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CIVREV Quiz no.

1. In express trust the acceptance by the trustee is necessary for the creation of the trust

False. Not necessary to its existence and validity since if he declines, the courts will appoint a
trustee to fill the office that he declines.

Art. 1445. No trust shall fail because the trustee appointed declines the designation, unless the
contrary should appear in the instrument constituting the trust

2. Acceptance by the beneficiary is not necessary for the creation of an express trust

False.

Art. 1446. Acceptance by the beneficiary is necessary. Nevertheless, if the trust imposes no
onerous condition upon the beneficiary, his acceptance shall be presumed, if there is no proof to
the contrary.

3. Trustor may or may not have the capacity to transfer the property

FALSE. One of the requisites of a trust is a competent trustor; hence, the trustor must be
capacitated to convey property. The property must be in existence in which the trustor has a
trasferable interest or title

4. Express trust is created by the declaration of the trustee that he holds the property in trust

False. Art. 1444. No particular words are required for the creation of an express trust, it being
sufficient that a trust is clearly intended.

It is created by the intention of the parties. Technical or particular forms of words or phrases are
not essential to the manifestation of an intention to create a trust. What is important is whether
the trustor or the party manifested an intention to create the kind of relationship which in law is
known as trust

5. Beneficiary is the person for whose benefit the property is held by the trustee

True. The beneficiary or the cestui que trust is the person who has the equitable interest in the
propertyand enjoys the benefit of administration by the trustee
6. Trusts over real property are enforceable in any form.

FALSE(?). By virtue of Art.1443, writing is necessary to prove an express trust concerning an


immovable or any interest therein. The writing is required by said article not for validity, but for
purposes of proof. Hence, by analogy, this requirement may also be included under the Statute of
Frauds. (De Leon) --di ko sure, sorry. Pa-construe nung last sentence from De Leon. Thank you

7. Trustee can acquire the trust property by adverse possession even without repudiation of the
trust.

FALSE

8. In order to bind third persons to a trust, the same must be in public instrument.

TRUE

9. Statute of limitations applies to express trusts.

FALSE

10. There is partnership when 2 or more persons bind themselves to contribute money, property,
reputation(?) or industry to a common fund with the intention of dividing the profits among
themselves.

FALSE

11. A contract of partnership may be constituted in an form...

FALSE. A partnership may be constituted in anyform, except where immovable property or real
rights are contributed thereto, in which case a public instrumentshall be necessary but not a
private instrument. ( Article 1771, De Leon p. 62)

12. husband and wife may duly enter into a partnership for the purpose of a profession.
TRUE. ART. 1782 provides that persons who are prohibited from giving each other any donation
or advantage cannot enter into a universal partnership.A husband and his wife, however, may
enter into a particular partnership or be members thereof. (see Commissioner of

Internal Revenue vs. Suter, 27 SCRA 152 [1969].) (De Leon, p.78)

13. The sharing of net returns may indicate the existence of a partnership.

TRUE

14. A person who not being a partner in fact allows his name to be included in the firm name
may subject himself to the liabilities of a limited partner.

False. Persons who, not being partners, include their names in the firm name do not acquire the
rights of a partner (see Art. 1767.) but under Article 1815, they shall be subject to the liability of
a partner (Art. 1816.) insofar as third persons without notice are concerned. (see Jo Chung Cang
vs. Pacifi c Commercial Co., 45 Phil. 142 [1923]; Phil. National Bank vs. Lo, 50 Phil. 803
[1927].) Such persons become partners by estoppel. (Art. 1825.) They are liable as general
partners. (De Leon, p. 169)

15. Appraisal of goods contributed to the partnership must be based on the value at the time of
the perfection of contract if different from delivery.

FALSE. The appraisal is made, fi rstly, in the manner prescribed by the contract of partnership;
secondly, in the absence of stipulation, by experts chosen by the partners and according to
current prices.(De Leon, p. 95)

16. An industrial partner may engage himself in any other business with the authority of other
partners

TRUE. But the permission of the other partners must be express.

