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AQUINAS UNIVERSITY OF LEGAZPI

LAW ON PARTNERSHIP AND CORPORATION


PRELIM EXAM
Name: _______________________________________

Date: _________________

Part I. True / False. Write TRUE if the given statement is Correct or write FALSE if the
given statement is Incorrect and give the right word/term to correct the statement. (2
points each)
______________1. Two or more persons may also form a partnership for the exercise of a
profession.
_____________2. A profession is a calling in the preparation for or practice of which
academic learning is required and which has for its prime purpose the rendering of public
service.
_____________3. A partnership must have a unlawful object or purpose and must be
established for the common benefit or interest of the partners.
_____________4. A partnership may be constituted in any form, except where movables
property or real rights are contributed thereto, in which case a public instrument shall be
necessary.
_____________5. Every contract of partnership having a capital of Two Thousand pesos or
more, in money or property, shall appear in a public instrument, which must be recorded
in the Office of the Securities and Exchange Commission.
_____________ 6. Any immovable property or an interest therein may be acquired in the
partners name.
_____________7.Recording is necessary as a condition for the issuance of licenses to
engage in business or trade.
_____________8. De facto partnership, one which has complied with all the legal
requirements for its establishment.
_____________9. Industrial partner, one who contributes money or property to the common
fund.
_____________10. Limited partner is known as Special Partner.
_____________11. Secret partner, one who does not take any active part in the business
although he may known to be a partner.
_____________12. Co-ownership is generally created by a contract.
____________13. The purpose of partnership is the common enjoyment of a thing or right.
____________14.A contract of partnership is valid, whenever immovable property is
contributed thereto, if an inventory of said property is not made, signed by the parties and
attached to the public instrument.
____________15. The partnership has a juridical personality same and distinct from that of
each of the partners.

Part II. Identification. Write the term/ words that correspond to the given statement. (2
points each)
_____________1.Elements of partnership, it has a special name or designation
_____________2. Elements of partnership, the undertaking of each of the partner is
considered as the equivalent of that of the others.
_____________3. Elements of partnership, it is entered into as a means to an end, for the
realization of profits with the view of dividing them among the contracting parties.
_____________4.Partnership which consist of general partners who are liable pro rata.
_____________5.Partnership which actually exists among the partners and also as to third
persons.
____________6. It is also known as ostensible partnership.

____________7.One who takes charge of the winding up of partnership affairs upon


dissolution.
____________8.It is known as partner by implication or nominal partner
____________9.It is also known as sleeping partner
____________10.One whose liability to third persons is limited to his capital contribution.
___________11. Partnership which the term for existence is fixed or agreed upon or one
formed for a particular undertaking and upon the expiration of the term.
___________12. Partnership formed by the marriage of husband and wife.
___________13.Refers to a joint undertaking to share in the profit and loss.
___________14. Elements of partnership, each of the parties aspires to procure for himself a
benefit through the giving of something.
___________15. One who manages the affairs or business of the partnership.

III. Enumeration
1- 5. Define Partnership according to Article 1767 of the Civil Code of the Philippines
6-10. Enumerate the persons who cannot give their consent to a contract of partnership.
11-15. What are the Five Essentials features of a partnership contract.
16-25. What are the rules to be apply in determining whether a partnership exist
according to Article 1769 of the Civil Code of the Philippines.

The will to win, the desire to succeed, the urge to reach your full potential...
these are the keys that will unlock the door to personal excellence. -Confucius