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WorksheetsRFBT Review
Total questions: 40
Worksheet time: 34mins
Article 1157 of the Civil Code of the Philippines states that an Obligation is:
A juridical necessity to give and to do
A juridical necessity to do and not to do
A juridical necessity to give, to do and not to do
None of these
Marie is obliged to give Kate a specific bag, a specific scarf or a specific hat. The parties agreed that Kate will have the right to choose the thing which will be given to her. Before Kate could make her choice, the bag and the scarf are lost due to Marie’s fault, successively. What is the right of Kate?
Kate may choose the delivery to her of the hat, or the bag or the scarf plus damages.
Kate cannot choose the price of the bag or the price of the scarf because the said objects were already lost.
Kate can only choose to have the hat because, anyway, Marie can perform her obligation.
Kate can choose the delivery of the hat plus damages due to the loss of the other two possible choices.
Raffy borrowed Php 70,000 from Jethrome. Jethrome dies before he can collect the debt leaving Ramil, his son, as heir. Which of the following statements is correct?
Ramil cannot collect because the law prohibits the transmission of the credit right.
Ramil can collect only if Raffy and Jethrome agreed that the credit right will pass on the heir/s of Jethrome.
Ramil can collect from Raffy although Raffy and Jethrome did not agree that the credit right will pass on to the heirs of Jethrome.
Ramil cannot collect because the credit right is personal to his father, Jethrome.
AA, BB and CC are obliged to deliver a specific pony to XX, YY and ZZ.
A demand made by XX against AA, BB and CC is a valid demand against all the debtors.
A demand made by XX, YY and ZZ against AA is a valid demand against all debtors.
If a valid demand is made against all debtors but debtor CC cannot comply with his part of the obligation, the obligation is converted into a monetary obligation to pay the value of the pony plus damages.
If the debtors default in their obligation because CC is insolvent, AA and BB will be liable for CC’s share of the obligation.
Contracts take effect only between the contracting parties, their assigned heirs, except in cases where the obligation and rights arising from the contract are not transmissible by nature, or by stipulation, or by provision of law. This basic principle of contracts is known as:
Mutuality of Contract
Relativity of Contract
Obligatory Force of Contract
Liberty of Contract
On December 1, 2015, Raffy offered to sell his only car to Jethrome for
Php 100,000. Jethrome accepted the offer by mailing his letter of acceptance on December 10, 2015. On December 12, 2015, Jethrome revoked his previous acceptance and mailed his letter of revocation on the same date.
Raffy received the letter of acceptance on December 14, 2015 and letter of revocation on December 15, 2015.
The contract was perfected on December 14, 2015 when Raffy received the letter of acceptance of Jethrome.
The perfection of the contract retroacts to December 1, 2015 when the offer was made.
The contract was perfected on December 10, 2015 when Jethrome sent his letter of acceptance.
The contract was not perfected because at the time the acceptance was received, the parties were no longer in one mind.
Contracts entered into by the following conditions of individuals involved is:
i. An incapacitated person
ii. A person in a state of drunkenness or during hypnotic spell
iii. An insane person during a lucid interval
Void, Void, Void
Valid, Voidable, Valid
Voidable, Voidable, Valid
Void, Voidable, Voidable
If the illegal contract between parties is a criminal offense but only one party is guilty, such illegal contract shall produce the following effects, except:
The guilty party will be criminally prosecuted.
The innocent party cannot recover what he has given.
The instruments shall be confiscated in favor of the government.
The innocent party cannot be compelled wo comply with his promise.
The following are the characteristics of a contract of sale, except:
Onerous, where right are acquired in exchange of a valuable consideration.
Bilateral, which means that both parties are bound reciprocally to each other.
Principal, which means that a contract of sale can stand by itself.
Real, which requires the delivery of the object of the contract of sale for its perfection.
A sum of money paid, or a thing delivered upon the making of a contract for the sale of goods, to bind the bargain, the delivery and acceptance of which makes the final assent of both parties to the contract.
Option money
Earnest money
Reservation money
Down payment
Goods are still in transit:
If the buyer or his agent obtains delivery of the goods before the arrival at the appointed destination.
When the carrier acknowledges possession of the goods as bailee for the buyer after the arrival of the goods at the place of destination.
If the carrier or other bailee wrongfully refuses to deliver the goods to the buyer of his agent.
If the goods are rejected by the buyer and the carrier or other bailee continues in possession of them, even if the seller refused to receive them back.
Marie sold her farm lot to Kate with Marie reserving her right to repurchase the property within five years from the date of sale. Based on the facts, which is false?
Kate may validly sell the lot to a third person against whom Marie may exercise the right to repurchase provided the right is registered.
The sale of Marie’s farm lot to Kate with the right to repurchase is subject to a suspensive condition.
Kate is subrogated to the rights and actions of Marie.
Kate’s ownership of the lot becomes irrevocable if Marie fails to exercise her right to repurchase within the period stated.
One of the following statements pertaining to a sale by public auction is incorrect. Which is it?
Before perfection, any bidder may retract his bid.
Before perfection, the auctioneer may withdraw the goods unless the auction was announced to be without reserve.
The seller may validly participate in the bidding without prior notice to the bidders.
A sale by public auction is perfected when the auctioneer announces its perfection by the fall of the hammer, or any other manner.
