Business Law / RFBT - Easy Level

What is the definition of an obligation?

• A. Juridical necessity to do or not to do.

• B. Juridical necessity to give or not to give.

• C. Juridical necessity to give, to do or not to do

• D. Juridical necessity to give, to not give, to do or not to do.

The court may decree a dissolution of the partnership in all of the following cases except:

• A. The business of the partnership can only be carried on at a loss

• B. A partner has been declared insane or of unsound mind

• C. Termination of the definite term or specific undertaking

• D. A partner willfully or persistently commits a breach of the partnership agreement

Notice of dishonor is not required to be given to the drawer in the following cases, except:

• A. Where the drawer and acceptor are the same person

• B. When the drawee is a fictitious person or a person not having capacity to contract

• C. When the drawer is the person to whom the instrument is presented for payment

• D. Where the drawer has no right to expect or require that the drawee or acceptor will honor the instrument

The liability of the insurer depends upon some contingent event.

• A. Unilateral

• B. Contract of indemnity

• C. Aleatory

• D. Conditional Liability

Notice of dishonor is not required to be given to the drawer in the following cases, except:

• A. Where the drawer and acceptor are the same person

• B. When the drawee is a fictitious person or a person not having capacity to contract

• C. When the drawer is the person to whom the instrument is presented for payment

• D. Where the drawer has no right to expect or require that the drawee or acceptor will honor the instrument

Statement 1: The nullity of the penal clause carries with it that of the principal obligation.

Statement 2: When there is no existing partnership and all those represented as partners consented to the representation, or not all of the partners of an existing partnership consented to the representation, the liability of the person who represented himself to be a partner or who consented to his being represented as partner and all those who made and consented to such representation is solidary.

• a. Both statements are correct.

• b. Statement 1 is true; Statement 2 is false.

• c. Statement 1 is false; Statement 2 is true.

• d. Both statements are false.

The following are the requisites for filing a derivative suit except:

• A. The party bringing the suit should be a shareholder as of the time of the act or transaction complained of, the number of his shares not being material;

• B. He has tried to exhaust intra-corporate remedies, i.e., has made a demand on the board of directors for the appropriate relief but the latter has failed or refused to heed his plea;

• C. The party bringing the suit has collected a favorable vote from majority of the stockholders at a meeting called for the said purpose;

• D. The cause of action actually devolves on the corporation, the wrongdoing or harm having been, or being caused to the corporation and not to the particular stockholder bringing the suit.

Joshua, Joy and Jones bought a parcel of land and became co-owners thereof. Subsequently, Joshua sold his share to Mark. Neither Joy nor Jones redeemed the share sold by Joshua. Later Joy sold his share to Homer. May Mark redeem the share sold by Joy to Homer?

• A. No, because he was a third person who has no right to redeem a share sold by one of the to a third person

• B. No, because only the original co-owners have the right to redeem a share sold by one of them to a third person

• C. Yes, because Mark has become a co-owner of Jones

• D. Yes, but Jones has preference in case both Jones and Mark desire to redeem

The following are excluded from the coverage of Book III of the Labor Code of the Philippines (Conditions of Employment) except:

• A. Field Personnel

• B. Managers

• C. Supervisors

• D. Employees of government-owned and controlled corporation

Nicko is obliged to give April a Toyota Car with engine no. 12345, body no. 78901 and a plate no. CPA 2022. The parties agreed that Nicko may give a specific ring as a substitute. Which of the following statements is/are true?

I. If the car is lost through fortuitous event before substitution, the obligation is extinguished

II. If the ring is lost through the debtor’s fault before substitution, Nicko shall pay damages

III. If the car is lost through the debtor’s fault after substitution, Nicko shall pay damages

IV. If the ring is lost through fortuitous event after substitution, the obligation is extinguished

• a. I and II only

• b. I, II, and IV only.

• c. I and IV only.

• d. II and IV only.