Business Law Quiz

It refers to the manner in which a contract is executed or manifested.

• Agreement

• Obligation

• Form of Contract

• Form of Obligation

According to Article_______, When  through the ignorance, lack of skill, negligence or bad faith on the part of the person drafting the instrument or of the clerk or typist, the instrument does not express the true intention of the parties, the courts may order that the instrument be reformed.

• Article 1362

• Article 1363

• Article 1364

• Article 1365

It is mistake of fact that is common to both parties of the instrument which causes the failure of the instrument to express their true intention.

•  Reformation

•  Mutual mistake

• Unilateral

• Concealment of mistake

When an agreement is susceptible of several meanings, one of which would render it affectual, it should be given that interpretation.

• Interpretation of stipulation with several meanings

• Interpretation of obscure words

• Interpretation of words with different significations

• Interpretation of various stipulations of a contract

It is the process of ascertaining the intention of the parties from the written words contained in the contract.

• Contemporaneous and Subsequent acts

•  Contracts

• Interpretation of Contracts

A contract where most of the terms do not result from mutual negotiation between the parties, usually printed form prepared by one party only and the other party will sign to the contract if she/he wants, what this contract called?

• Interpretation of contracts

• Contract of adhesion

• Gratuitous contract

• Interpretation of various stipulations of a contract

This is the place where the contract was entered into may be received to explain what is doubtful or ambiguous in a contract.

• Interpretation of obscure words

• Interpretation of words with different significations

• The usage or custom

• Interpretation of Stipulation with several meanings

Which of the following statements are true?

Statement I: Donation of real property may be formed through public instrument

Statement II: Form of Contracts should be in writing only.

• Statement I only

• Statement II only

• Statement I & II

• None of the above

This is a written agreement, in case of doubt, be interpreted against the party who has drawn it, or be given an interpretation which will be favorable to the other who, upon the faith of which, has incurred an obligation.

• Interpretation of obscure words

• Interpretation of various stipulations of a contract

• Interpretation of stipulation with several meaning

• Interpretation of words with different significations

(a)   is an act of liberality whereby a person disposes gratuitously of a thing or right in favor of another, who accepts it.