LEGENDS:

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Red- Suggested Answers

2003 Bar Exam

Commercial transaction is defined as transaction in which the Code

of Commerce or any Mercantile Law is involved in the transaction or in
which the governing law involve is a Code of Commerce or any Mercantile
Law.

It is not necessary that at least of one of the contracting party is a

merchant because the law which governed commercial transaction is silent
as to that issue.
A “commercial transaction” is defined as selling or purchasing or both
selling and purchasing by any person in the course of employment in, or in
the carrying on of, a trade or business. It is not essential that at least one of
the party to a commercial transaction be a merchant. What is important is
that the transaction evince an intent to engage in commerce or trade.

2000 Bar Exam

A joint account is a kind of bank account in which a single bank

account is owned by two persons. The said account can be opened or
withdrawn only if the person agreed to open or withdraw it. In the absence
of the consent of the other person, the said account cannot be opened or
withdrawn, except when the law provides otherwise.

A joint account is a transaction of merchants where other merchants

agree to contribute the amount of capital agreed upon, and participating in
the favorable or unfavorable results thereof in the proportion they may
determine.

1997 Bar exam

In theory of cognition, the contract becomes perfected only at the

time the other party knows the acceptance of its proposal by the other
party.
On the other hand, theory of manifestations provides that the contract
between the two parties will be perfected at the time the other party
manifest its intention to accept the proposal of one party.

Under the theory of cognition, the acceptance is considered to

effectively bind the offeror only from the time it came to his knowledge. On
the other hand, under the theory of manifestation, the contract is perfected
at the moment when the acceptance is declared or made by the offeree.