CPAR | CPA Review School of the Philippines FIRST PRE-BOAR’ a Regulatory Fram. D EXAMINATION | Saturday, February 10, 2018 work for Business Transactions | 10:30AM to 12:30PM Instructions: | ons:Choos the BEST answer for each of the following items, Mark only one answer for each item on \e Special Answer Sheet provided. Strictly no erasure allowed. i 1 a granteda Joan to B amounting to Php 660,000 with 6% interest per annum. Such agreement was not reduced ‘ing but B paid the obligation and interest in cash and checks when A demanded payment. Which of the following is correct? a. The payment of loan and interest is valid b. The payment of loan and interest is void ¢. Becan demand the return of the amount representing the interest paid 4d. The principle of solution inéebiti is applicable, hence B can recover the amount paid to A 2. Itis an intentional evasion of the faithful performance of the obligation a. Negligence b. Fraud ¢. Delay d. Mistake 3. It isa principle which holds that contracts must be binding to both parties and its validity and effectivity cannot be left to the will of one of the contracting parties | a. Obligatory force of contracts c. Autonomy of contracts b. Mutuality of contracts d. Relativity of contracts 4. A,B and C solidarily owe W and Y. solidary creditors Php 24,000, where the share of the debtors is 2:3:5 while the creditors is 1:2. The terms of the contract provide: 1. A will pay if Y will pass the May 2014 CPA Board Exams 2. Bwill pay on June 10, ' 3. C will pay on January 1 On January 15, 2014, W can collect from a A=Php 24,000 b. B= Php 12,000 ‘payment is entitled to get reimbursement from €.C=Php 12,0004. A or B= Php 12,000 ¢.C=Php 24,000 d. C= Php 8,000 5. Using the above data, the debtor who effected a, B=Php 12,000 b. A= Php 12.000 n collect from 6. Assuming ¥ passed the May 2014 CPA Board Exams, ¥ 1p 12,000 d. A or B or C= Php 12,000 a. AorC=Php 16,800 b.B=Php 4,800 c. A= Phy 7. On January 15,2014, A obliged himself to give to B his ‘only cow or his only dog or his only cat on December 25, 2014. On July 4, 2014, the cow died after giving birth to a young cow. Two months later, the cat died due to the fault of A. And on November 1, 2014, the dog died que to a fortuitous event. Which of the following is true? | ‘The obligation of A is extinguished | Bis entitled to the young cow having been bor) after the perfection ofthe contract Ais liable for the vaiue of the cat plus damages B can require A to replace the cat by another cat which is equally satisfactory epg 8. Using the above data, but the right of choice belongs to B, which of the following is correct? a. The obligation of A is extinguished b. Bis entitied to the young cow having been horn after the perfection of the contract c. Ais liable for the vaiue of thr cat plus damages d. Bean require A to replace the cat by another cat which is equally satisfactory 9. Using the preceding number, except thar ihe dog ig sill alive, which of the following is not correct? a. The obligation of A is converted to 2 sitaple abligation b. Bean require A to deliver the dog bur withost damages ¢. Aisnot lieble for the deati of the cow d. Ban require A to pay the value of the cat is damages10, When the condition has been imposed with the intention of suspending the efficacy of an obligation to give, the following rules shall be observed, except a. If the thing is lost, the obligation shall be extinguished | b. Ifthe thing is improved by nature, the improvement shall inure to the benefit of the creditor c. Ifthe thing is improved at the expense of the debtor, he shall have no other right than that granted to the usufructuary ; d. Ifthe thing deteriorates without the fault of the debtor, the impairment is to be bome by the creditor 11. The expenses of consignation, when properly made shall be charged against a. The debtor c. Both the debtor and creditor b. The creditor d. Neither the debtor nor creditor 12. Statement 1 — In expromission, the new debtor's insolvency or non-fulfiliment of the obligation shall not give rise to any liability on the part of the original debtor . Statement 2 - In delegacion, the insolvency of the new debtor, shall not revive the action of the creditor against the original debtor a True,true —b, True, false. False, true d. False, false 13. A, B, C and D are joint debtors of V, W, X, Y and Z, solidary creditors the sum of P20,000. Which is correct? a. V may collect from B, P20,000 c. V may collect from B P5,000 b. V may collect from