In case of losses, the industrial partner shall,

Related MCQs

• X is not a partner of A, B, and C. Without the consent or knowledge of C but with the implied consent of A and B, X made T believe that he is a partner of A, B, and C. Who shall be liable for the payment of a debt of P500, 000 in favor of T who extended credit on the basis of the misrepresentation?
• A and B are capitalist partners, with C as an industrial partner. A and B contributed P15, 000.00 each to the capital of the partnership. A contractual liability of P40, 000.00 was incurred by the partnership in favor of X. If the capital assets have been exhausted to pay X, leaving a contractual liability of P10, 000.00, X can recover the amount from:
• Which provision of the Condominium Act (RA 4796) is correct? 1. A condominium corporation shall not, during its existence, sell, exchange, and lease or otherwise dispose of the common areas owned by or held by in the condominium project unless authorized by the affirmative vote of all the stockholders or members. 2. Whenever real property has been divided into condominiums, each condominium separately owned shall be separately assessed, for purposes of real property taxation and other tax purposes, to the owners thereof and tax on each such condominium shall constitute a lien solely thereon.
• 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 and C are partners engaged in a retail business. Their contribution is P20, 000.00 each. D is admitted as a new partner with a contribution of P8, 000.00. At the time of his admission, the partnership has an outstanding obligation to E in the amount of P80, 000.00. In this case:
• Mr. S sold a banana plantation to Mr. B for P3 million although its market value is P20 million. It was agreed that Mr. S shall remain in possession as lessee of the land and shall be responsible for the real estate taxes.
• State the nature of this donation: “I hereby donate to X “mortis causa” a 1000 square meter lot worth P10M subject to the condition that this donation shall be deemed revoked if he fails to build a house on the land worth P1M within one (1) year from date hereof and delivery shall be made after my death.”
• When may a partner who was appointed as manager in the articles of partnership be removed?
• What is the nature of a contract which states that in case the buyer complies with the terms and conditions of the same, the seller shall execute and deliver to the buyer a deed of sale?
• .Mr. X lost heavily in a private gambling with Mr. Y. He still owes Mr. Y P250,000 representing losses. Which is not true?