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    73 views463 pages

    RFLB Part 1 2nd Ed 2021

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    theresaazures

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    © All Rights Reserved
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    ro Mr eorniea terest? > See ee ea acer) Ree et ee Cu a a aa g pees eer eroeeer etter tts Zz im oS = rCoere I 2 F Pee he aa aie Pree een et heen Cee tener | Perea oem fot tie! ee ae ee el is designated as Investigating Ofier and Hearing Officer ofthe ren menmer rr ees | a TSC OSE YET | | | ST ees Pe erence peer) Nee ated STE eT LEGAL ISSUES IN BUSINESS PART | Pay Law on Sales — Maceda Law P.D. 957 The Condominium Act Law on Bailments Intellectual Property — Patent —> Copyright —> Trademark 2021 Features ified Examples True or False Qu We Choice Questions Real-life illustrat ory Examination Midterm Examinaion. Fina Philippine Copyright, 2021 by os iy ANDRIKD: pemaco ISBN: 978-621-6205-03-1 No part of this book may be reproduced in any form or any means ‘without the written permission ofthe author. ‘Any copy of this book without the signature ofthe author in colored ppen on this page either proceeds from an illegitimate source or is In possession of one who has no authority to dispose of the same, ALL RIGHTS RESERVED Published by: ‘COACHING FOR RESULTS PUBLISHING {#02 Ampucao, Itogon, Benguet Dbuslawi234@gmailcom ABOUT THE AUTHOR ATTY. ANDRIX DANG-OWAN DOMINGO, CPA, MBA. ‘Present and Former CPA Reviewer/Specal Lecturer in REGULATORY "FRAMEWORK FOR BUSINESS TRANSACTIONS (RFBT) ‘eds stn ne a Tiere Moca Bara att ame aaa en oy wearers Cietesnany teat te wcghacabnoe acter, ati beet nse ey eeoaseacets sess teen bemnay soph amo settee cuca Suiticemtonterer ess opie eyesore sna tnine ete Dae cn rt acy dbo contr of xcetene for Present and Former Reviewer Special Lecturer in Criminal Law for BS ‘Criminology Students calge oh Pipes. Benet ometsat eres Plines Vn Cy Mountain Ponte Sa Ped alee Bont ME Ponce Hearing omer Lega Services Orion Ew Service Commision ormer School of Law Professor “ners of Bagi, ag ly oversee Sree Coleg Beneet Former TialLawyer posing aw Oe Bag CF ————— PREFACE (2021 edition) ‘This humble work is intended primarily for accountancy students, ‘usiness students and Certified Public Accountant (CPA) board examination candidate This work however, could likewise provide a good materia for students oflaw. implied examples were incorporated and decisions ofthe Supreme court were digested in a simple manner which serve asa tool for easier Comprehension ofthe pertinent aries. Definition of terms used inthe diferent articles were incorporated to enable the readers to appreciate and comprehend well the meaning othe law ‘This book is published in the hope that this humble work wil be of reathelp to readers ‘True or False Questions and Multiple-Choice Questions wes provided a the end of chapters fr purposes of Feview. | want to express my gratitude and appreciation forthe valued petsstent assistance and support rendered by my friends Sunshine, Beverly, Johan, Irene, Ami, Floyd, Anne Marie, and my brothers Aty. Warden, CChritan and Ronaldo I want to express my heartfelt gratitude to my loving wif, Pinky. my lovely daughters, Xyanne and Xyra, Mama Conchita my sisters-in-law my friends, celleagues, students, and relatives who have helped me in writing thisbooke Special thanks to Mama Lerina and Papa Francisco, my parents-n- Jaw, and to al relatives and friends who played with Xyanne and Xyra while was writing this book. and to GOd be the glory! ‘AndrixD. Domingo TABLE OF CONTENTS SALES. CHAPTER 1 Nature and form of contract Whatiea contract fale? Sages contract of sale Two kinds of contract