B P4,000 d. Vinay collect from B P1,000 14. D owes C P6,000. No date for payment was stipulated by the parties. Which is correct? a. C can require D to pay when the period arrives b. Ccan require D to pay at anytime c. Dis not liable to C because the obligation is void there being no date of payment d. Dis not required to pay unless C goes to court and asks the court to require D to pay 15. In January 2010, S, 17 years old, sold his only car to B, 21 years old. The sale was withoui the knowledge of G, the guardian of S. Assuming that an annulment case is filed today, which is correct? a. S may bring the action for annulment b. G may bring the action for annulment c. B may bring the action for annulment d. Annulment will not prosper whoever will file i 16. The following items, pertain to a contract of sale, which pertains to contract to sell? a. Ownership of the thing sold is transferred upon delivery b. Ownership of the thing is transferred to the buyer at some future time ¢. The risk of loss is on the buyer upon delivery d. The risk of loss is on the buyer if the price is not yet fully paid 17. On August 1, 2013, A agreed to sell his only cow to B end B agreed to pay the price of P20,000, if B will pass the October 2013 CPA Examination. The list of successful examinees was released on October 19, 2013 and B is one of those who passed the examination. As a vesuli, ‘a. Ais entitled to the P20,000 price plus interest beginning August 1, 2013 b. Bis entitled to the cow and its fruits beginning October 19, 2013 ¢. Bis entitled to the cow beginning August 1, 2013 and to its fruits beginning October 19, 2013 d. A shall deliver the fruits of the cow and B shall pay the interest on the price beginning August 1, 2013 ic debtors of C for P100,000 which is cue on August 1, 2014. Thinking that the obligation 6 ‘ See Fen C P100,000 on August 1, 2015. What rights will have on February 1, 2014? aA can recover P50,000 reimiursemvent from B ithcut interest F Arcan recover P100,000 from C plus interest fron: August | 2013 to February 1, 2014 ie Gan recover P50,000 reimbursement from B with interest from August 1, 2013 to February 1, 2014 FA cannot recover yet from either B because the obligation. is not yet due or C because the payment was voluntary19. Using the preceding num! & A can recover fro: b. @ 4. B. 5 z 3 8 a E 8 20..A, B and C ard obli which of the lipo 8 specific cow to W and ¥ on August 1, 2014, If today is August 1, 2014, & A demdn | | | awa anes aa ty iY Seainst A, B and C constitutes a valid demand against all debtors 2 If debtor A cane an, sgt A will make the debtors in delay | monetary oblige ge will his share in the obligation, the obligation of B and C is converted into re ua 10n to pay the corresponding portion of the value of the tow without damages | i insolvent, the obligation of A, B and C is converted into @ monetary obligation to pay value of the cow plus damages 21. A 3s indebted to solidary creditors W, ¥ and Z for P90,000 due on August 1, 2014, while W owes A P90,000 so due on August 1, 2014. On August 1, 2014, a. Both obligations are extinguished by compensation b. A's obligation is extinguished up to P30,000 ¢. Either ¥ or Z can demand P60,000 from A 4. Bither Yor Zan demand P90,000 from W 22. Which of the following contracts of sale is void? Where the buyer and seller are both insane Where the husband aimed his gun to his wife so that his wife will sell her land to him Where the buyer twisted the arm of the seller so that the seller will sign the deed of sale ‘Where the object of the contract has a redhibitory defect f 23. Which of the following contracts is void? ° | a, A minor selling the ring of her mother without authority from her mother b. A widow selling the land of her father with an oral authority from her father c. A guardian selling for P70,000 the necklace of her ward where the fair market value of the necklace is P100,000 1 | 4. A contjact of sale between two deaf-mutes who both don’t know how to write pege 24. A contract of sale between husband and wife is a. Void, if there is separation of property in the marriage settlement b. Valid, when there is judicial separation of property ¢. Voidable, if they are under the absolute community of property d. Resceissble, if they are under the conjugal partnership of gains 25. A sold his necklace to B in a public instrument and later orally sold his watch to C. Both items will be delivered 7 days later. On the 5" day, A again sold the same necklace to D and