LCC LAS 13.docx - LA CONCEPCION COLLEGE I Francisco Homes...

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LA CONCEPCION COLLEGE, I Francisco Homes and Kaypian Rd. City of San Jose del Monte, Bulacan Telephone No.: (044) 769-0686 Website: ASYNCHRONOUS SESSION LAS NO. 13 Course Title: Business Laws and Regulations Level: BSA 2 nd year Lesson Number: 13 Topic : Obligations of the Partnership and Partners Objectives : 1. Analyze the provisions of law on obligations of the partnership. 2. Analyze the provisions of law on the obligations of the partners to the partnership, obligation of the partners to their partners and obligations of the partners to the third persons 3. Apply the provisions of law in case of conflict and violations of obligations of the partnership and partners. Key Words Obligations of Partners – these refer to the obligations of partners to the partnership; to their co-partners, to third persons and to creditors which are expressly provided by law. Obligations of the Partnership – these refer to the obligations of the partnership to the partners and to third persons. Which are expressly provided by law. Motivation You enter into a contract of partnership. You obligated yourself to contribute amount of money, but you failed to deliver. Does the partnership or your co-partners have recourse against you? What is their recourse? Can they compel you to deliver your obligation? Articulation of Purpose and Objectives This module is intended to help you achieve hereunder learner-centered activities. 1. Analyze the provisions of law on obligations of the partnership.
2. Analyze the provisions of law on the obligations of the partners to the partnership, obligation of the partners to their partners and obligations of the partners to the third persons 3. Apply the provisions of law in case of conflict and violations of obligations of the partnership and partners. Presentation of the Lesson The provisions covered by this module are cited for easy reference: Chapter 2 OBLIGATIONS OF THE PARTNERS Section 1. – Obligations of the Partners among Themselves Art. 1784. A partnership begins from the moment of the execution of the contract unless it is otherwise stipulated. Art. 1785. When a partnership for a fix term or particular undertaking is continued after the termination of such term of particular undertaking without any express agreement, the rights and duties of the partners remain the same as they were at such termination, so far as is consistent with partnership at will. A continuation of the business by the partners or such of them as habitually acted therein during the term, without any settlement or liquidation of the partnership affairs, is prima facie evidence of a continuation of the partnership. Art. 1786. Every partner is a debtor of the partnership for whatever he may have promised to contribute thereto.

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