law on partnership daily quiz-general provisions

Quiz on Deductions from Gross Estate

Instructions: True or False. Read the questions carefully. 10 seconds is allocated to answer each number.

April 22, 2023

321START

1. A contract of partnership is Onerous because it does not depend for its existence or validity upon some other contract.

2. The purpose or primary purpose of Partnership is to obtain profits only.

3. One of the effects of a partnership formed for an unlawful purpose is that the profits shall be confiscated in favor of the government.

4. Immovable properties cannot be acquired in the partnership name.

5. A Secret Partnership may contract in its own name with third persons.

6. A Limited Partnership is formed when all the members are limited partners.

7. An Industrial Partner is one who contributes money, industry, and personal service.

8. As a general rule, future properties cannot be contributed.

9. A husband and wife are prohibited from entering into a partnership.

10. A Universal Partnership of All Present Property is one which comprises all that the partners may acquire by their industry or work during the existence of the partnership.

10. A Universal Partnership of All Present Property is one which comprises all that the partners may acquire by their industry or work during the existence of the partnership.

End of quizAnswers to follow

Answers

1. F2. F3. T4. F5. F6. F7. F8. T9. F10. T