Family and Civil Code Provisions Quiz

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Questions and Answers

When a new partner joins a partnership, what is their liability for previous obligations?

  • They are not liable at all.
  • They are liable for obligations to the extent of their contribution. (correct)
  • They are liable to the extent of their personal property.
  • They are liable for all obligations, regardless of contribution.

What is the liability of a new partner for subsequent obligations in a partnership?

  • They have no liability for any subsequent obligations.
  • They are liable to the extent of their contribution.
  • They are liable to the extent of their personal property. (correct)
  • They are liable for all obligations equally.

Which statement best describes dissolution in a partnership?

  • It is the settling of business affairs after winding up.
  • It signifies the termination of the partnership.
  • It indicates the completion of winding up partnership affairs.
  • It is the change in the relation of partners caused by one ceasing to be associated in carrying on the business. (correct)

What happens to a partnership on dissolution?

<p>The partnership continues until all affairs are settled. (B)</p> Signup and view all the answers

What is the process of settling business affairs after dissolution called?

<p>Winding up (D)</p> Signup and view all the answers

Match the following with the correct liability in a partnership:

<p>Loss or injury caused to a third party by a partner's wrongful act = Partnership is liable to the same extent as the partner Misapplication of money or property by a partner within the scope of apparent authority = Partnership and all partners are solidarily liable Receiving money or property of a third person and misapplying it while in custody of the partnership = Partnership is liable for misapplication by any partner Representation as a partner of an existing partnership without consent = Deceiver becomes a partner by estoppel but no partnership liability exists</p> Signup and view all the answers

Match the following scenarios with the correct outcomes in terms of partnership liability:

<p>Partner acting in ordinary course causing loss to a non-partner = Partnership liable to the same extent as the acting partner Receiving money of a third person and misapplying it while in custody of partnership = Partnership liable for misapplication by any partner Representation as a partner of a nonexistent partnership = Liability of parties is pro rata with no partnership liability Misapplication of money or property within apparent authority = Partnership and all partners are solidarily liable</p> Signup and view all the answers

Match the following situations with their respective consequences on partnership liability:

<p>Partner causing injury to a non-partner through wrongful omission = Partnership is liable to the same extent as the omitting partner Receiving property of a third party and misapplying it within partnership custody = Partnership is liable for misapplication by any partner Representation as a partner of an existing partnership with consent = A partnership by estoppel is created with liability for deceiver Representation as a partner of a nonexistent partnership = Liability shared pro rata with no partnership liability</p> Signup and view all the answers

Match the following acts with their outcomes on partnership liability:

<p>Partner wrongly causing loss to an external party = Partnership is equally liable as the acting partner Misapplication of money or property within partnership custody = Partnership bears liability for misapplication by any partner Falsely representing oneself as a partner of an existing partnership without consent = Deceiver becomes a partner by estoppel with no partnership liability Receiving and misapplying money or property within apparent authority = Partnership and all partners are solidarily liable</p> Signup and view all the answers

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