A, B and C formed a limited partnership. They named their partnership AB&C. In 2008, the firm incurred an indebtedness of P5M. A suit was filed for the recovery of debt. Which of the following statements is correct?

Related MCQs

• Spouses Reynaldo and Ana decided to separate and to voluntary dissolve their conjugal partnership. Hence, they executed a public document wherein they declare that they had no debts, that they were voluntarily dissolving their conjugal partnership, and that each of them would thereafter be free to acquire or dispose of any property independently of the other. Thereafter, they lived apart. Ana engaged in business which unfortunately failed. Reynaldo, on the other hand, continued to be gainfully employed and was able to acquire properties through his own efforts. The creditors of Ana obtained a judgment against the latter which they could not satisfy because Ana was insolvent. Could the creditors of Ana obtain satisfaction of the judgment out of the properties of Reynaldo?
• X brought a house and lot from Y valued at P5M. He paid P3M and for the balance, he executed a promissory note with interest at 10% to be paid within 90 days. ABC Corporation executed a surety for the balance. X failed to pay, hence, ABC paid the amount and sued X for the interest and the principal. X contended that he is not bound due to novation when Y accepted the security. Is X correct?
• X, Y, and Z are partners in XYZ Partnership, Ltd. Y as limited partner. After five years of operations, the partnership incurred debts in favor of third persons totaling P5 million. The total partnership assets is P3 million. Who among the partners shall be liable with their separate property in favor of creditors?
• A & B lived together as husband and wife without the benefit of marriage. For a few months before his death, A was writing his autobiography and stated that he loved B so much and because of that, they decided to live together as husband and wife, but planned to marry. At the time he was writing his autobiography, B was pregnant and he stated in his autobiography that he was the father of the child inside the womb of B. He died without finishing it and failed to sign the same. Two (2) months thereafter, the child C, was born, hence, B sought to register the child under the name of A but the Local Civil Registrar refused, hence, she filed a suit for mandamus to compel the registrar to register the child under A’s name. She testified as narrated above; D, the father of A testified that during the lifetime of A he lived with B and she was pregnant at that time. E the brother of A likewise testified along the same line. Is the action of B correct?
• A and B are partners in A & B Partnership. A owns two parcels of land which he contributed to the partnership. B owns six trucks which he contributed to the partnership. The profits of the land and the trucks were also included as contributions. The properties contributed are all what A and B own. The partnership is:
• Marvin was married to Charina on February 14, 1990. Charina gave birth to a baby girl she named Noreen. Due to irreconcilable differences, Marvin left the conjugal dwelling. Charina, on the other hand fell in love with David and they decided to live together as husband and wife on May 12, 1992. Six (6) years after or on September 8, 1998, Marvin died in an accident. Free at last, Charina and David decided to get married on February 14, 2000 executing an affidavit that they have been living together as husband and wife for more than five (5) years. The marriage took place but the solemnizing officer failed to execute an affidavit that he ascertained the qualifications of the contracting parties. Two (2) years later, Charina died living a considerable amount of properties. Noreen, assisted by her grandparents, filed a petition questioning the validity of her marriage to David. If you were the judge, how will you decide on the petition?
• A & B are married. They have properties and they are governed by the conjugal partnership of gains. They negotiated for the sale of one (1) of their properties to C, but when the signing of the contract came, B did not consent to the sale. During the negotiation, they delivered the property to C. Is the sale valid?
• A and B both Filipinos, are married. They bought a property but not covered by a title. They migrated to the USA and became American citizens. When they came back for vacation, they filed a petition for registration of the land. Will the petition prosper?
• A & B entered into an ante nuptial agreement that they would be governed by the conjugal partnership of gains when they will get married. A year thereafter, they got married. Can they change their property relationship during the marriage?
• A and B are married. They have a daughter C who has a 5-year old child. C went to Hongkong to work for 2 years and left the child to the custody of X and Y who are not related to them. When A and B learned about the departure of their daughter, they demanded the surrender of the custody of their granddaughter, D to them, but X and Y refused, hence A and B sued X & Y for habeas corpus. When the order was served upon them, they produced the body of the child. The court dismissed the petition immediately. Is the dismissal correct?