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WorksheetsBusiness Law / RFBT - Easy Level
Total questions: 20
Worksheet time: 13mins
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.
Statement 1: The Financial Statements of Cooperatives are prepared in accordance with the Philippine Financial Reporting Standards (PFRS).
Statement 2: All partners are liable jointly with the partnership where one partner acting within the scope of his apparent authority receives money or property of a third person and misapplies it.
Statement 3: A mere oral notice to the drawer or maker of a check that the same is dishonored is enough to convict him with violation of BP 22 or the Bouncing Check Law.
Statement 4: The determination of the performance may be left to a third person, whose decision shall not be binding until it has been made known to one of the contracting parties.
Statement 5: Equity of redemption is the right of the mortgagor to redeem the mortgaged property after his default in the performance of the conditions of the mortgage but before the sale of the mortgaged property.
a. All statements are true.
b. Only one statement is true.
c. Three statements are false.
d. All statements are false.
These government employees are governed by labor code.
A. Those working on government-owned or controlled corporations without original charters.
B. Those working in Local Government Unit
C. Those working on government-owned or controlled corporations with original charters
D. All of these.
Which of the following is/are a function/s of the Philippine Deposit Insurance Corporation (PDIC)?
I. Loan functions
II. Deposit insurer
III. Liquidator of distressed banks
IV. Co-regulator of the Bangko Sentral ng Pilipinas (BSP) over banking
A. I, III, III and IV
B. II, III and IV
C. I, II and IV
D. I, II, and III
It is a person designated by the terms of the policy to receive the proceeds of the insurance. He may be the insured or a third party in the contract for whose benefit the policy is issued and to whom the loss is payable.
A. Insured
B. Assured/ Beneficiary
C. Insurer
D. None of these
Ivy, Tin and Gil are partners. Their contributions are as follows: Ivy P60,000; Tin P20,000 and Gil, P20,000. The partners agreed to divide profits and losses in the following proportions: Ivy, 35%, Tin, 25% and Gil, 40%. If there is a profit of P12,000, how should the said profit be shared by partners?
A. Ivy, P4,000; Tin, P4,000; Gil, P4,000
B. Ivy, P4,200; Tin, P3,000; Gil, P4,800
C. Ivy, P7,200; Tin, P2,400; Gil, P2,400
D. Ivy, P4,200; Tin, P3,000; Gil, P4,000
It refers to an action to procure the return of a part of the purchase price paid by the vendee to the vendor by reason of such defect.
A. Accion Subrogatoria
B. Accion Quanti Minoris
C. Accion Redhibitoria
D. Accion Pauliana
The minimum wage prescribed by law for persons with disability is ________.
A. The wage that the parties agree upon, depending on the capability of the disabled.
B. 75% of the applicable minimum wage.
C. 50% of the applicable minimum wage.
D. 100% of the applicable minimum wage.
Which of the following is/are implied warranty in a contract of sale:
I. Right to sell the thing at the time of perfection of the contract
II. Reasonably fit for the purpose they are sold
III. Merchantable Quantity
IV. Free for charges or encumbrances not declared or known to the buyer
A. II, III and IV only
B. II and III only
C. IV only
D. I only
Double insurance exists whenever the insured obtains a policy in an amount exceeding the value of his insurable interest.
True
False
If the plaintiff’s property has been insured, and he has received indemnity from the insurance company for the injury or loss arising out of wrong or breach of contract complained of, the insurance company shall not be subrogated to the rights of the insured against the wrongdoer or the person who has violated the contract.
True
False