17. When there is no specification as to the management of the partnership, the partner with the
highest contribution becomes the manager

FALSE. If there is no designated manager, all partners shall be considered agents and whatever
any one of them may do alone shall bind the partnership. This is true regardless of the amount of
their capital contributions or extent of their services to the partnership. (De Leon)

18. The capitalist partners may exclude from the partnership an industrial partner who engages
himself in a business without the required authority even if the industrial partner also contributed
a parcel of land to the partnership

FALSE

19. A limited partner is a partner in a partnership

TRUE. He is a partner subject to rights and obligations of a partner only that his liability to third
persons is limited to his capital contributions

20. A limited partner who is also a general partner is liable to the creditors of the partnership only
up to his contribution

FALSE. A person who is a general, and also at the same time a limited partner, shall have all the
rights and powers and be subject to all the restrictions of a general partner; except that, in respect
to his contribution, he shall have the rights against the other members which he would have had
if he were not also a general partner. (Art 1853)

21. Limited partnership is dissolved upon retirement, death, insolvency, insanity or civil
interdiction of a general partner.

TRUE. The retirement, death, insolvency, insanity or civil interdiction of a general partner
dissolves the partnership unless the business is continued by the remaining general partners
under a right so to do stated in the certitificate or with the consent of all members. (Article 1860)

22. A contract of agency to sell personal property is a real contract that would require the
delivery of the thing sold.

FALSE. Article 1316 provides that only real contracts such as deposit, pledge and commodatum
require delivery of the object of the obligation.

23. A partnership is formed even if no inventory and public instrument of real properties
contributed to the partnership was made.

FALSE. A contract of partnership is void whenever immovable property is contributed thereto, if


an inventory of said property is not made, signed by the parties, and attached to the public
instrument. (Article 1773)

24. Universal partnership of all present property includes title to all present and future property
as well as future properties acquired by gratuitious title.

FALSE. In a universal partnership of all present property, the property which belong to each
partners at the time of the constitution of the partnership, becomes the common property of all
the partners, as well as the profits which they may acquire therewith. (Article 1779)

25. A contract of partnership with a capital of 3000 pesos must appear in a public instrument and
recorded with the SEC to be enforceable.

FALSE

26. Those prohibited from giving each other any donation or advantage is prohibited from
entering into any partnership.

FALSE. Prohibition only applies to universal partnership. (Art. 1782)

27. A stipulation excluding an industrial partner from any share in the profits or losses is valid.

FALSE. It only applies in losses.

28. An industrial partner is exempt from payment of liabilities to his creditors.

FALSE. All partners, including industrial ones, shall be liable pro rata with all their property for
the contracts which may be entered into in the name and for account of the partnership. (Art.
1816)

29. A transfer of a partners entire interest in the partnership to his only partner dissolves the
partnership.
FALSE. A conveyance by a partner of his whole interest in the partnership does not of itself
dissolve the partnership. (Art. 1813)

30. In voluntary transfer of a partners interest in the partnership, the assignee becomes a partner
_________ partners consent thereto (PRENS MALALA. DI KO MABASA TALAGA)

(So let us assume the missing word is without)

FALSE. Their consent is needed for assignee to become a partner

31. A person admitted as partner in an already existing partnership is also liable with his
individual properties in all obligations of the partnership arising before his admission unless
there is a contrary stipulation.

FALSE. His liability shall be satisfied only out of partnership property, i.e. out of his share.

