Law prelim exam
Art. 1767 - 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.
- Two or more persons may also form a partnership for the exercise of a profession.
Partnership: A partnership is a joint undertaking profit and loss A partnership is the status arising out of a contract entered into by two or more persons whereby they agree to share as common owners the profits of a business carried on by all or any of them on behalf of all of them.
Characteristic elements of partnership
Consensual: Existing by consent
Nominate: because it has special name or designation
Bilateral: because it is entered into by two or more persons and the rights and obligations arising there from are always reciprocated
Onerous: (heavy or serious) giving something in order to benefit
Commutative: (relative to exchange)
Principal: (most considerable or important)because it doen not depend for its existence or validity upon some other contract
Preparatory; (preceding or preparing of something)entered to engage in business
Essential Features of Partnership
1. There must be a valid contract
Existence of a valid contract
1. A form of voluntary and personal association: no one can become a member of the partnership association w/o consent of all the other associates
2. Creation and proof of existence: It may be informally created and its existence proved by the conduct or acts of the parties but it is customary to embody the terms of the association in a written document known as articles of partnership. Obviously, aperson cannot enter into a contract of partnership solely w/ himself; there must be at least two components parties.
3. Other of association excluded: there is no such thing as partnership created by law or implication of law.
The three essential requisites of a contract must be complied with: consent, object and cause.
- Two or more persons may also form a partnership for the exercise of a profession.
Partnership: A partnership is a joint undertaking profit and loss A partnership is the status arising out of a contract entered into by two or more persons whereby they agree to share as common owners the profits of a business carried on by all or any of them on behalf of all of them.
Characteristic elements of partnership
Consensual: Existing by consent
Nominate: because it has special name or designation
Bilateral: because it is entered into by two or more persons and the rights and obligations arising there from are always reciprocated
Onerous: (heavy or serious) giving something in order to benefit
Commutative: (relative to exchange)
Principal: (most considerable or important)because it doen not depend for its existence or validity upon some other contract
Preparatory; (preceding or preparing of something)entered to engage in business
Essential Features of Partnership
1. There must be a valid contract
Existence of a valid contract
1. A form of voluntary and personal association: no one can become a member of the partnership association w/o consent of all the other associates
2. Creation and proof of existence: It may be informally created and its existence proved by the conduct or acts of the parties but it is customary to embody the terms of the association in a written document known as articles of partnership. Obviously, aperson cannot enter into a contract of partnership solely w/ himself; there must be at least two components parties.
3. Other of association excluded: there is no such thing as partnership created by law or implication of law.
The three essential requisites of a contract must be complied with: consent, object and cause.