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1. Which is the operative act that will give juridical personality upon a corporation? 9.

1st Statement – In alternative obligations, the choice shall produce no effect except from the moment it has
A. The filing of the articles of incorporation. been communicated.
B. The filing of the by-laws. 2nd Statement - In facultative obligations, the creditor may have the right to choose the substitute in lieu of
C. The issuance of the certificate of incorporation. the principal obligation.
D. The execution by the incorporators of the articles of incorporation, which serves as the contract among A. Both statements are wrong. C. 1st statement is correct, 2nd statement is wrong.
themselves. B. Both statements are correct. D. 1st statement is wrong, 2nd statement is correct

2. Which of the following is non-negotiable? 10. To call a meeting for the purpose of removing a director of a corporation the required votes of the
A. “I promise to pay to the order of Mr. A the sum of P10,000 at the Banco De Oro Manila”; stockholders is:
B. “I promise to pay to the order of X the sum of P10,000 or to deliver one-fourth of the harvest in my farm A. majority of the stockholders present
at his option” B. ¾ of the outstanding capital stock
C. “I promise to pay Y or bearer in Manila the sum of P 10,000 10 days before death of his horse Petra” C. 2/3 of the outstanding capital stock
D. “I promise to pay Z or bearer in Manila the sum of P 10,000 on or before November 15, 2012”. D. majority of the outstanding capital stock

3. When the goods are delivered to the buyer, the ownership thereof passes to the buyer in: 11. Not a valid qualification of directors in a stock corporation as stated in the by-laws:
A. sale on approval B. sale on return A. A director must be holder of at least P10,000 paid up shares as security for his action
C. sale on trial D. contract to sell B. A stipulation that at least 2/3 of the directors must be residents of the Philippines
C. A stipulation that all the shares he owns at the time he was elected as director may be disposed
4. Kenneth uses a savings account with a BDO bank. The contract between Kenneth and the bank is one of: off by him without forfeiting his directorship
A. Agency. B. Commodatum. D. That 5 shares of the capital stock must be registered in the name of such director
C. Deposit. D. Simple loan.
12. Which of the following is not negotiable?
5. One of the following is a similarity between real estate mortgage and antichresis. Which is it? A. “Pay to A or order P10,000 notice of dishonor waived”
A. The property is delivered to the creditor B. “Pay to A or order P10,000 on December 25, 2015”
B. The subject matter is a real property C. “Pay to A or order P10,000 or deliver two piglets at the option of the holder”
C. The creditor acquires the right to receive the fruits of the property D. “Pay to A or order P10,000 in US dollars on October 1, 2015”
D. The creditor is obliged to pay the taxes and charges upon the estate
13. Anything paid or delivered before the arrival of a period can be recovered by the debtor who paid by mistake
6. 1st Statement – The guardian cannot purchase the property of the ward and any stipulation to the contrary up to the extent of:
is void. A. interest B. without interest
2nd Statement – Sale of property between husband and wife is unenforceable if orally constituted unless C. interest and fruits D. may not be recovered
there is a judicial separation of property.
A. 1st statement is wrong, 2nd statement is correct 14. Statement No. 1 – An oral agreement to answer all expenses for the wedding reception if Tom marries
B. 1st statement is correct, 2nd statement is wrong. Jenny is unenforceable.
C. Both statements are correct Statement No. 2 – An oral contract of sale of a land is void.
D. Both statements are wrong. A. False, false. C. True, true
B. False, true. D. True, false
7. One centavo, P0.05, P0.10 and P0.25 centavo coins are legal tender up to:
A. P100.00 B. P500.00 C. P1000.00 D. Any Amount 15. The buyer will acquire what rights to the fruits of the things bought?
A. Personal right from the time of perfection and real right from the time the fruits arise
8. 1st Statement – If the authority is to lease a building to third persons for at least one year, a special B. Personal right from the obligation to deliver arises and real right from the time the fruits arise
power of attorney is necessary. C. Personal right from the time the fruits arise and real right upon delivery
2nd Statement – The authority to sell a property in behalf of the principal does not include the authority to D. Personal right from the time of perfection and real right upon delivery
mortgage.
A. 1st statement is wrong, 2nd statement is correct C. Both statements are correct 16. Which of the following statements is false?
B. 1st statement is correct, 2nd statement is wrong. D. Both statements are wrong A. Non stock corporations can have more than 15 trustees at one given time
B. Trust companies can be close corporations