the same watch to E. Both D and E immediately took physical possession of the necklace and watch, respectively and both are not aware of the previous sale to B and C. Who will have a better right to the necklace and watch? a BandC b.DandB —c, Band E Cand D | 26. Which of the following statements is not}. correct? a. IFA gives his ring to B but it is not clear whether A donated it or merely lent it, the contract should be interpreted as commodatum rather than donation b. IA sells his car to B but A has 4 cars and it cannot be determined which car was sold, the contract of sale is vdid ¢. A borrowed P100,000 from B which bears interest at 12% per year but there is doubt whether it is payable in 2 or 3 years, the period of payment shall be interpreted at 2 years d, A engagéd the services of B but the contract did not indicate the amount of compensation to be paid, the amount thereof shall be the rate that is customarily paid in the place where the services were rendered27. A owes B P100,000. A also owes C P100,000. A failed to pay both obligations. B filed a complaint in wef and a writ of aitachment was issued against A’s land situated in Manila. Later, A sells his land in Makati t D. Which of the following is not correct? | i of the land in Makati is presumed fraudulent because a writ of attachment has been issued | a. The sal b. Cmay fe to court for the rescission of the sale to D | ¢. B may go to coun for the rescission of the sale to D i ' | d. Neither B nor C can go to court for the rescission of the sale fo D because the land in Makati was noy the objéct of the writ of attachment. ! | | 28. A pointed a gun and threatened to kill B i wall aot sign a promissory note which reads “I promise to p A,P100,000". Out of fear, B signed the note. It turned out that two days earlier, A's obligation to B amounting to P100,000 became due and B demanded payment. Now, A alleges compensation. Is A correct? a. Yes, because the promissory note is valid b. No, because the promissory note was signed only because there was c. Yes, provided B will agree 4. No, because A’s obligation does not exist intimidation | 29. A has two creditors, B and C. the obligation to B is P10,000 and to C is P12,000. Later, with the consent of A and B, W pays B P10,000. Now W and C are the creditors of A: Suppose A'has only P12,000, which 1 correct? a. C should be preferred c. Cand W should be paid proportionately b. W should be preferred d. A may choose whorn to pay | 30. In the fotlowinlg cases, the contract of sale with a right of repurchase shall be deemed an equitable mortgage except when a. The vendor remains in possession ofthe object b. The vender finns e partion of te price | cc. The price is inadequate d, ‘The parties renew the instrument after the expiration of the period to repurchase 31. A sold his car to B “on sale or return within 10 days”. On the 7" day after delivery, the car was forcibly taken by the carnappers. In this case | . a. The cohtract of sale is terminated c. A bears the loss | b, B must still pay the purchase price d.B can refuse to pay unless A delivers another car 32. In the following cases, the vendor is not obliged to make delivery after perfection of the contract of sale, except a. The vendee has not paid the price b. No period for payment has been fixed in the contract ¢. Vendee lost the right to make use of the period to pay 4. A period for the payment has been fixed in the contract , 33, Statement _1 — Chattel mortgage is a consensual contract and the creditor gets possession of the thing mortgaged Statement 2 - Pledge is a consensual contract and gives a personal right Statement 3 Real estate mortgage is a real contract and creates a real right if registered with the Registry of Property | ; Statement 4 ~ Antichresis is an accessory contract and gives a real right ‘a. Only one statement is true co. Three statements are true b. Two statements are true d. All statements are false 34, Which of the bowing is not correct? ject of commodatum ‘a. A movable or immovable property maybe the obj The bailor in commodatum need not be the owner of the thing loaned / "stipulation that the bailee may make se of the fruits ofthe thing loaned is valid. “ for the ordinary expenses for the use and preservation of the thing loaned d. The bailor is obliged to pay435. To be valid and enforceable, the follo jould be in-writing, excep' ; ~ = ! Swing contracts should be in-writing, b. Contract of donation of rea aroperty : ©. Contract giv riract giving