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1. X owes ABC Partnership P9,000.00. The partners are composed of A, B and C.

X gave to A P3,000 as his


share of the credit. A issued a receipt of his share to X. Few days thereafter, X became insolvent. How
should the P3,000.00 be distributed, if it can be done?
a) A-P3,000, B-0 & C-0 c) A-P1,000, B-P1,000 & C-P1,000
b) A-P2,000, B-P1,000 & C-0 d) A-0, B-P1,500 & C-P1,500

2. A contributed to AB Partnership the usufruct of his car for the firm’s business of car rental. B, a
partner, drove the car from the airport fetching a client but met an accident in the Marcelo B. Fernan
bridge totally destroying the car. The client sustained injuries requiring payment of damages of
P100,000. Who should bear the loss of the car?
a) A b) AB Partnership c) B d) client

3. In problem no. 2, supposing the car was the one contributed by A as his capital contribution who
should be for damages of the client?
a) A alone b) AB Partnership alone c) B alone d) A, B & AB Partnership solidarily

4. What is status of the contract of sale over an immovable made by an agent with an unsigned written
authority to sell?

a) valid b) void c) unenforceable d) voidable e) rescissible

5.Jose condoned the obligation of Pedro of P250,000 without any written document. A day after the
condonation, Jose died. The heirs of Jose, after the burial, demanded from Pedro the sum of P250,000
as they are going to pay the expenses for the burial of Jose. What is the status of the condonation of
Jose to Pedro?
a) Valid b) Void c) Unenforceable d) Voidable

6. A induced B not to pay the consideration of the sale of P 1,000,000.00 to C on the ground that the
latter is already very rich. C learnt of the inducement of A and intended to file a case to enforce his right.
In case C will recover the price and damages, to whom shall C recover damages?

a) A alone b) B alone c) A & B d) None of them

7. Jose sold to Pedro ecstacy pills for P1M. A day after the sale, the NBI raided the house of Pedro and
recovered all the ecstacy pills and firearms. Pedro instituted a collection case to recover the P1M. How
much can Pedro recover from Jose?

a) P1M b) P1M plus damages c) -0- d) only damages

8. The promissory note reads as follows: “We promise to pay to the order of A, B and C the sum of
P180,000 payable within 60 days from issue.” SGD (X, Y and Z). This means that:

a) X is obliged to pay A P20,000


b) X is obliged to pay A P60,000
c) X is obliged to pay A, B and C P180,000
d) X is obliged to pay A P180,000 alone.
9. A stockholder cannot exercise his pre-emptive right on any of the following situation, which is the
exception:

a) denied in the by-laws


b) shares issued in compliance of law requiring stock offering to the public
c) shares issued in good faith approved by 2/3 of the outstanding capital stock in exchange for
property needed
d) shares issued in good faith approved by 2/3 of the outstanding capital stock to pay previously
contracted debt

10. The term which refers to the delivery of a negotiable instrument by the maker or drawer to the
payee-holder:

a) issue b) indorsement c) negotiation d) distribution