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Total questions: 70
Worksheet time: 35mins
Which of the following is not a characteristic of sale?
Bilateral
Gratuitous
Consensual
Nominate
Silva sold Bien a land, which is owned by Canunto. Is the sale valid?
No, because Silva does not have the right to sell things which he does not own.
No, he should first acquire the title legally from Canuto before he can sell it to Bien.
Yes, it is sufficient that he be the owner at the time he is to deliver the object.
Yes, it is valid until annulled.
If the seller is not the owner, the sale is null and void. Which is not an exception?
When the owner of the goods is by his conduct precluded from denying the seller’s authority.
When the goods were sold in a merchant’s store, or in fairs, or markets.
When the seller subsequently acquires title.
When the buyer acquires the property without knowledge of the bad faith of the seller.
Ababao and Bancaso entered into a “contract to sell” in private writing involving a specific parcel of land worth P2M. Bancaso paid 50% of the purchase price, balance payable in 3 years. Ababao delivered the land to Bancaso. What is the effect of the delivery of the land to Bancaso?
Bancaso is the owner because there was delivery already.
Bancaso can compel Ababao to execute a deed of sale in a public instrument.
The partial payment made Bancaso the owner of the land.
Ababao is still the owner because the price is not yet fully paid.
Dacion en pago is distinguished from sale
The object is always existing and specific.
There is greater freedom in fixing the price.
There is no pre-existing obligation.
The cause is the price.
Mimmodto entered the Sugbo Restaurant and ordered a dozen fresh oysters in their shell. While eating, Mimmodto noticed an almost perfect pearl in one of the shells. He is about to take it when Maliksi, the restaurant owner, claims the pearl. To whom does the pearl belong?
To Mimmodto because the contract of sale was already perfected.
To Maliksi, because Mimmodto has not yet paid the food he ordered.
To the State because the pearl is considered as national treasure.
To both Mimmodto and Maliksi, each of them being entitled to half of its price.
Mr. Marical Bonifacio orders for his workers 1,000 pieces of T-shirts ranging in size from small to large from Magellan Garments Mfg. Corp. The specified sizes, although not available, are manufactured by said corporation and consigned to its sales outlets regularly. The contract entered into by Mr. Bonaficio with the Magellan Garments Mfg. Corp. is a:
Contract for a piece of work.
Contract subject to a resolutory condition.
A contract of sale.
Answer not given.
Connie transferred to Violeta a parcel of land for a price of P100,000; P30,000 to be paid in cash and for the difference, she will convey her car worth P70,000. What kind of contract is this?
Lease contract
Contract of sale
Obligation of sale
Barter
Shaolo sold to Balo his land worth P2M for P1.5M only, thus resulting to inadequate price. The sale is:
Rescissible
Voidable
Unenforceable
Valid
Sawana offered his car to Bacopa with the understanding that the price shall be at the discretion of Bacopa. As agreed upon, Bacopa fixed the price at P350,000 although its fair market value was P250,000 only. It is clear therefore that the price fixed is beneficial to Sawana. Before acceptance of the price by Sawana, is there already a sale?
No perfected sale as there was no consent on the price.
There was a perfected sale, the amount was already fixed by the buyer and will surely be accepted by the seller.
Yes, because the fixing of the price by Bacopa is properly authorized by Sawana.
Yes but it is voidable due to mistake committed by Bacopa in the fixing of the price.
Solera sold and delivered her diamond ring to Ballesteros. It was agreed upon that within 10 days Ballesteros will state and fix the price. On the 10th day, Ballesteros called upon by telephone Solera and stated the price P20,000 which Solera agreed. Is the sale perfected?
No, at the time of the sale the price was not fixed.
Yes, at the time of the sale the price was already known.
Yes, the price as stated and fixed by the buyer was accepted by the seller.
No, the price was left to the discretion of one of the parties.
A case where a contract of sale must not necessarily be in writing
Sale of 100 piculs of sugar at P400 per picul when there is partial delivery.
Sale where by its term cannot be performed within one year from the making thereof.
Sale of land
Sale at public auction
Which is not correct? In a sale by auction
The auctioneer may withdraw the goods before the hammer falls whether or not the auction has been announced to be without recourse.
The sale is perfected when the auctioneer announces its perfection by the fall of the hammer.
The seller may bid provided such right was reserved and notice was given to the other bidders.
Every bidding is merely an offer, and therefore before it is accepted, it may be withdrawn.
Which of the following statement is incorrect?
In a contract of sale the full payment of the price is in the nature of suspensive condition in that the seller is obliged to transfer ownership of the thing sold.
