A stipulation exempting a * 1 point capitalist partner from losses is valid and binding against third persons. True False This is a required question Damages caused by a partner * 1 point to a partnership may not be compensated with profits and benefits which he earned for the partnership. True False A partner has a right to inspect * 1 point books as long as it is within reasonable hours on business days. True FalseAn industrial partner is also * 1 point exempted from pro rata liability to third persons for the debts of the partnership after the partnership assets has been exhausted. There is a general presumption * 1 point that each partner is an agent of the partnership and that he has authority to bind the partnership in carrying on the partnership transactions. A stipulation excluding an * 1 point industrial partner from prots is valid. The following are property * 2 points rights of a partner except a. Right to Specific Property O b. Interest in the partnership O c. Right to Participate in Management O d. Right to formal accounting of assets O Other:Those who contribute money * 2 points or both money and property to the common fund. 0 a. Capitalist partner 0 b. Industrial partner 0 c. General partner 0 (:1. Limited partner 0 Other: Those who contribute money * 2 points or property and industry or both money, property and industry to the common fund. 0 a. Capitalist partner 0 b. Industrial partner 0 c. Capitalist-industrial partner 0 d. General-limited partner 0 Other: X is indebted for P10,000 to ABC Partnership, which is managed by B to whom X also owes P20,000. The two debts are demandable. X remitted P6,000 to B in payment of his debt to him. B issues a receipt in payment for his own credit. B validly applied the P6,000 to his credit only in accordance with law. * 1 point X is indebted for P10,000 to * 2points ABC Partnership, which is managed by B to whom X also owes P20,000. The two debts are demandable. X remitted P6,000 to B in payment of his debt to him. B issues a receipt in payment for his own credit. To which credit should the payment be appHed? To B's credit because the payment 0 made by X is intended for his debt to B who issues his own receipt. To the partnership credit because 0 the managing partner should not prefer his own interest to that of the partnership 0 To both the partnership credit and B's credit proportionately. To B's credit because its amount is O greater than that of the partnership credit. 0 Other: A, B and C are all capitalist partners in ABC Partnership. After 5 years in operation ABC Partnership experienced an imminent loss and thus required additional capital from the partners in the amount of P10,000 each. A refused to give P10,000 and offered only P5,000.00 as it was stated in their contract that he will give only 1/2 of the required additional capital from each partners. What should be the next course of action of the partners? * 2 points 0 a. Ask A to sell his interest to the partnership. by A as additional capital. c. Dissolve the partnership. the partners. Other: 0000 b. Accept the amount being offered d. The conict should be resolved by the decision of the majority of Bi and 82 have been partners * 2 points for more than 10 years in a buy & sell business. On the 11th year, BZ assigned his interest in the partnership to X. Bi objected on the ground that he does not trust X. What is the effect of the assignment of 82's interest in the partnership to X? 0 O O O a. The conveyance by 82 of his interest in the partnership to X entitled the latter to inspect the books, and participate in the management of the partnership. b. The partnership between Bi and 82 was automatically dissolved when 82 conveyed his interest to X. 0. Bi and 82 continue to be partners despite 82's conveyance of his interest to X. d. X automatically became a partner of Bi when 82 conveyed his interest to him. Other: A, B, C, and D organized a general partnership with A and B as industrial partners and C and D as capitalist partners. C contributed P800,000 and D contributed P600,000 to the common fund. A and B were appointed managing partners. J applied as ofce assistant and K applied as accountant of the partnership. The hiring of J was decided upon by A and B but was opposed by C and D. Whose decision shall prevail? * 2 points a. The decision of C and D shall 0 prevail because they are the capitalist partners and they exercise act of ownership. 0 b. The decision of C and D because they have the controlling interest. 0 c. The decision of A and B because it is an act of ownership. d. The decision of A and B shall 0 prevail because they are the managers. Hence, it is an act of management. 0 Other: A, B, C, and D organized a * 2points general partnership with A and B as industrial partners and C and D as capitalist partners. C contributed P800,000 and D contributed P600,000 to the common fund. A and B were appointed managing partners. J applied as ofce assistant and K applied as accountant of the partnership. Suppose the hiring of K was decided upon by A and D, but was opposed by B and C, whose decision shall prevail? a. The decision of A and D because 0 A is the managing partner and the hiring is an act of administration. b. The decision of B and C because 0 in case of tie in the decision of managing partners, that of the controlling interest shall prevail. O c. That of A and D because D is also a capitalist partner. 0 d. The decision of A and B because they are the managing partners. B O Other: A, B, and C are partners who * 2 points contributed the following: A - P6,000; B - P4,000; and C - industry. No agreement as to the prots and losses. How shall the loss of P10,000 be distributed? 0 a. A- P6,000; B P4,000; c none 0 b. A - P3,333; B - P3,333; C - P3,333 O C. A - P3,500; B - P2,500; C - P4,000 0 d. A - P3,000; B - P3,500; C - P3,500 O Other