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    What Are The Characteristics of A Contract of Partnership?

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    Benilda Agabin
    The document discusses various aspects of partnerships under Philippine law. It defines the key characteristics of a contract of partnership, including that it is consensual, nominate, bilateral, onerous, preparatory, and commutative. It also lists the essential features of a partnership, which are that there must be a valid contract, the parties must have legal capacity, there must be mutual contribution to a common fund, the object must be lawful, and the purpose must be to obtain and divide profits. Finally, it poses 31 questions about legal characteristics, types, requirements, validity, existence, distinguishing features, objects, unlawful partnerships, forms, property acquisition and ownership, and universal vs particular partnerships.

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    What Are The Characteristics of A Contract of Partnership?

    Uploaded by

    Benilda Agabin
    38 views2 pages
    The document discusses various aspects of partnerships under Philippine law. It defines the key characteristics of a contract of partnership, including that it is consensual, nominate, bilateral, onerous, preparatory, and commutative. It also lists the essential features of a partnership, which are that there must be a valid contract, the parties must have legal capacity, there must be mutual contribution to a common fund, the object must be lawful, and the purpose must be to obtain and divide profits. Finally, it poses 31 questions about legal characteristics, types, requirements, validity, existence, distinguishing features, objects, unlawful partnerships, forms, property acquisition and ownership, and universal vs particular partnerships.

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    Study Guide in LAW

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    SD1

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    The document discusses various aspects of partnerships under Philippine law. It defines the key characteristics of a contract of partnership, including that it is consensual, nominate, bilateral, onerous, preparatory, and commutative. It also lists the essential features of a partnership, which are that there must be a valid contract, the parties must have legal capacity, there must be mutual contribution to a common fund, the object must be lawful, and the purpose must be to obtain and divide profits. Finally, it poses 31 questions about legal characteristics, types, requirements, validity, existence, distinguishing features, objects, unlawful partnerships, forms, property acquisition and ownership, and universal vs particular partnerships.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    38 views2 pages

    What Are The Characteristics of A Contract of Partnership?

    Uploaded by

    Benilda Agabin
    The document discusses various aspects of partnerships under Philippine law. It defines the key characteristics of a contract of partnership, including that it is consensual, nominate, bilateral, onerous, preparatory, and commutative. It also lists the essential features of a partnership, which are that there must be a valid contract, the parties must have legal capacity, there must be mutual contribution to a common fund, the object must be lawful, and the purpose must be to obtain and divide profits. Finally, it poses 31 questions about legal characteristics, types, requirements, validity, existence, distinguishing features, objects, unlawful partnerships, forms, property acquisition and ownership, and universal vs particular partnerships.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    1. What are the characteristics of a contract of partnership?

     The characteristics of a contract of partnership are the following:


     Consensual – Implied agreement of two or more persons;
     Nominate – Special name in our law;
     Bilateral – obligations arising therefrom are always reciprocal for
    both partners;
     Onerous – both parties aspire to procure for himself a benefit
    through giving of something;
     Preparatory- the contract was entered into as a means to an end
    which is for the realization of profit.
     Commutative - each partner's obligation is measured based on the
    other's
     Principal - does not depend on another contract for its existence or
    validity.

    2. What are the essential features of a partnership?

    Essential features of partnerships:


    1.There must be a valid contract ;
    2.The parties must have legal capacity to enter into the contract;
    3.There must be a mutual contribution of money, property, or industry to a
    common fund;
    4.The object must be lawful ; and
    5.The purpose or primary purpose must be to obtain profits and to divide the
    same among the parties

    3. What are the legal characteristics of partnership?


    4. Classify partnership (a) as to object, (b) as to liability, (c) as to term of existence
    5. What are the kinds of partners?
    6. What are the requisites of a contract of partnership with a capital of P3,000.00 or
    more in money or property?
    7. Will the partnership be void if it is not registered with the Securities and
    Exchange Commission, having a capital of P3,000.00 or more?
    8. When shall a partnership be considered void?
    9. What are the rules in determining the existence of a partnership?
    10. A sold his entire business including its goodwill to B on terms providing that A
    shall receive for a period of five years 30% of the net profits of the business
    conducted by B. Does this constitute a partnership between A and B?
    11. Distinguish partnership from co-ownership.
    12. Distinguish partnership from joint stock company.
    13. What must be object or purpose of a partnership?
    14. In case an unlawful partnership is dissolved by judicial decree, how shall the
    profits be appropriated?
    15. Give at least two (2) examples of unlawful partnerships?
    16. In what form shall a partnership be constituted?
    17. Can a partnership acquire immovable property?
    18. Define universal partnership of all present property.
    19. In a universal partnership of all present property which property becomes the
    common property of all the partners?
    20. May the partners contribute future properties to a universal partnership of all
    present property?
    21. Define universal partnership of profits?
    22. If a partner in a universal partnership of profits wins the first prize in the lotto
    draw during the existence of the partnership, is the partner required to turn over
    the winnings to the partnership?
    23. To whom shall movable or immovable property which each of the partners may
    possess at the time of the celebration of the contract of universal partnership of
    profits pertain?
    24. If such movable or immovable property shall pertain exclusively to the partner
    who owns it at the time of the celebration of the contract, what then shall pass to
    the partnership?
    25. Will the usufruct of properties subsequently acquired by the partners in a
    universal partnership of profits belong to the partnership?
    26. How shall the partnership be treated in case the articles of partnership fail to
    specify its nature whether it is one of “present property” or of “profits”?
    27. Who are the persons prohibited from entering into a universal partnership?
    28. When are donations considered void and therefore prohibited?
    29. Define particular partnership.
    30. Can husband and wife enter into a particular partnership?
    31. What is the fundamental difference between a universal partnership and a
    particular partnership?

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