of sale [Essential elements of contac of sale Gross inadequacy ofpric its eet Characters of contract le ‘What i option or unaceptd offer? Contract for apiece of works contrat of sale Dation en pago vs contact of sale Determinate Ting [Emptlo espratae vs Empio spel Kinde of Goode Contract of ale vs. Agency to sll Saleve Barer Requisite fora val price Saleby suction sperected ‘Two aspects of dlvery ‘What iecontractto sel? ‘What rig a rst refusal? ‘nat sale by sample? Whats saleby description? ‘What earnest money? Whatis expropriation? ‘True or fase questions Mutiplechoice quetone CHAPTER 2 Capacity to buy o Kinds of ncapecty What are necersares? Mulpechoee questions CHAPTER 3 tect of the contract when the thing sold has been Loss athe abject at the time of perfection ofthe contract “Mulope choice questions CHAPTER 4 Obligations ofthe vendor ‘Obligations ofthe vendor Whats delivery Kinds of delivery Kinds of legal or constructive delivery ‘Actual dliery vs Construcive delivery Delivery ofncorprea propery 2 % 15 16 » 26 28 36 2 50 s a 6 e n ” 8 % 2 2 Sale on approval Sil or reir, Sale on Tea Document of tet goods Twokinds of egoaton ‘Who can nego? Warrants on neption or asigament Placa every Time of delivery ‘Who isan unplaser2 Remede fa npal seller Wen ight of stoppage in rast arabe Right of resale page a pitt rescind frie 1509 vo 1542 Whats ud sar More orless,expainea equates of douse ste Wo sa purchaser n od fa? waranty Condon press waranty What imped warranty? What i etedon? Kinds of waiver Remedy nase of partial eviction Hidden defect svesning Remedies n case of Maden defects Void sale of animals, Efecto reason of se of animal wth redhbtory detec ‘True or false questions " eet Maleplechice questions CHAPTER obligations othe vendee ‘eceptane, meade pet face tof Bye’ friable refusal to accept deliv Elec of buyer’ unjustiable refsal to accept delivery ene owes intro between delivery ant pastors Sispension of payment ye seer Seer may immed Sefer the exision of hese aon ofthese of movable property shall oighe take place 2 Maltiple choice questions CHAPTER 6 Actions for breach of contract of sale of goods Goods meaning ‘he seller may maintain an action against the buyer forthe pice of eater ga wer forthe p as 86 98 96 100 101 106 108 109 12 13 16 ng 12 12 a 123 14 137 130 at a 145 182 157 158 ‘The sller may maintain an action against the buyer for damages 190) ‘The seller may totally rescind the contract of sale 191 ‘Remedies ofthe buyer in case of breach of warranty by the seller 193. Effect of rescission on buyer's rights and obligations 194 ‘Mulupe choles questions 198 (CHAPTER 7 Extinguishment of sale 199 (Causes of extinguishment of sale 199 "Essence of conventional redemption 200, Equitable mortgage 200 ‘Whats reformation? 201 Period of redemption 208 Obligation of vendor in cae of redemption 28 Legal redemption 210 Requirement ofa written notice 215 Multiple choice questions 216 CHAPTERS Assignment of credits and other Incorporeal rights 220 ‘Assignment of credit 20 Contract of sale vs. Assignment of edit 220 Requirement produce eect as against third person 2a Warranties othe Assgnor of Credit 24 Labilites for violation of warranties 24 Duration of warranty aso debtor's solvency 225 Multiple chotce questions 20 ‘CHAPTER 9 General Provisions 22 Maltiplechoice questions 24 [REALTY INSTALLMENT BUYER PROTECTION ACT (MACEDA LAW) Reguisites forthe application of the Maceda Law 237 Application of Maceda Law 27 ten s the Maceda Law inapplicable 2 Whats notarial rescission? 27 Four conditions betore seller may actully cancel the contract 346 ‘True or false questions 235 Maipleehoice questions 255 PRESIDENTIAL DECREE NO. 957 (P.0.957) Rationale behind the enactment of PD. No 957 262 Definition of Terme 265, Registration of Projects 268 Documents tobe attached tothe Registration Statement 2s Requirements forthe suance of License to Sel 2 Performance Bond 20 Exempe transactions 2a When's eens to sel suspended? 