9 Questions
What is the purpose of Article 1792 of the Civil Code of the Philippines?
To ensure that managing partners apply collected sums proportionally to all debts owed
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
True or false: Partnership is a legal agreement that requires mutual consent.
True
Partnership is a __________ relationship between two or more parties.
contractual
True or false: Partners are not required to make contributions to the partnership.
False
No __________ limit is prescribed by law for the life of partnership.
time
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
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.
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.
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