33. A. Educational corporations cannot issue no par value shares D. The promissory note is: A. .000 20. Janine. 1st statement is correct. B.If a taxpayer pays his income tax liability for the current year. 1st Statement . Payment by maker of a promissory note before maturity date. Which of the following is excluded in the determination of liability arising from criminal offenses: C. 2014. No par value shares cannot be issued for a consideration less than five pesos per share 24. there is a presumption that C. Previous corporate obligations A. P20. Both statements are correct A. Conventional obligations C. Both statements are wrong.000” D. 1st statement is wrong. Both statements are correct D. The obligation is extinguished 22. In this case: give rise to a disputable presumption that such installments have been paid. Negotiable promissory note payable on demand. Jensie. 1st statement is wrong. Rez. Outstanding shares in exchange for stocks in the event of reclassification or conversion. Reparation D. To do C. 2nd statement is correct A. Arli may collect from Rez P5.000 tax liability for the previous year has been paid. the sum of P200. This obligation is: 2nd Statement – An instrument is not negotiable if it is payable to the order of a fictitious person. It must comply with the forms of donations 19. The obligation ceases to be facultative 23. Intangible property 26.The receipt of a later installment of a debt without reservation as to prior installments. Acquittal in the criminal case will excuse the accused from civil liability. 2nd statement is correct B. Not to do D. Civil obligations C. The duty to pay taxes and to support one’s family are classified as: A. P 30. Valid C. Non-negotiable.000. Intentional cancellation of the instrument by the holder. The loss of the original prestation is immaterial A. Voidable A. 1st Statement – The acceptor of a bill may refuse to pay the holder on the ground that the signature of the drawer is forged. Divisible C. 2nd statement is wrong. Legal obligations B. solidary debtors are obliged to give Arli. Negotiable promissory note payable to bearer. Negotiable promissory note payable to order.000 D. Promissory notes C. Christine and Rushnell. are valid considerations in a subscription agreement relative to the stocks of a D. How much can L collect from A? A. Ruth. if substitution has been made.000 B. The instrument is discharged in the following instances except one? A.000 C. Dustin is obligated to deliver his laptop to Adrianne on December 20. These statements are presented to you: the debtor: I. Either A or B D. The obligation is converted into a simple obligation C. P90. corporation: A. Novation C. Mark and Josh. 27. shall joint creditors.000 B. 18. M and N the sum of C. Mode of extinguishing obligation wherein the factor is the generosity of the creditor and the acceptance of 21. 28. D. Both statements are wrong. Arli may collect from Rez P4. Rescissible D. Void B. There can be a rescission of the original sale. C. To give B. 1st statement is correct. Condonation II. A. “We do hereby jointly and severally promise to pay to the order of creditors L. B. The action is directed against the buyer. In facultative obligations. Subrogation B. 32.000 2nd Statement . “I promise to pay to bearer. The action is directed against the seller. C. “I’ll give you a diamond ring if you will go to Hong Kong Disneyland this year”.000. Indivisible D. Restitution C. The right arises after the sale.00”(Sgd) Nicole. Indemnification D. Voluntary surrender of the instrument by the holder to the maker without collecting. 2nd statement is wrong. Arli may collect from Rez P20. which of the following is false? A. B. Natural obligations D. 31. A. A. B and C secured a loan from D. 25. Joint A. Creation of new valid obligations D. A quasi-contract is an implied contract. Confusion D. P 90. Payment by party primarily liable to holder or his authorized representative. Capacity and intention of parties to modify the obligation D. Arli may collect from Rez P1. Which of the following is not a requisite for a valid novation? B. 30. Compensation B. A previous valid obligation C.000 D.000 payable on demand” (sgd) A B C. The following. Wayne. 29. “I promise to pay D or order P10. P 10. A. Solidary B. P 45. B. The obligation is: 17. B and C executed a promissory note worded as follows: B. except one. A. The burden in this scenario is: B. The promissory note which evidence the obligation states. The right of pre-emption differs from the right of redemption in that in pre-emption: C.

