannot be ratified because it is void from the beginning.

d. A's act is valid and enforceable.

e. None of the above

84. In three of the following, a special power of attorney is required. Which one is considered the exception? *

a. To obligate the principal as guarantor.

b. To effect novation which put an end to obligation already contracted before the agency was created

c. To borrow money not necessary for the preservation of the property under administration.

d. To lease real property to another person for one year.

e. None of the above

85. In the absence of stipulation to the contrary, what act will transfer ownership to the vendee? *

A. Delivery

B. Payment

C. Perfection of the contract

D. None of the above.

86. It is a warranty that goods are reasonably fit for the general purpose for which they are sold *

A. Warranty of fitness

B. Warranty of merchantability

C. Express warranty

D. Implied warranty

E. Eviction

87. It refers to those obligations which the law attaches to the seller although not expressed in any words nor stated in the contract of sale *

A. Warranty of fitness

B. Warranty of merchantability

C. Express warranty

D. Implied warranty

E. Eviction

88. It is a warranty that the thing sold is reasonably fit for the known particular purpose for which it was acquired by the buyer *

A. Warranty of fitness

B. Warranty of merchantability

C. Express warranty

D. Implied warranty

E. Eviction

89. It is the judicial process whereby the vendee is deprived of the whole or part of the thing purchased by virtue of a final judgment based on a right prior to the sale or an act imputable to the vendor *

A. Warranty of fitness

B. Warranty of merchantability

C. Express warranty

D. Implied warranty

E. Eviction

90. It refers to any representation made by the seller of the thing with respect to its character, quality or ownership by which he induces the buyer to purchase the same relying on said representation *

A. Warranty of fitness

B. Warranty of merchantability

C. Express warranty

D. Implied warranty

E. Eviction