A partner who has undertaken to contribute a sum of money and fails to do so becomes a debtor for the interest and damages from the time he or she should have complied with his or her obligation.Group of answer choicesTrueFalse

A person who owes money to a business is known as a:Question 2Answera.Partnerb.Debtorc.Creditord.Investor

A, B, and C are partners in A & Company. A is the managing partner. X is indebted to the partnership for the amount of Php24,000. X is also indebted to B in the amount of Php12,000. Both debts are due and demandable. B was able to collect the amount of Php12,000 from X. While drinking on a Friday night, B told A that he was able to collect from X. The following day, A demanded B to give the amount he collected from X for the benefit of the partnership.Can A demand B to give to the partnership what he collected?Group of answer choicesYes. B should give Php12,000 to the partnership. Under the law, B should prioritize the partnership over his personal interest.Yes. B, as an ordinary partner, is required under the law to report to the partnership whatever benefit he received.No. B is not a managing partner, so he is not required to give what he received in favor of the partnership.No. B acted in good faith and even reported to A that he was able to collect from X.Both a and bBoth c and d

He or she is one who is not really a partner, but is liable as a partner for the protection of innocent third parties.Group of answer choicesContinuing PartnerManaging PartnerOstensible PartnerPartner by Estoppel

A partner who takes interest on the loan isQuestion 18Answera.Active Partnerb.Sleepingc.Nominald.Quasi

A person who fails to make loan payments on time is likely to face which consequence?A.Being given a lower debt-to-income ratioB.Being arrested and charged with bank fraudC.Having his or her credit score greatly increasedD.Paying higher interest rates on future loans