when the parties come to an agreement 35. who 44.) The note is dishonored in the hands of F. Contract D. Statement 2: A limited partner may rightfully demand return of his contribution on the dissolution of a inherited a parcel of land from his father. Both statements are false D. Both statements are false C. Both statements are true 41. False B. True or False A. Obligations under quasi-contracts will prescribe after: B. If the goods are of perishable nature C. True. The capacity of the drawer D. They are not entitled to dividends C. 34. the notice to C insures to the benefits of B D. False. D and E. Will the land and its fruits belong to the partnership? partnership. The following are the liabilities of an acceptor except one: B. Robin. if there was stipulation that the land to be inherited shall be considered contributed A. the obligation is valid 43. but generally he cannot be the borrower 2nd Statement – If the suspensive condition depends upon the will of a third person. even if so stipulated that land inherited shall be considered contributed C. true B.D. 5 years D. 2nd statement true D.E. is. 1st statement false. Appropriation of the thing pledged after the thing is not sold at one public auction B. C. the notice given by F to B operates to the benefit of C. 2nd statement false A. to it is void. Sale of the thing pledged C. 1st statement false. the payee of a check for P5. when there is a meeting of the parties’ minds B. the mortgagor must execute an affidavit of good faith in order that the mortgage shall be valid against third persons . notifies B. a limited partner’s interest is not assignable. Which of the following statements relating to treasury shares is false? A. Yes. 1st statement is true. the obligation is void. debtor.C. debtor but it is suspensive. A makes a note payable to B or order. the obligation is valid A. True D. the notice to D insures to the benefits of E and G 45. the notice to C insures to the benefits of D. False. They are not considered outstanding shares 39. E and G C. it is always void C. except: B. The existence of valid consideration 42. 10 years C. A. not existing at the time of the celebration of the contract B. True. True. The stage of “conception” of a contract. No. 2nd statement true D.000 to the bank is an obligation arising from: 40. False. Which is not correct? A. because the land and fruits are future properties. Return of the thing pledged B. Yes. false Statement 2: To lease real property to another person. the authority of the agent must be in a special power of attorney if the lease is for one year. 6 years D.000 cashes it with a drawee bank on January 3. True. 36. E and G D. true D. A. A. D.000. False. True. Quasi-Delicts B. the obligation subject if he is authorized to lend. false C. False. debtor but it is resolutory. The genuineness of the drawer’s signature D. True. When the seller reserved the right to resell the goods D. They may be disposed at any time B. because universal partnership means contribution to all properties. Delicts Statement 1: In chattel mortgage. B. present and future B. A. when the contract is fully executed A. A pledge is extinguished through the following cases except. 1st Statement – The indivisibility of an obligation does not necessarily results to solidarity Statement 3: The agent if authorized to borrow money can be the lender. 38. When the buyer has defaulted in the payment of the price for an unreasonable time D. An unpaid seller’s right to resell the goods is available in the following cases. True or False: Statement 1: As a general rule. creditor even if it is suspensive. 4 years 46. True B. 2nd statement false C. when negotiations are in progress. No. True C. The following are the indorsers of the note in the order of their indorsements: B. When the fulfillment of the condition depends upon the sole will of the: A. but the teller gives him P6. Robin’s duty to return the excess of P1. Both statements are true 37. 1st statement is true.F (holder) and G (subsequent holder. Written abandonment of the pledge A. When the seller has lost lien on the goods. They carry the right to vote A. Alberto and Berlin entered into a universal partnership of all present property. False. Subsequently. Law C. Alberto. C. 2015. The existence of a drawer C.

P10. Which of the following defenses are available to Adrianne. Ruth alone will bear the payment of Dustin’s share who is insolvent since Ruth made the payment. A.000 B. 1st statement false. Forgery of Paul’s signature II. Which of the following is correct? A. Dustin. Acquisition Price C. however. An instrument originally payable to bearer may be converted into an order instrument. Janine and Paul against Jeff? I. Ruth can collect from JM.000 from Mark pertaining to Dustin’s share since Dustin is insolvent D. 2nd statement true D. Ruth can collect from JM. is insolvent. II. Thereafter. Ruth pays Mark the whole amount due. Upset price B. Adrianne made a promissory note payable to Janine or bearer.000. Want of delivery of note by Paul since the note was stolen from him A.000 C. True or False. I only B. 1st statement is true. I.47. Both statements are true 49. Ruth. 2nd statement false B. 48. Both statements are false C. Selling Price . Ruth can demand the return of P10. P15. a holder in due course. An instrument originally payable to order may be converted into a bearer instrument. Jensie stole the note and negotiated it to Shemrel by forging Paul’s signature. II only C. neither I nor II 50. JM and Dustin are solidary liable to Mark for P30. After delivery. both I and II D. Market Price D. Shemrel indorsed the note to Silver and Silver to Jeff. Janine indorsed the note to Paul. The price stipulated by the parties to a mortgage contract below which the property shall not be sold at a public auction A.