Article 1826. A person admitted as a partner into an existing partnership is liable for all the
obligations of the partnership arising before his admission as though he had been a partner when
such obligations were incurred, except that this liability shall be satisfied only out of partnership
property, unless there is a stipulation to the contrary. (n)

32. A commission agent cannot sell on credit goods or items without the express or implied
consent of the principal.

TRUE. (By express provision. NOTE HOWEVER that the provision states that in case the agent
does in fact sell on credit, it will only give rise to the principals right to demand payment in cash
from the agent and the agent will be entitled to any interest or benefit from such sale. The sale is
thus still valid. See 2006 JURADO REVIEWER, p. 1019)

Article 1905. The commission agent cannot, without the express or implied consent of the
principal, sell on credit. Should he do so, the principal may demand from him payment in cash,
but the commission agent shall be entitled to any interest or benefit, which may result from such
sale. (n)

33. An agency coupled with an interest survives the grantors death.

TRUE. (ASSUMING THAT GRANTOR MEANS PRINCIPAL, AS THE GRANTOR OF THE


AUTHORITY)
Article 1930. The agency shall remain in full force and effect even after the death of the
principal, if it has been constituted in the common interest of the latter and of the agent, or in the
interest of a third person who has accepted the stipulation in his favor. (n)

34. In case there are two or more principals, any one of them may revoke the agency provided
the consent of the other is sought.

FALSE. Any one of them may revoke the agency without need of the others consent.

Article 1925. When two or more principals have granted a power of attorney for a common
transaction, any one of them may revoke the same without the consent of the others. (n)

35. Constructive trusts are imposed by the law to carry out the actual or presumed intent of the
parties if the express trust is prejudicial to the interest of the beneficiary.

FALSE. Constructive trusts arise contrary to intention of the parties.

Constructive trusts are "created by the construction of equity in order to satisfy the demands of
justice and prevent unjust enrichment. They arise contrary to intention against one who, by fraud,
duress or abuse of confidence, obtains or holds the legal right to property which he ought not, in
equity and good conscience, to hold" (Crisostomo v. Garcia, G.R. No. 164787, Jan. 31, 2006,
citing Cuenco v. Cuenco Vda. De Manguerra, G.R. No. 149844)

A constructive trust is a trust "raised by construction of law, or arising by operation of law". In a


more restricted sense and as contra distinguished from a resulting trust, a constructive trust is "a
trust not created by any words, either expressly or impliedly evincing a direct intention to create
a trust, but by the construction of equity in order to satisfy the demands of justice. It does not
arise by agreement or intention but by operation of law." (89 C.J.S. 7260727)(cited in Ramos v.
Ramos, G.R. No. L-19872, Dec. 3, 1974)

36) Resulting trust is established by law regardless of the intention of the parties in order to
prevent fraud, oppression or unjust enrichment.

FALSE. Resulting trust is one in which the intention to create a trust is implied or presumed in
law. Constructive trust is the one which is imposed by law regardless of the intention of the
parties to promote justice, frustrate fraud and prevent unjust enrichment. (De Leon, PAT, pp.626)

37) No express trust concerning an immovable or any interest therein may be proved by parole
evidence.

TRUE. Article 1443. No express trust concerning an immovable or any interest therein may be
proved by parole evidence.

However, like the defense of the status of frauds, this defense may be waived by failure to timely
object against the presentation of oral evidence no admissible under the law or by cross-
examining his witnesses along the prohibited lines.

38) There is resulting trust when a donation is made to a person but it appears that although legal
estate is transmitted to the donee, he nevertheless is either to have no beneficial interest or only a
part thereof.

TRUE. (Villanueva, PAT, page 371) In this situation, the donor is deemed to have become the
beneficiary under the implied (resulting) trust .

39) There is a constructive trust when land passes by succession to any person and he causes the
legal title thereto to be put in the name of another.

FALSE. In case a person who acquires land by succession causes the title to be put in the name
of another, a RESULTING TRUST is created in favor of the true owner, the heir. There is
constructive trust only when through fraudulent misrepresentations, an heir succeeded in having
the original title of the deceased cancelled and a new one issued in his name thus enabling him to
possess land and get its produce, in which case, the constructive trust is created in favor of the
defrauded. (De Leon, PAT, pp. 664)

40) There is constructive trust if the price of the sale of property is loaned or paid by one person
for the benefit of another and the conveyance is made to the borrower but mortgaged to secure
payment of the debt.

FALSE. Constructive trust is created when purchase of property leads to its title being placed in
the name of the person who loaned the purchase price as a security for payment of the debt and
not when conveyance was made to the borrower.

