10 Questions
What are the three things that two or more persons bind themselves to contribute to in a contract of partnership?
a. money; b. property; or c. industry
What is the status arising out of a contract in the context of partnership?
A partnership
What type of contract is a contract of partnership?
Consensual
How many persons are involved in a bilateral contract of partnership?
Two or more persons
What is considered the equivalent of the contribution of each partner in a contract of partnership?
The contribution of the other partners
What is the primary purpose of the contract of partnership?
To divide the profits among the partners
Which characteristic best describes a contract of partnership?
Bilateral
What type of contract is a contract of partnership considered to be?
Consensual contract
In a contract of partnership, what is considered as the equivalent of the contribution of each partner?
Each partner's contribution, whether money, property, or industry
Which characteristic applies to a contract of partnership regarding its dependency on other contracts?
Principal
Test your understanding of general provisions in partnership law with this quiz. Explore the concept of partnership, the definition of partnership, and the types of contributions involved. This quiz will help you evaluate your knowledge of partnership law.
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