Professional Documents
Culture Documents
1. A, 17 years old, sold to B, of legal age, her necklace worth PHP 20,000 for PHP
15,000. Later, B sold the necklace to C for PHP 20,000. Which of the following
statements is correct?
a) A has got a voidable title because at the time of sale, she is a minor
b) A can ask for rescission of the sale to C because she suffered a lesion of more
than one-fourth of the value of the property
c) If C is in bad faith, C becomes the owner of the necklace upon delivery to him
but his title is voidable
d) A can ask for the annulment of the sale to C because at the time of sale she is
a minor
2. What is the prescriptive period for a partner to file an action to impugn or
question the manifestly inequitable sharing of partnership profits or losses
designated by a third person?
a) Within 3 months from the knowledge of such designation but it must be before
the said partner executes it.
b) Within 2 months from the knowledge of such designation but it must be before
the said partner executes it.
c) Within 1 month from the knowledge of such designation but it must be before the
partner executes it.
d) Within 6 months from the knowledge of such designation but it must be before
the said partner executes it.
3. Holders of nonvoting shares shall nevertheless be entitled to vote on the following
matters, except
a) Amendment of the articles of incorporation
b) Adoption and amendment of bylaws;
c) Sale, lease, exchange, mortgage, pledge, or other disposition of all or
substantially all of the corporate property
d) None of the choices is an exception
4. For founders’ shares, where the exclusive right to vote and be voted for in the
election of directors is granted, it must be for a limited period not to exceed
____ year/s from the date of incorporation
a) One b) Two c) Five d) Ten
5. G was appointed as the guardian of M, the latter being 17 years old. Later, without
authority from G, M sold G's watch in writing to B valued at 100,000 for 70,000.
Suffering lesion by more than one-fourth of the value, the contract is
a) Rescissible c) Unenforceable
b) Voidable d) Void
6. Under the Revised Corporation Code, a corporate term for a specific period may be
extended or shortened by amending the articles of incorporation: Provided, that no
extension may be made earlier than ________ years prior to the original or
subsequent expiry date(s) unless there are justifiable reasons for an earlier
extension as may be determined by the Commission:
a) Two b) Three c) Five d) Ten
7. A sold to be his cow for 5,000. No date is fixed by the parties for the performance
of their respective obligations. The obligation of A is to
a) Deliver the cow immediately as there is a perfected contract
b) Deliver the cow within the reasonable time from the perfection of the contract
c) Deliver the cow upon the payment by B of 5,000
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