41. Laches is a defense in resulting trusts unless the beneficiary had no knowledge of the facts.

TRUE. The prescriptive period shall be counted from the time the repudiation is made known to
the beneficiary.
42. In express trusts, the statute of limitations does not apply in subsisting and continuing trusts
so long as there is no denial or repudiation thereof.

TRUE.

43. The sharing of gross returns is sufficient to establish partnership.

FALSE. Art. 1769 (3) The sharing of gross returns does not of itself establish a partnership,
whether or not the persons sharing them have a joint or common right or interest in any property
from which the returns are derived.

44. Special capacity to contract is required of the parties to a contract of partnership.

FALSE. The presence of the essential elements (Cause, Object, and Consideration) and the legal
capacity of the parties to enter in a contract is sufficient.

45. When an unlawful partnership is dissolved by a judicial decree, the profits and unlawful
objects shall be confiscated in favor of the State.

TRUE. Art. 1770 (Par. 2) When an unlawful partnership is dissolved by a judicial decree, the
profits shall be confiscated in favor of the State, without prejudice to the provisions of the Penal
Code governing the confiscation of the instruments and effects of a crime.

46. A partnership of all present property comprises all that the partners may acquire by the
industry of work during the existence of the partnership.

FALSE. Universal partnership of profits and not all present property. Art. 1780. A universal
partnership of profits comprises all that the partners may acquire by their industry or work during
the existence of the partnership.

47. In case of doubt, the articles of universal partnership shall constitute a partnership of all
present property since it involve less transmission of rights.

FALSE. It shall be considered universal partnership of all profits not properties.


Art. 1781. Articles of universal partnership, entered into without specification of its nature, only
constitute a universal partnership of profits. (1676)

48. When a partnership for a fixed term or particular undertaking is continued after the
termination of such term or particular undertaking without any express agreement, the rights and
duties of the partners remain the same as they were at such termination for the same period as
initially fixed in the contract of partnership.

FALSE. Not always, only if it is consistent with a partnership at will. (Art. 1785)

49. Important alterations in the immovable property of partnership, if useful and beneficial to the
partnership, is by mere act of administration and may be made upon the financial majority.

FALSE. This is a strict act of dominion which requires the consent of all.

50. Strangers are bound to inquire into the existence of any restriction of authority on the part of
the partner.

FALSE. Every partner is an agent of the partnership. No need to inquire so long as the act of the
partner is apparently for the carrying on of business of the partnership in the usual way which he
is a member binds the partnership (Art. 1818)

51. Misappropriation of one partner binds the partnership when the partner in the course of
business receives money or property of a third person and the money or property so received is
misapplied without the knowledge of the other partners.
- TRUE. Based on Article 1823 par. 1. The knowledge of the other partners are immaterial.
Malabo ung question di ko mabasa na maayos. Please Check.

52. If a person specially informs another or states by public advertisement that he has given a
power of attorney to a third person, the holder thereby becomes a duly authorized agent, in the
former case with respect to the person who received the special information and in the latter case
with regard to any person even if the latter did not read the publication when he transacted with
the agent.

TRUE

53. A special power of attorney is necessary to make gifts for charity or to employees in the
business managed by the agent.
- FALSE. Article 1878 provides that a special power of attorney is needed to make gifts, except
customary ones for charity or those made to employees in the business managed by the agent.

54. A special power of attorney is necessary to loan or borrow money, unless the latter act be
urgent and indispensable for the improvement or preservation of the things which are under
administration.
FALSE

55. An agent may be relieved by agreement from the obligation to make an accounting.
- FALSE. The agreement is void based on Article 1891. The agent has an absolute duty to render
an accounting to his principal of all transactions and material facts that may have some relevance
with the agency. (Domingo vs Domingo Gr. No. L-30573, 29 October 1971)