A contract of commodatum is:
May be gratuitous
Essentially gratuitous
May be onerous
Essentially onerous
The contractual relation is known as precarium if:
he borrower has no obligation to pay interest
the lender may demand the return of the thing delivered at will
the depositary can demand for the return at will.
the depositary has the right to retain the thing
The subject matter of a contract of deposit may not be:
movable
immovable
consumable
non-consumable
The bailee in commodatum acquires the thing loaned without compensation, and its fruits if there is a stipulation.
True
False
Maybe
Not sure
In mutuum, the debtor cannot be held liable for interest if it was not expressly stipulated in writing.
True
False
Maybe
Not sure
“I promise to pay Shaggy or his order the sum of Php 1,000,000 thirty days after the death of Velma.” This is an instrument payable:
At a determinable future date
On demand
Upon the fulfillment of a condition
At an indefinite time, hence, non-negotiable
An instrument payable to bearer may be negotiated through any of the following means, except by:
Special endorsement plus delivery
Mere delivery
Blank endorsement plus delivery
No delivery is required as long as there is an endorsement, whether blank or special.
A check must be in writing and signed by the drawer for it to be negotiable. In addition, a check must have the following requisites, except:
It must contain an unconditional order to pay a sum certain in money.
It must be payable not on demand but at a fixed or determinable future date.
It must be payable to order or to bearer.
The bank drawee must be named with reasonable certainty.
The placing of a date in an instrument is necessary in the following cases, except:
To fix the maturity of the instrument.
To determine when interest is to run.
To fix the prescriptive period.
To make the instrument negotiable.
A holder is still a holder in due course although:
He received the instrument after it has become overdue, but he has no knowledge of it.
He received the instrument after it was dishonored and he has no notice of such dishonor.
He did not give any value for it.
The instrument was not complete and regular on its face.
A partnership that has the minimum capital of Php 3,000 but the contract is not in a public instrument, or the partnership was not recorded with the SEC, it:
Is void
Is voidable
Does not acquire juridical personality
Still acquires juridical personality
Which of the following stipulations is valid?
A stipulation excluding a capitalist partner from profits.
A stipulation exempting a capitalist partner from losses.
A stipulation exempting an industrial partner from losses.
A stipulation excluding an industrial partner from profits.
A person admitted as a partner into an existing partnership shall be liable up to the extent of his separate assets for what obligations?
Obligations of the partnership existing at the time of his admission only if there was a stipulation.
Obligations of the partnership incurred after his admission only if there was a stipulation.
Obligations of the partnership incurred before and after his admission even if there was no stipulation.
Obligations of the partnership incurred before his admission if there was a stipulation, and those incurred after his admission even if there was no stipulation.
The partnership shall be solidarily liable with all the partners if one partner acting within the scope of his apparent authority receives money or property from a third person and misapplies it.
True
False
Maybe
Not sure
A general partnership is automatically dissolved by reason of the insanity of a partner.
True
False
Maybe
Not sure
The profits and losses of the partnership shall be divided equally among the partners if they have no profit and loss sharing agreement.
True
False
Maybe
Not sure
A certificate of stock is distinguished from share of stock in a way that a "share of stock":
Is the written evidence of a shareholder’s interest in the assets and management of a corporation.
Is tangible personal property.
Is one of the units into which the capital stock is divided.
May not be issued if the subscription has not been fully paid.
The right of a stockholder to demand payment to demand payment of the fair value of his shares when he dissents from certain corporate acts is known as:
Pre-emptive right
Appraisal right
Redemption right
Appreciation right
Which of the following special corporations is required by the corporation code to have its number of directors in multiples of 5? (i.e., 5, 10, 15)
A stock educational corporation
A non-stock educational corporation
A corporation sole
A religious society
The articles of incorporation of Floryn Computer Corporation has indicated 15 directors. Which of the following is invalid concerning its by-laws?
The quorum in the meetings of directors can be at least 8 directors.
The quorum in the meetings of directors can be at least 10 directors.
The quorum in the meetings of directors can be attended by all directors.
The quorum in the meetings of directors can be at least 7 directors.
Who may be removed as a director without cause during their term of office?
A director representing the majority stockholders.
A director representing the minority stockholders.
Either of the two
None because they are only replaced upon the end of their term of office.
No par shares may not be issued for a price lower than:
Stock exchange quotation price.
Issued price.
Fair market value.
Market price.
Assess these statements:
i. Only some cooperatives can set up cooperative branch and cooperative satellite offices.
ii. The state shall encourage the private sector to undertake the actual formation and organization of cooperatives and shall create an atmosphere that is conducive to the growth and development of these cooperatives.
Only I is true
Only II is true
Both are true
Both are false
The following are the purposes of cooperatives, except:
To encourage thrift and savings mobilization among members.
To generate funds and extend credit to the members for productive and provident purposes.
To encourage among members systematic production and marketing.
To provide goods and services and other requirements solely to the non-members.
A laboratory cooperative shall be organized for any or all of the following purposes, except:
To serve as a training ground for its members to prepare them for membership in regular cooperatives.
To teach values of thrift and saving mobilization to its members.
To instill cooperative values, principles, financial discipline, business skills, and leadership among its members.
All of these are included.
The General assembly shall have the following exclusive powers which cannot be delegated, except:
To determine and approve amendments to the articles of cooperative and by-laws.
To elect or appoint the members of the board of directors, and to remove them for cause.
To approve developmental plans for cooperative.
To approve merger and consolidation.
In case a cooperative is unable to fulfill its obligations to creditors due to insolvency, such cooperative may apply for such remedies as it may deem fit under the provisions of:
Financial Rehabilitation and Insolvency Act.
Securities Regulation Code.
Philippine Cooperative Code.
Civil Code of the Philippines.