The seller need not be the owner of the thing sold at the perfection of the sale.
There may be a transfer of ownership over the thing even if the seller had not actually delivered the thing sold to the buyer.
In a contract of sale the buyer becomes the owner of the thing sold upon full payment of the purchase price.
Warranty against hidden defect is:
an essential element
Accident element
natural element
none of the above
The following, except one, are the alternative remedies available to the buyer in case of breach of warranty by the seller:
Keep the goods and ask for damages.
Refuse to accept the goods and ask for damages.
Rescind the sale and retain goods.
Keep the goods and set up against seller by way of recoupment in price.
Sayangco sold a residential land to Bitao. Bitao paid the consideration. When Bitao wanted to register the sale at the Register of Deeds, the latter refused to register it and required the presentation of the certificate of capital gains tax payment. What can Bitao do?
Bitao may sue Sayangco to refund the consideration paid by Bitao under the maxim “no one shall enrich himself at the expense of another.”
Baitao cannot compel Sayangco to return the selling price because the contract is not enforceable.
Bitao may possess the residential land as a buyer in good faith
Bitao may compel Sayangco to pay the capital gains tax and secure the Certificate of the Capital Gains Tax payment.
Statement 1: The vendor is responsible to the vendee for any hidden faults or defects in the thing sold, even though he was not aware thereof.
Statement 2: When the price of a sale with right to repurchase is unusually inadequate, the contract shall be presumed to be a pacto de retro.
True, True
True, False
False False
False True
Where it is stipulated that the repurchase of the property sold could be made at any time, the repurchase shall be exercised
Within four years from the date of the contract.
Within ten years from the date of the contract.
After ten years from the date of the contract.
None of them.
Arines, Babagay, and Casyao are co-owners in equal shares of a parcel of land. Casyao sold his undivided interest to his son, Dava. A week later, Arines and Babagay served notice on Dava of their intention to redeem the portion sold. However, Dava refused to allow redemption arguing that being the son of Casyao, he was not a third person in contemplation of the law with respect to redemption by co owners. Is the refusal of Dava justified?
No, the refusal of Dava is not justified because he is still a third person as regards redemption by co-owners.
No, Dava’s refusal is unjustified because co-owners can redeem the share sold even if not sold to a third person.
Yes, justified because he is not a third person being the heir of Casyao from whom he will eventually inherit the share in the land.
No, because co-owners can redeem the share even if sold to a co-owner.
Which of the following is necessary for the perfection and validity of contract of sale?
Essential elements
Natural elements
Accidental elements
All of the above
The following are the characteristics of a contract of sale, except
Principal - it can exist by itself without being dependent upon another contract
Bilateral - both the contracting parties have obligations to perform
Commutative - the parties exchange almost equivalent values
Real - It is perfect by delivery of the subject matter
The following are distinction between sale and dacion en pago, except
In sale, there is no pre - existing credit, whole in dacion en pago, there is pre-existing credit
A sale creates obligation while dacion en pago extinguishes obligations
In sales, the cause or consideration is the price from the seller's POV and the delivery of the object from the buyer's POV---------------
A contract of sale is an onerous transfer while dation en pago is considered a gratuitous transfer
S and B entered into a contract of sale of specific car. S delivered the key of the car to B. What type of constructive delivery is present?
Traditio simbolica or clavium
Traditio longa manu
Traditio brevi manu
Traditio by legal formalities
A,B and C are co-owners of a rural lot with an area of 1,000 square meter in the ratio of 6:1:3 respectively. ---------------------- Who shall have the preferred right to repurchase the lot sold by A to F?
B because his share in the co-ownership is smaller
B and C with an area of 150 square meters and 450 square meters, respectively
D because his adjoining rural lot has smaller area
E because his adjoining rural lot has larger area
S stole the ring of O and sold the same ring to B for P500 who does not have any knowledge that the ring was stolen. Which of the following statements is correct?
B acquired title to the ring if he is a purchaser in good faith
O cannot recover the ring from B if he will not reimburse B for P500
O can recover the ring from B even if he will not reimburse B for P500
B will acquire title to the ring if he will not be prosecuted
S, a minor of 17 years, sold his watch for P1.5K to B, 30 years. The guardian of S was not aware of the sale; hence no action for annulment has yet been filed. --------------------- Which of ff. state is correct?