56. If the commission agent receives guaranty commission in addition to ordinary commission,
the agent shall bear the risk of collection and shall pay the principal the proceeds of the sale on
the same terms agreed upon with the purchaser unless the principal consented to the sale on
credit.
-FALSE. THE GENERAL RULE WILL STILL APPLY EVEN IN CONSENTED SALE ON
CREDIT. Art. 1907 Should the commission agent receive on sale, in addition to the ordinary
commission, another called guarantee commission, he shall bear the risk of collection and shall
pay the principal the proceeds of the sale on the same terms agreed upon with the purchaser.
According to De Leon (PAT, 2010), Art. 1907 applies to both cash and credit sales because it
makes no distinction. Dapat wala yung unless the principal consented to the sale on credit.
1907 will still apply in credit sales.
57. If the third person does not know that the agent exceeded the scope of his authority, he may
hold the agent liable as well as the principal, even if he has not inquired into the authority of the
agent.
- FALSE. Art. 1898 If the agent contracts in the name of the principal, exceeding the scope of
his authority, and the principal does not ratify the contract, it shall be void if the party with whom
the agent contracted is aware of the limits of the powers granted by the principal. In this case,
however, the agent is liable if he undertook to secure the principals ratification. I THINK the 3rd
person may hold the agent liable as he is not aware of the limits of the agents power; however,
the contract remains unenforceable against the principal who did not ratify (correlate with Art.
1317 unenforceability of contracts if entered into in the name of another who has acted beyond
his powers, unless ratified by the person on whose behalf it has been executed.) THIS IS JUST
MY OPINION.

58. Agency by ostensible authority consists in the conscious permission of acts beyond those
powers granted.
- TRUE. Apparent authority is founded in conscious permission of acts beyond the powers
granted (UST GOLDEN NOTES 2011).

59. If two or more principals have appointed an agent for a common transaction or undertaking,
they are jointly liable unless solidarity is agreed upon.
-FALSE. THEY ARE SOLIDARILY LIABLE. Art. 1915 If two or more persons have
appointed an agent for a common transaction or undertaking, they shall be solidarily liable to the
agent for all the consequences of the agency. (Compare this with Art. 1894. If two or more
AGENTS have been appointed, the liability is not solidary, if solidarity has not been expressly
stipulated.)

60. An agency is not revoked by the principals death if it has been constituted in the interest of a
third person without notice or knowledge of the interest.
- FALSE. AGENCY WILL SURVIVE ONLY IF THE THIRD PERSON ACCEPTED THE
STIPULATION IN HIS FAVOR. Thus, it should be with notice or upon knowledge of the
interest. Art. 1930 The agency shall remain in full force and effect even after the death of the
principal, if it has been constituted in the common interest of the latter and of the agent, or in the
interest of a third person who has accepted the stipulation in his favor.

61. An oral trust is sufficient in case of trust over personalty.


-TRUE. Basis: Article 1443 of the Civil Code provides that No express trusts converning an
immovable or any interest therein may be proved by parol evidence. The clear legal implication
of the language of Article 1443 is that an express trust concerning movables or any interests
therein may be proved by parol evidence; which means that the mere meeting of minds over the
creation of an express trust over movables creates a valid and enforceable contract of trust once
the movable is delivered to the trustee.

62. In case of an impossible trust the court may authorize deviation in the interest of the trust.
FALSE

63. There is no need for the trustee to render an account under oath.
TRUE
Basis: The trustee has the duty to account to the beneficiary for the affairs of the trust and he
cannot convert the use of the trust properties, and the incomes, fruits and proceeds for his own
benefit. Every trustee has the common law duty of loyalty.
Under Rule 98 of the Rules of Court, one of the duties of the trustee appointed by the court is to
render upon oath at least once a year until his trust is fulfilled, unless he is excused therefrom in
any year by the court, a true account of the property in his hands and of the management and
disposition thereof, and will render such other account as the court may order.

