LAW ON PARTNERSHIP Unit I: General Provisions Introduction Quiz
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Questions and Answers

What is the main purpose of a partnership?

  • To share profits and losses among the partners (correct)
  • To dominate the market
  • To avoid legal and statutory requirements
  • To compete with other businesses
  • What is necessary for a partnership to enjoy economic benefits?

  • Compliance with statutory requirements (correct)
  • Avoiding labor and skills sharing
  • Filing for bankruptcy
  • Investing in non-lawful commerce
  • What is the objective of Unit I: General Provisions Introduction?

  • To provide examples of profitable partnerships
  • To discuss the legal requirements of partnerships
  • To explain the history of business associations
  • To describe the nature of partnership through a True or False Quiz (correct)
  • According to Laurie Beth Jones, what are often the greater resources for people?

    <p>The people they know</p> Signup and view all the answers

    What is required to establish the validity of a contract of partnership?

    <p>Compliance with statutory requirements</p> Signup and view all the answers

    What is discussed in Unit I: General Provisions Introduction?

    <p>The nature and concept of a partnership</p> Signup and view all the answers

    What is the legal definition of partnership?

    <p>An association of two or more persons</p> Signup and view all the answers

    What distinguishes a business partnership from voluntary religious or social organizations?

    <p>Obtaining pecuniary profit directly</p> Signup and view all the answers

    What is allowed by the law regarding the exercise of a profession as a partnership?

    <p>Joint pursuit thereof by two or more persons as partners</p> Signup and view all the answers

    What is the meaning of 'profession' as contemplated in the definition?

    <p>A group of men pursuing a learned art as a common calling</p> Signup and view all the answers

    Which characteristic does a contract of partnership possess?

    <p>Consensual</p> Signup and view all the answers

    What is the primary reason for the law disallowing individuals to practice a profession as a corporate entity?

    <p>Personal qualifications cannot be possessed by a corporation</p> Signup and view all the answers

    What status arises out of a contract of partnership?

    <p>A legal relation</p> Signup and view all the answers

    Which phrase best describes the concept of partnership?

    <p>An association of two or more persons</p> Signup and view all the answers

    What type of contract is a contract of partnership?

    <p>Consensual</p> Signup and view all the answers

    What is the main purpose of forming a partnership for the exercise of a profession?

    <p>To allow joint pursuit thereof by two or more persons as partners</p> Signup and view all the answers

    By the contract of partnership two or more persons bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profits among themselves. Two or more persons may also form a partnership for the exercise of a ______.

    <p>profession</p> Signup and view all the answers

    The reason for the existence of a business partnership is to obtain ______.

    <p>profit</p> Signup and view all the answers

    Even an unprofitable business can be a partnership provided its goal is to obtain ______.

    <p>profit</p> Signup and view all the answers

    Strictly speaking, the practice of a profession is not a business or an enterprise for ______.

    <p>profit</p> Signup and view all the answers

    The law allows the joint pursuit of a profession by two or more persons as ______.

    <p>partners</p> Signup and view all the answers

    A partnership is an association of two or more ______.

    <p>persons</p> Signup and view all the answers

    A partnership is a joint ______.

    <p>undertaking</p> Signup and view all the answers

    A partnership is the status arising out of a ______.

    <p>contract</p> Signup and view all the answers

    A partnership is an ______.

    <p>organization</p> Signup and view all the answers

    A partnership is an ______.

    <p>entity</p> Signup and view all the answers

    It takes people some time to appreciate that their greater resources are often the people they ______.

    <p>know</p> Signup and view all the answers

    This type of business association exists when two or more persons agree to place their money, effects, labour and skills in lawful commerce or business, with the understanding that there shall be a proportionate sharing of the profits and losses among ______.

    <p>them</p> Signup and view all the answers

    But to enjoy the economic benefits, statutory requirements to render it legal and valid must be complied ______.

    <p>with</p> Signup and view all the answers

    By the end of this unit you will be able to describe the nature of partnership through a True or False ______.

    <p>Quiz</p> Signup and view all the answers

    Deduce the cardinal elements, forms and classifications of Partnerships through a brief description of ______.

    <p>concepts</p> Signup and view all the answers

    Establish the validity of a contract of partnership through ______ Questions.

    <p>Essay</p> Signup and view all the answers

    Study Notes

    Partnership Definition and Purpose

    • A partnership is an association of two or more persons who bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profits among themselves.
    • The main purpose of a partnership is to obtain economic benefits.
    • Even an unprofitable business can be a partnership provided its goal is to obtain economic benefits.

    Key Characteristics of a Partnership

    • A partnership is a joint undertaking between two or more persons.
    • A partnership is an association of two or more persons.
    • A partnership is a status arising out of a contract of partnership.

    Forming a Partnership

    • Two or more persons may form a partnership for the exercise of a profession.
    • To establish the validity of a contract of partnership, statutory requirements must be complied with.

    Professions and Partnerships

    • Strictly speaking, the practice of a profession is not a business or an enterprise for profit.
    • The law allows the joint pursuit of a profession by two or more persons as a partnership.

    Importance of Human Resources

    • According to Laurie Beth Jones, people are often the greater resources for individuals.

    Unit I: General Provisions Introduction

    • The objective of this unit is to describe the nature of partnership through a True or False exercise.
    • By the end of this unit, you will be able to deduce the cardinal elements, forms, and classifications of Partnerships through a brief description.
    • You will be able to establish the validity of a contract of partnership through questions.

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    Description

    Test your knowledge of the Nature and Concept of a Partnership with this quiz based on the introductory unit of the Law on Partnership. Explore the principles behind business associations and profit sharing among partners.

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