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True or false

1. Any immovable property or an interest therein may be acquired in the partnership name.
Title so acquired can be conveyed only in the partnership name.

2. A contract of partnership is valid, 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.

3. Co-ownership or co-possession does not of itself establish a partnership, whether such-

co-owners or co-possessors do or do not share any profits made by the use of the

4. 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.

5. By the contract of partnership two or more persons bind themselves to contribute

money, property, or industry to a common fund, with the intention of dividing the profits
among themselves.

6. Registration to appropriate government agency is required for the validity of a

contract of partnership.

7. Contract of partnership must be in writing.

8. Partnership exists even if not for the common benefit or interest of the partners
provided that the object or purpose is lawful.

9. Every contract of partnership having a capital of P3,000 or more, in money or property,

shall appear in a public instrument, which must be recorded in the Office of the
Securities and Exchange Commission.

10. The contract of partnership is valid and binding even though there is no inventory
of the contributed property, for as long as there are no third persons who may be
1. True
2. False
3. True
4. True
5. True
6. False
7. False
8. False
9. True
10. True