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How Much Do You Know About Partnership Contracts and Agreements?

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How Much Do You Know About Partnership Contracts and Agreements?

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Questions and Answers

What is the purpose of Article 1792 of the Civil Code of the Philippines?

To prevent the managing partner from collecting debts owed to the partnership

To ensure that managing partners apply collected sums proportionally to all debts owed (correct)

To allow managing partners to choose which debt to apply collected sums to

To protect the managing partner's personal interests

True or false: Partnership can only begin after the contract has been executed.

False

Partnership involves carrying on a __________ together.

business

Under what circumstances is the article inapplicable?

If the managing partner is not authorized to manage Signup and view all the answers

True or false: Partnership is a legal agreement that requires mutual consent.

True Signup and view all the answers

Partnership is a __________ relationship between two or more parties.

contractual Signup and view all the answers

True or false: Partners are not required to make contributions to the partnership.

False Signup and view all the answers

No __________ limit is prescribed by law for the life of partnership.

time Signup and view all the answers

What is the effect of the right granted to the other debtor by Article 1252 on this article?

It is subject to the provisions of this article Signup and view all the answers

Study Notes

Partnership begins at the execution of the contract, unless otherwise stipulated.
Partnership is a consensual contract based on mutual desire and consent.
There is no time limit prescribed by law for the life of partnership.
Partners may stipulate a different commencement date for the partnership.
A partnership in fact cannot be based on an agreement to enter into a partnership in the future unless it is consummated.
There are distinctions between a consummated partnership and an agreement to create one in the future.
Failure to agree on material terms may prevent rights and obligations from arising.
Partnership requires contributions from partners.
Partnership involves carrying on business.
Partnership is a legal agreement.

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Description

Test your knowledge of partnership law with this quiz! From the basics of partnership formation to the finer details of material terms and contributions, this quiz covers it all. Whether you're a law student, a business owner, or just interested in the topic, this quiz will challenge your understanding of partnership law. Keywords: partnership, contract, mutual consent, commencement date, material terms, contributions, legal agreement.