authority to an agent to sell a piece of land 4 4. Contract made in consideration of mar iage 36. X borrowe e1 Y. X constituted a r te: Mortgage O' ed money from Y. X constituted a real estate mortgage over his house stipul eS X could not pay the loan on time, the house would belong to Y. Which is correct? BY shal become owner ofthe house upon default by X by virtue of their writen agreement shall become the owner ofthe house hy virtue of he default of X ay all only enjoy the right of alienation over the land shall be entitled to the right of appropriation of tHe lend 37. K and Q are siblings. ‘They remain co-owners of a parcel or Jand which they inherited from their deceased Parents. The land is adjoined by the lots of M in the north and B in the South. K sold his undivided half share of the inheritance to Fi. In this case, legal redemption shall be allowed in favor of sO bM cB 4d. All of the above proportionately 38. X, a bride to be, rented a car from Y Car Rentals to bring her to the church on February 14,2010, her wedding day. The car and driver assigned were nowhere to be found) on the scheduled day. Y Car Rentals incurs delay because ‘The obligation or law expressly declares | Time is of the essence ‘The obligor has rendered it beyond his power to perform ‘The date has been fixed by the parties \ eooe 39. A, minor, sold the ring of his brother without authority. THe ring has a fair market value of PIM and selling price was P600,000. The contract is a, Rescissible b. Voidable ¢. Unenforceable d. Void 40. Using the preceding number, the remedy is it ‘a. Acan ask for annulment ¢. The buyer can ask for annulment b. The brother can ask for annulment 4. The brother can just ignore the contract 41. A owns a parcel of land which he sells to B with a 3 year redemption period. After the second year, A dies leaving his children C, D and E as his heirs. Which of the following is not correct? ‘a. Acan repurchase the whole thing, so anyone among C, D and E may repurchase the whole thing b. Coan redeem his 1/3 share, D his 1/3 share and E his 1/3 share if B does not require all of them or any one of them to redeem the whole property ¢. Bamay demand all of the co-heirs that they come to an agreement upon repurchase of the whole thing sold | 4. B cannot be compelled to consent to partial redemption ‘ 42. A sold his car to B payable in ten equal monthly installments and with a mortgage constituted on the same property. For B's failure to pay a month's installment, which staternent is correct? ‘a. A may foreclose the mortgage on B’s car but he has no longer the right to recover the balance should it be sold for an amount lower than what he claims from B b. A may seek the cancellation of the sale made to B c. Amay seek fulfillment of the cbligetion of B to pay the entire purchase price d. Amay seek the cancellation of the sale end Sater on foreclose the mortgage should he find it impossible ; to collect from B 43. When the sale of piece of lana or any interest therein is through an agent, the authority of the agent may be a. Inapublic instrument Either in a public or private instrument b. Ina private instrument d, Duly notarized 44, The vendor-de-retro shall be entitled to redeem the object of sale within a. Four years iftno period is egreeci upon c. Ten years if there is a.period stipulated b. Thirty days from notice of intention to repurchase d, The period agreed upon45. The following contracts are qualified for reformation, except a. Onerous contract c, Renumeratory contract b. Gratuitous contract 4. Consensual contract 46. A obtained an interest free loan of PS0,000 from B evidenced by a promissory note payable six months after date. At maturity A called B by phone to ask for an extension of one month and offer to pay 20% interest on the loan, Enticed by the 20% interest, B agreed to the extension of maturity. Which is correct? a. The interest is a demandable interest by virtue of an agreement b. The interest is unenforceable | ¢. The loan is valid but the interest is void 4. The loan and interest are both demandable 47. A promised to deliver to B 100 sacks of palay ftom the former’s 2017 summer harvest. A failed to deliver ‘what was promised due to floods which destroyed the crops before harvest season. Is the obligation extinguished? a. No, generic thing does not perish b. No, A can still raise the same from future erops c. Yes, the generic thing is delimited 4. Yes, the contract is void due to non-existing object at the time of