True or False. Explain your answer.

1) D (debtor) owes MP (managing partner) 100K. D also owes P (partnership) the sum of 100K. Both debts are due and demandable. MP collected 100K from D. If MP received the amount and issued a receipt for the partnership, the payment is considered payment for the firm. If MP issued a receipt for his own credit alone, he will be entitled to the entire amount he received (100K). (25 pts.)

2) A, B, and C formed a partnership. X owes the partnership 90K. X paid 30K to A which is his whole share in the credit. A issued a receipt to X for the payment of his share. Later, X became insolvent. He could not pay the balance of 60K to the firm. Considering the foregoing circumstances, A is not obligated to bring the amount he received to the capital of the firm because A issued a receipt to the debtor for the payment of his share only. (25 pts.)

3) The firm is engaged in the manufacture of cigars and cigarettes. A capitalist partner of said firm may engage in real estate business even without the consent of the other partners. And in all cases, the other partners may not agree to stipulate that the said capitalist partner may engage in the same business as that of the partnership. (25 pts.)

4) A, B, and C are partners. They contributed 100K each. They agreed that the liability of A shall not exceed his capital contribution of 100K. If the partnership assets have been exhausted and there remains an unpaid obligation of 90K in favor of creditor X, the latter can still recover 30K each from the partners (A, B, and C). The stipulation is not only binding among the partners but also should not adversely affect the creditor (X). (25 pts.)