T acquires no title to the watch because the seller's title is voidable
T acquires no title to the watch even if he buys it in bad faith
T acquires no title to the watch even if the voidable title of the seller has been avoided before the time of sale as long as T acquires the watch in good faith for value and without notice of seller's defect of title
T acquires no title to the watch even if the seller's title is voidable provided the same has not been avoided at the time of dale and T acquires the watch in good faith, for value and without notice of seller's defect of title
What are the rights of the buyer when the quantity or quality of goods delivered is different
I. Reject the goods
II. Accept the goods and pay the contract rate of the delivered goods
1
2
Either 1 or 2
Neither 1 or 2
Which is incorrect
Where the buyer, expressly or by implication, --------
where the goods are brought by description from seller who deals----------
In the case of contract of sale by sample--------
In the case of contract of sale of a specified article----------
If several persons or co-owners, jointly and in the same contract, should sell an undivided immovable with a right of repurchase, which is true?
None of the co-owners may exercise------
The buyer a retro may demand that the co-owners come to come -----
Both A & B
Neither A or B
Kinds of Pledge
Involuntary or conventional: legal
Volunteer or conventional: legal
Voluntary or conventional: legal
None of the above
Upon the delivery of the ring, C only received a box and a stone. What are the rights of C's?
C has the right to ask D reimbursement immediately
C has no right for reimbursement or replacement of the thing lost
C has no rights
None of the above
If the ring was lost; D asks X's agency for replacement or reimbursement of the ring. On what grounds is D authorized to demand such a request?
D can only have a right to demand a replacement or reimbursement to X's agency right after he paid the transportation fee
X's agency has no rights to deny D's request as they are responsible for the loss of the ring
None of the above is incorrect
None of the above is correct
What are the objects of a contract of mortage?
Real Estate and Chattel Mortage
Public instruments and Registry of the property
Immovables and Alienable real rights in accordance with the laws----
None is correct
D's Bank borrowed money from ABC Corporation and secured the obligation with a real estate mortage----------------- what will be the applicable period of redemption?
According to the rues of court------
According to the general rule-------
Under the general banking law, 3 months -------
The equity of redemption exists as long-------
In the problem #5, if ABC corp foreclosed the mortgage extra-judicially. What will be the applicable period of redemption
According to the rules of court-----
According to the general rule ------
Under the General Banking law, 3 months----
The equity of redemption exists as long as--------
By the contract of loan, one of the parties delivers to another, either something consumable so that the latter may use the same for certain time and return it------------------------------------------------
Art 1933
Art 1393
Art 1934
Art 1943
A contract of loan was entered into where A,B,C,D and E are indiv liable for P100K to X and Y joint creditors. Which is correct?
X can demand the whole P100k------
Y can demand only P20k------
A may be compelled to pay P50k------
B may be compelled to pay P10k-----
Harlequin and Diane, members of the 7 deadly sins, borrowed P100,000 from Meliodas, their Captaion where their liability is joint--------------------- on maturity date, Harlequin paid P50k to Meliodas. In this Case,
Meliodas cannot be compelled to return the Chastiefol
Harlequin can demand to return of his Chastiefol
If the Chastiefol is returned to Harlequin, the loan will be extinguished
Diane can demand the return of her Gideon
According to Art 1942 the followinga re incorrect except
If he devotes the thing to any purposes----
If he keeps it longer than the period stipulated, -----
If the thing loaded has been delivered with appraisal------
All of the above is correct
What is the Truth in Lending Act?
An act to require the disclosure--
An act to protect the debtors---
An act to permit them---
An act to avoid circumvention---
Is the law applicable only to banks and other financial institutions?
No
Yes
Maybe
I don't know
Acceptance by the agent may implied from: His acts which carry out-------------
Express
Implied
General Agency
Special Agency
The concept of Agency is it i contract whereby a person bind himself to render services or to do something in representation or on behalf ofanother-----
True
False
Not true
Dont know
The ff. are the obligation, in general of a person who accepts an agency, except:
To carry out the agency
To be liable for----
To finish the business---
To advance the necessary funds----
____ maintains a relation not only with his principal and the buyer or seller
Broker
Agent
Commission Agent
Principal
Which are NOT the basic principles of Agency
I
II
III
1
2
3
1 and 2
A has two seperate single bank accounts with P1M and P2M balance, respectively in the same bank which is closed by BSP. B, on the other hand has two seperate single bank account with P3M and P2M balance, respectively with the said bank.-----------------
P500K and P500K
P1M and P750K
P1M and P1M
P1M and P500K
Mr Juan Montenegro has accounts with BPI, which include a Savings Account with P300k, a current account with P200k and a joint account with John Vilegas anxious to know how much he can recover from the PDIC--------
P500K
P600K
P750K
P1M
Which state is true?
