10. Obligations

Question 1

Obligations of partners

Answer 1

1. Capital contribution
2. Obligations with respect to property contribution
3. Obligations with respect to money contribution
4. Obligations with respect to amount appropriated
5. Obligation to contribute additional capital
6. Obligation of a partner who has received his share of partnership credit
7. Obligation to pay damages to partnership
8. Obligation to bear risk for the property contributed
9. Obligation to render information
10. Obligation to account
11. Liability of the newly-admitted partner to the obligation of the partnership

Question 2

Obligation as to the contribution of capital

Answer 2

1. Equally
2. Unless stipulated in the contrary

Question 3

Obligation with respect to the contribution of property

Answer 3

1. To deliver to the partnership at the time it was promised to contribute
2. To take care of the property before its delivery with a diligence of a good father of a family as a rule
3. To be liable to the damages incase of default
4. To answer for eviction incase of the partnership is deprived of the specific or determinate thing contributed
5. To be liable to the fruit of the things from the time they should have been delivered without any demand

Question 4

Obligations with the respect of contribution of money

Answer 4

1. To deliver the money at the time it was promised to deliver
2. To pay for the interest on the amount he had promised to contribute from the time he should have complied with the obligation
3. To pay damages suffered by the partnership by the reason of default

Question 5

Obligation with respect to amount appropriated

Answer 5

1. To reimburse to the partnership the amount that has been taken from the partnership coffers
2. To pay interest on the amount he had converted for his own use from the time of conversion
3. To pay damages suffered by the partnership by reason of the conversion

Question 6

Obligation to contribute additional capital

Answer 6

1. To contribute additional capital incase of imminent loss of the partnership except to the industrial partner or if there’s stipulation
2. To sell his interest to the other partners if he refuses to contribute such capital.

Question 7

The partnership shall bear the risk of the following contributions of Partners

Answer 7

1. Fungible things
2. Things contributed to be sold
3. Things brought and appraised in the inventory unless there’s a stipulation

Question 8

Obligation to render information to

Answer 8

1. Any partner
2. Legal representative of deceased person
3. Legal representative of any partner under legal disability

Question 9

Obligations of the partnership to the partners

Answer 9

1. To pay any amounts he may have disbursed for the partnership with interest from the time the expenses were made
2. To pay for the obligations which a partner may have contracted in good faith in the interest of the partnership business
3. To answer for risks in consequences of its management

Question 10

Obligations of partnership for wrongful acts of partner/s

Answer 10

1. For loss or injury caused to a third person or any penalty is incurred by reason of the wrongful act or omission of any partner acting in the ordinary course of the business or with authority if co-partners
2. Where one partner acting within the scope of his apparent authority receives money or property of a third person and misapplies it.
3. Where the partnership in the course of the business receives money or property of the third person and such money or property is misapplied by any partner while it is in the custody of the partnership