373393198-PARCOR.pdf - TEST BANK LAW ON PARTNERSHIP...

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TEST BANK LAW ON PARTNERSHIP & CORPORATION fr: cpar PARTNERSHIP 1. One of the following is not a characteristic of a contract of partnership A. Real, in that the partners must deliver their contributions in order for the partnership contract to be perfected. B. Principal, because it can stand by itself. C. Preparatory, because it is a means by which other contracts will be entered into. D. Onerous, because the parties contribute money, property or industry to the common fund.
2. One of the following is not a requisite of partnership. Which is it?
3. The minimum capital in money or property except when immovable property or real rights thereto are contributed, that will require the contract of partnership to be in public instrument and be registered with SEC.
4. X and Y entered into a universal partnership of all present property. At the time of their agreement. X had a four-door apartment which he inherited from his father 3 years earlier. Y, on the other hand, had a fishpond which he acquired by dacion en pago from Z. During the first year of the partnership, rentals collected on the four-door apartment amounted to P480,000; while fish harvested from the fishpond were sold for P300,000. During the same period. B received by way of donation a vacant lot from an uncle. The partners had an stipulation that future property shall belong to the partnership. Which of the following does not belong to the common fund of the partnership?
5. D and E entered into a universal partnership of profits. At the time of execution of the articles of partnership, D had a two-door apartment which he inherited from his father 3 years earlier. E on the other hand, had fleet of taxis which he purchased two years before. In the first year of the partnership, D earned P500,000 as radio talent while E won P1,000,000 in the lotto. During the same period, rentals of P120,000 were collected from the apartment, while fare revenues of P200,000 were realized from the operation of the fleet of taxis. Which of the following belongs to the partnership? A. Two-door apartment B. Lotto winnings of P1,000,000 C. Salary of P500,000 D. Fleet of taxis

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