The maximum amount------------- is P1M
The maximum amount------------- is P500k
The maximum amount------------- is P1.5M
The maximum amount------------- is P100k
Lorenzo de Medici issued a check to Cesare Borgia drwan against Florence Bank. When the date on the check arrived, Cesare presented the payment. To his surprise, Florence Bank dishonored the check since a Stop Payment Order was issued therefor at the request of Lorenzo. In this case
Lorenzo may not be prosecuted for violating BP Blg. 22 because he is not the drawer thereof
Lorenzo may be prosecuted for violating BP Blg. 22 if the check would have been dishonored for insufficiency of funds if there was no Stop Payment Order
Lorenzo may not be prosecuted for violating BP Blg. 22 even if there were insuffeciency of funds since there was a Stop Payment Order
Lorenzo may be prosecuted for violating BP Blg. 22 whether the check would have been dishonored by insufficiency of funds-----
Neal Caffrey issued a check to Peter Burke which induced the latter to deliver goods in exchange for the check. Pter presented the check 30 days from the date of the check--------
Can be guilty of violating the Anti-Bouncing Checks Laws
Can be guilty of Estafa for issuing a worthless check
Can be guilty of violating Both
Did not commit any crime
A issued a check dated April 2, 2022 in favor of B payment of A's obligation to B amounting to P100k. B kept the check in his drawer and failed to encash it due to his busy schedule.----------
A's obligation to B is extinguished------
B can sue the bank because as drawee-----
A's obligation to B is not extinguished------
When B accepted the check when A tendered------
What are the grounds for converting a Rehabilitation process into Liquidation under the Act?
Smooth process
No likelihood of successful rehabilitation
High profitability
Early confirmation of plan
What is the role or rehabilitation receiber under the act?
Managing daily operations
selling properties for profit
Preserving asset value and implementing plans
Enforcing creditor rights
The anti-money laundering act of 2001 is what under
RA 1000
RA 10173
RA 9160
RA 3765
______ States that no administrative, criminal or civil proceedings shall lie against any person for having made a covered transactions--------
Confidentiality of Reporting
Enhanced due to diligence
Transaction reporting
Safe harbor provision
Money laundering offenses include: (except)
Transacts said monetary instrument or property
Conceals or disguises the true nature, source----
Withdraws deposits and effects wire transfer to other account
Converts, transfers, disposes of, moves, acquires-----
Unlawful activities related to AMLA are as follows: (Except)
Kidnapping for ransom and hijacking
Robbery and extortion
Hazing and squeling
Financing of terrorism and terrorism activities
The objectives of AMLA are (except)
To protect and preserve the integrity of the Philippine financial system-----
To ensure that the Philippines shall not be used as a money laundering site----
To relax strict bank deposits secrecy law
To extend international cooperation among countries
Undeer Data Privacy Act "personal info refers to
any info whether recorded in a material form from which the identity of a n individual is apparent----
any info whether recorded in a material form or not, from which the identity of a n individual is apparent----
any info whether recorded in a material form from which the identity of a n individual or juridical person is apparent----
any info whether recorded in immaterial form or not, from which the identity of a n individual is apparent----
It refers to a government agency which is considered an independent body entrusted to administer and implement the provision of Data Privacy Act, --------
National Telecommunication Commission
National Privacy Commission
National Economic Commission
National Power Commission
Which is not general data privacy principle?
Personal information must be adequate----
Personal information must be retained---
Personal information must be kept in form---
Personal information must be processed----
This refers to primary cooperative which or whose members are involved/engaged in raising/culture of plants,animals,fungi and other living organisms for productive and eco purpose:
Agrarian Reform Cooperative
Farmer's Cooperative
Agriculture Cooperative
Producers Cooperative
In a Cooperative Bank, the required quorum when the meeting is for the amendment of the Articles or the By-Laws shall be:
5%
25%
Majority
3/4
The ff. constitute instances when directors of a cooperative may receive compensation, except:
There is a provision in the by laws fixing their compensation
Reasonable per diems
If they perform a function other than being director
All of the choices are valid
The responsibility of production of the books of account of cooperative at the time of audit or inspection rests with:
The accountant
The audit committee
Both
Neither
A minimum of 10% of the net surplus is required to be set aside by the cooperative, after 5 years of operation, for the:
Reserve fund
Education and training fund
optional fund
community development fund
Insurable interest must exist both at the time of the happening of the risk insured against and at the time the contract was entered into
Life insurance
Property insurance
Both
Neither
If a life insurance policy matures upon death, the claim for insurance must be settled within how many days from after presentation of the claim and filing of the proof of death?
30 days
60 days
90 days
120 days