perfection of contract 48. D is obliged to give E, at E's option, his Rolex watch, or his Cross ballpen or his diamond ring, The diamond ring was forcibly taken by a robber and the watch by a snatcher. After D lost the watch and the ring, the ballpen likewise could not be located despite diligent etforts to find the same. D could no longer remember where he kept the pen. Hence, D failed to deliver any of the three items he promised. Is the obligation of D to E extinguished? ‘a. No, E can demand the vaiue of anyone of the three items since he has the right of choice b. No. E.can demand the value of the last thing lost «. Yes, fortuitous loss extinguishes all the alternative obligations d._ Yes, nothing remains practicable 49. When the fulfillment of the valid suspensive condition depends upon the sole will of the debtor ‘a. The obligation is valid but the condition is disregarded Ps b. Both the condition and obligation will be void ¢. Both the condition and obligation wil! be valid d. The obligation shall be void but the condition is valid 50. In 2014, A promised to give to B his land if B passes the CPA Board Examination in 2015. If the condition is fulfilled, does A also give the fruits for the period of one yéar? a. Yes, in obligation to give, once the condition is fulfilled the obligation shall retroact to the day of the constitution of the obligation b. Yes, the creditor shall appropriate the fruits and interest, unless there is contrary intent c. No, if the obligation is unilateral, the debtor shail appropriate the fruits'and interest unless there is contrary intent ' d. Aand B will divide the fruits equally 51, Which of the following is a vaiid stipulation? ‘a. A promises to give B P10,000, and if A fail one week b. A will give B P10,000, if C will go to planet Saturn within the year c. Aagreed to give B a house and lot if B will kith A’s wife d, A agreed to put poison on the food of B’s wive and if A fails, to pay B P10,000 for damages , A will allow B to have sexual intercourse with her for 52, A and B mutually promised orally to marry each other white they were in Meng Telmo’s place. The agreement between A and B is : '2. Lnenforceable, because the agreement was uct made in writing 5. Unenforceable, because Mang Telmo’s place is not the proper place to make a promise ¢. Enforceable, because this is not covered by the Statute of Frauds d. Enforceable, and therefore A may compel B 12 marry her rm»53. A is indebted to B in | n the amount of P50, .000, bv i B refused. Because of B’s re AG, ith C as guarantor. On due date, A tendered payment to B but withdraws the : ;posited the amount in court Sree court. After the approval of the consignation, A eae amey, withthe consent of Band C. Which is comet? / : eae pcallet as A’s obligation is extinguished ©. Biost ther: ee sat she might have over the amount deposited but C is still liable as guarantor ane from A and consequently ls so her ght to collet fom C release from lability she might have over the amount deposited and C as guarantor was likewis¢ { a v I A consensual contract ©. Ajgratuitous contract | | 54. A contract of spe is j b. Areal contract . solemn contract 55. In distinguishing earnest money from option money. Option money is a. Given when there is no contract of sale b. Given only when there is a perfected contract of sale : ¢. Given to bind the offeror in a unilateral promise to sell or buy | d. Given as a separate consideration from the purchase price | 56. One of the following does not result into vitiated consent when employed by one against the other in contract! This is A person emphasizing the fact that he is the one who raised and educated his niece, prospeétive contracting party b. Threat bf serious bodily injury to a person should he refuse to sign the co ¢. Fraud in the fulfillment or performance of the obligation 4G. Excharige of vows or marrying the twin brother of your boyfriend who is now @ tract as told { 57. Rescission as distinguished from annulment ‘a. The defect is intrinsic ¢. This is a sanction . The basis is lesion id, Damage to the plaintiff is immaterial! ' i a &. A. inhis will, yave some property to B, provided that C would'die within 5 years, This Is 8 (an) ‘a. Pure obligation ¢. Obligation with a suspensive condition Bb. Obligation with aresolutory condition Obligation with a period i struction materials, so A orally told the seller C, “cing ivered the materials. As a result, wer for the debt of B 1e default of 59. A was having his house