64. The trustor cannot prohibit alienation for a period more than 25 years.
TRUE

65. Merger is a cause for the termination of an implied or express trust.


TRUE

66. In an implied trust, the action to recover must be brought within 5 years from the issuance of
title to the property.
-FALSE. An action for the reconveyance of land based on implied or constructive trust prescribes
within 10 years. (Pangan v CA 1988; De Leon, p. 647)

67. A partner may transfer his interest to another over the objection of other partners.
-TRUE. A partner may assign his interest in the partnership to a co-partner or third person
without the consent of the other partners, in the absence of agreement to the contrary. (De Leon,
p. 158)

68. A secret and silent partner is one who has no voice in the management of the partnership and
is not known to the partners.
-FALSE. He is not known to be a partner by outside parties nor held out as a partner by the other
partners. (De Leon, p. 73)

69. The partnership begins from the moment it is recorded in the SEC.
-FALSE. A partnership begins from the moment of the execution of the contract, unless it is
otherwise stipulated. (Art 1784)

70. The fruits to the property promised to be delivered should also be delivered without
exception.
TRUE

71. In case of imminent loss of the business of the partnership, an industrial partner shall be
required to contribute additional service to the partnership.
- FALSE. All the other partners are the ones required to contribute additional capital under such
circumstance. The industrial partner is explicitly excluded to render additional service. (Art.
1791, Civil Code)

72. An industrial partner can engage in other business but must not compete with the partnership,
unless otherwise stipulated.
-FALSE. An industrial partner cannot engage in business for himself, unless the partnership
expressly permits him to do so. (Art. 1789, Civil Code)

73. A partner, as agent, cannot assign partnership property in payment of partnership debt.
FALSE

74. Dissolution terminates the partnership.


- FALSE. The partnership, although dissolved, continues to exist until its termination, at which
time the winding up of its affairs should have been completed and the net partnership assets are
partitioned and distributed to the partners (Ortega, et al. vs. CA, G.R. No. 109248, July 3, 1995;
p. 408, Memaid 2015).

75. Insolvency of a partner is one of the causes for voluntary dissolution of a partnership.
FALSE

76. In case of an agreement between a partner, the partnership debtors and the persons continuing
the business, a partner may be discharged from liabilities.
- FALSE. Basis: 1835. A partner is discharged from any existing liability upon the dissolution of
the partnership by an agreement to that effect between himself, the partnership creditor and the
person or partnership continuing the business;
77. Creditors of the old partnership are no longer considered as creditors of the continued
partnership.
FALSE. Basis: [De Leon, 2010 p. 265, citing Yu v. NLRC] In such case, the law makes the
creditors of the dissolved partnership also creditors of the persons or partnership continuing the
business. xxx It is immaterial to determine under which one or more of the six cases mentioned
in Article 1840 the dissolution falls the creditors of the old partnership are also the creditors of
the new partnership which continues the business of the old one without liquidation of the
partnership affairs.

78. The individual property of a deceased partner, whose name is being used by the continuing
partnership, shall be held liable for debts contracted after his death.
- FALSE. Basis: 1840 last par. The last paragraph of 1840 primarily deals with the exemption
from liability to creditors of a dissolved partnership which continues the business using the
partnership name or the name of the deceased partner as part thereof. [De Leon, 2010 p. 267]

79. A limited partner may contribute services to the partnership.


- FALSE Basis: 1845. The contributions of a limited partner may be cash or property, but not
services.

80. A limited partners surname may appear in the partnership name but he becomes a general
person with respect to the partners and third parties.
FALSE

81. A substituted partner is one admitted to all the rights of a limited partner.
TRUE

82. An assignee of a limited partner acquires the rights of the assignor.


TRUE

83. An agent may be bound to render service without compensation provided there is a special
power of attorney.
FALSE

84. In all cases, a special power of attorney is necessary to loan or borrow money.
-FALSE. It is not necessary if it is urgent and indispensable for the preservation of the things
which are under administration. (Art. 1878(7))

85. A special power to compromise authorizes submission to arbitration.


- FALSE. A special power to compromise does not authorize submission to arbitration. (Art.
1880)

