business law Collin College -BUSINESS LAWS (PRELIMS) correctly answered rated A+

business law Collin College -BUSINESS LAWS (PRELIMS) correctly answered rated A+ART. 1767 - correct answer By the contract of the 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 their profession TRUE - correct answer Two or more persons may also form a partnership for the exercise of their profession Profession - correct answer a group of men pursuing a learned art as a common calling in the spirit of public service- no less a public service because it may incidentally be a means of livelihood. 1. There must be a valid contract; 2. The parties must have legal capacity; 3. There must be a mutual contribution of money, property, or industry to a common fund; 4. The object of purpose must be lawful 5. The primary purpose must be to obtain profits and to divide the same among the parties 6. The partnership has a juridical personality separate from individual partners - correct answer What are the essential elements of a partnership? CONSENT OBJECT CONSIDERATION - correct answer What are the elements of a valid contract? A person who can enter a contract can also enter a partnership - correct answer Who can enter into a partnership?