repaired by B, who needed con: B the materials, I shall be responsible. I shall pay in 30 days. C del n ‘The contract is unenforceable because A made an oral agreement fo ans) £ The contract is enforceable because A did not make a special promise to answer for the another person ¢. The contract shal] be enforceable if there is ratification by A The contract shall be unenforceable if the value is at least P500.00 60. In which of the following is demand not necessary to make the debtor in delay in the performance of his obligation? ‘a. When the time of performance is of the essence 1b. When the time of performance has been stipulated cc. When the law so provides | In reciprocal obligation, from the moment one of the parties fulfills his obligation 2014, A bought a parcel of land from B who was insane. The deed of sale was duly public. Six months after the sale, A realized that he needed a larger area on B who had been undergoing psychiatric it the same time, ‘Should a court action be filed today, which is 61.0n January 1 acknowledged before a notary Which to construct a commercial building, At about treatment was declared of sound mind by his neurologist. correct? 2A may successfully prosecute a court action to annul the contract on the ground of B's insanity B may successfully prosecute a court action to annul the contract on the ground of his insanity Neither A not B may successfully prosecute a court action to annul the contract ‘A may sucessfully prosecute a court action to annul the contract on the ground of mistake as to the >, e. a area of the parcel of land i 762. Ais the listed owner of 10,000 with par value of P100/share common shares in ‘ABC Corporation. ABC sued ‘forthe payment of A's indebtedness of PIM. A contends tat such debt must be compensated by his shares of stocks with the plaintiff corporation. The contention of A is «2, Valid due to legal compensation b. Valid by virtue of judicial compensation ¢. Untenable since he is not a creditor of the corpot 4. Automatically extinguished if the fair market val ~ has been made in fraud of ereditors ¢, Badges of fraud 4. Upset price ration Jue of the shares is PIM 63. Circumstances indicating that certain alienati a. Pactum commissorium b. Stipulation pour atrui 64,-The defendant ina criminal case for physical injuries arising from tort died before final judgment. Is his civil liability extinguished? a. Yes, because death extinguishes personality bb. No, the action will be directed against the administrator of his estate ¢. Yes, because the defendant will be deprived of due process of {aw 4, No, the action will be directed against the creditors of his estate 65. On February 14, 2016, X, a minor orally sold to ¥, of legal age, certain mini-component for 25,000 but Oo far market value ig Php 40,000. It was the agreement between the parties that delivery of said object and payment ofthe price thereof shall be made on February 15, 2017. What kind of contract i this? a Void Contract b. Voidable contract c. Unenforceable contract d. Rescissible contract 666. What is the effect ofthe loss of the prestations in an alternative obligation where the right of choice belongs to the creditor and the loss is due to fortuitous event? I. If only one remains, the obligation still subsists, but it ceases to be alternative as it becomes simple obligation. Il, Lftwo or more objects remain, the obligation still subsists retaining its alternative character TIL. If none remains, the obligation is extinguished a. Tend fl band Il ¢. Hand 11 4.1, Mand Ut hidden defects in a contract of sale is an example of c. Essential element 4, Moral element 67. The warranty against a. Natural element b. Accidental element 68. One of the following is a natural element in a contract of sale a, Terms of payment ©. Place of delivery b. Rate of interest d. Warranty ageinst eviction 69, Motive differs from the cause of the contract, in that motive a. Is an essential element of a contract ¢. Is aiways known by the other party b. Maybe illegal and yet the contract is valid 4. Will render the contract void ards a void contract? .ce by a party to the contract of a benefit under its terms 70. Which of the following statements is true as t contract maybe waived if the illegality is not raised a. A void contract maybe ratified by the acceptan. b. The right to set up the def within a reasonable time Ifa void contract is novated by a valid one, suck novation is valid 4. 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