86. There is an implied acceptance if the principal delivers his power of attorney to the agent and
the latter receives it without objection.
- TRUE. Art. 1871 provides that Between persons who are present, the acceptance of the agency
may also be implied if the principal delivers his power of attorney to the agent and the latter
receives it without any objection.
87. An agent may be exempted from rendering an accounting.
-FALSE. Art. 1891 provides that every agent is bound to render an account of his transactions
and to deliver to the principal whatever he may have received by virtue of the agency, even
though it may not be owing to the principal. Every stipulation exempting the agent from the
obligation to render an account shall be void (reason: it is contrary to public policy memaid
p.426). The agent has absolute duty to make a full disclosure or accounting to his principal of all
transactions and material facts that may have some relevance with the agency. However, the
obligation to account is not applicable: (1) in cases of solution indebiti; (2) where a right of lien
exists in favor of the agent, the rule is also not applicable; (3) if the agent or broker had informed
the principal of the gift or bonus or profit he received from the purchaser and his principal did
not object thereto; (4) if the agent or broker acted only as a middleman with the task of merely
bringing together the vendor and the vendee, who themselves thereafter will negotiate on the
terms and conditions of the transaction. (2015 Memaid, p.426)

88. If the principal does not mention the power to substitute at all, the agent may appoint one but
he is responsible for the acts of the substitute.
- TRUE. Art. 1892: The agent may appoint a substitute if the principal has not prohibited him
from doing so; but he shall be responsible for the acts of the substitute: (1) When he was not
given the power to appoint one; (2) When he was given such power, but without designating the
person, and the person appointed was notoriously incompetent or insolvent. All acts of the
substitute appointed against the prohibition of the principal shall be void.

89. An agency is gratuitous unless compensation is agreed upon.


- FALSE. Article 1875: Agency is presumed to be for a compensation, unless there is proof to the
contrary.

90. The accomplishment of the object of the agency extinguishes an agency even prior to the
final accounting.
-TRUE. The accomplishment of the object of the agency extinguishes an agency (p.434, 2015
Memaid)

91. An agency at will is revoked even if the revocation is not brought to the knowledge of the
agent.
FALSE

92. When a partner by estoppel combines with another partner and on the strength of
representation, contracted with a third person, both of them are liable pro rata.
- TRUE. Article 1825.

93. A partner is a co-owner of the other partners with respect to the undistributed net profits of
the partnership

-FALSE. Art 1811, refers only to specific partnership property


94. Winding up may be done by mere assignee in exceptional circumstances

TRUE

95. A decree of dissolution of a partnership may be granted upon application of the purchaser of
partnership interest in case of termination of term or undertaking.
- TRUE. Art 1831. 2nd Par. On application by or for a partner the court shall decree a dissolution
whenever: On the application of the purchaser of a partner's interest under article 1813 or 1814:
(1) After the termination of the specified term or particular undertaking; (2) At any time if the
partnership was a partnership at will when the interest was assigned or when the charging order
was issued. (n)

96. Except as necessary for winding up, dissolution terminates all authority of partners to act for
the partnership
TRUE

97. After dissolution, a partner can bind the partnership by any transaction which would bind the
partnership if dissolution had not taken place, provided the other party to the transaction had
extended credit to the partnership after dissolution.
FALSE

98. Dissolution necessarily discharges a partner of liability for obligations incurred thereafter.
- FALSE. Where a person enters into a new contract with a third person after dissolution, the
new contract generally will bind the partners. Each of them is liable for his sharr of any liability
created by the acting partner as if the partnership had jot been dissolved (pg 235 de leon)
Art1833

99. Unless otherwise agreed, the partners who have not wrongfully dissolved the partnership or
the legal representative of the last surviving insolvent partner, has the right to wind up the
partnership affairs, provided, however, that any partner, his legal representative or his assignee,
upon cause shown, may obtain winding up by the court.
- FALSE. Art 1836. Not insolvent

100. When partnership agreement is rescinded on the ground of fraud or misrepresentation,


partners who are not guilty shall have the right to subrogation for any payments made by them of
partnership liabilities.
TRUE

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