23 ‘When may the suspension order be ied? a rounds fr revocation of estan ceriteateandiens sl rounds tormenta sears oer oF scene Frcs forrevcaton reparation ceriiate oortqge conto neal in breach of Setn 18 of PD 957s tulland Marra ofthe owner developer tures oan mete nce of incomplete development of he sbivsion perce Fare to pay statins Funct ce Ray tx Organon of ommowners Asodiaton Penates Tuc orflequstons tiple chtesquerone ‘THE CONDOMINIUM ACT lnterestn a condominiam Whatis «uni What sa Mater Deed? Contents ofa Master Deed Incidents of Condominium Grant Requisite of Partition by Sale ofthe Condominium Project Term ofa condominium corporation Disolution of condominium corporation ‘Assessment upon any condominium Len upon the condominium assessed ‘Reorganization ofthe Condominium Project Multiple chole questions PLEDGE, MORTGAGE AND ANTICHRESIS. ‘CHAPTER 1 Provisions common to pledge and mortgage Whatis a pledge? What sa real estate mortgage? Doctrine of "the mortgagee in good faith” ‘Two contractual modes by which personal property canbe used to secure principal obligation Debtor retains beneficial interest in mortgage Isthe declaration ofa tite as mul and vida ground for nullifying the ‘mortgage right ofa mortgagee In good falth? Filingofcotection sult barred the foreclosure ofthe chattel mortgage ‘Whats pactum commissorium? Elements ofpactum cmmmissorium Indiv ofa pledge or mortgage 206 2a 208 302 302 a4 304 306 307 30 a3 au 320 320 ie Me 351 351 387 389 366 366 366 367 369 am a7 301 32 386 CHAPTER 2 Pledge Pledge of ncorporeal rights Right of pedgorto ask the thing pledged be depot Prescriptive period to demand return of the thing ‘What the pedgoe deceived onthe quality ofthe thing pledged? Purpose of notice Deficiency cai in mortgage vs. pledge Defletncy claim nchatel mortgage vs pledge Pawns Paumee vs: Pawnee ‘CHAPTER 3 Mortgage Whats morgage? Kinds of el morgage Object of Mortgage Cause o consideration in mortgage Real mortgage vs Pledge Effects of Moreange Baten of mortage Whats foreclosure? ‘When to foreclose? Who can forecose? Kinds offorecosure recto inadequacy of price in foreclosure sale (CHAPTER 4 Antichres What sa contract of niches? Antichress veal morgage Rights ofantchrei creditor Measure of pplication of frults Form ofthe contract of anticresis Obligatlons ofthe anichretc credo Obligation ofthe debeor Remedies ofthe creditor (CHAPTER 5 chattel Mortgage ‘What sa contract of hate mortgage? Chattel mortgage vs. real morgage Chace! mortgage vs. pledge Foreclosure of hate mortgage Right of mortgagee to recover deficency ‘Trucor false questions Male choice questions aor 33 00 42 fos ‘08 to aan an an a a2 a5 ae ae ae a6 ne ae pid 7 a7 0 ne 0 aa aa aa aa 26 INTELLECTUAL PROPERTY CODE OF THE PHILIPPINES {PART THE INTELLECTUAL PROPERTY OFFICE, Mutipie core questions ‘Pam 1 THE LAW ON PATENTS Chapter |General Provisions ‘Chapee tPatentabiny ‘Chepte It Right to» Patent Chapter IV Patent Appction Chapter V Procedure for Grant of Patent Chapter VI Cancellation of Patents and Subettation of Patentne Chapter Vil Remedies of s Person with aright to Patent ‘Chafee Vill igh of Ptestees and Intringement of ‘Chapter Voluntary cers ng ‘Chapter X Compulsory Licensing (Chapter Xi Asugument and Tronami.o ‘Chapter Xi Ragstration of Usity Modes (Chopter Kl industriel Design ad Layout De- ene (Topographies) of lotegrated Circus Matte etc questions PART IIL THE LAW ON THADEMARKS, SERVICE MARKS AND) THADE NAMES Mtge choice questions PARTI THE LAW ON COPYRIGHT Chapter | Pres sary Prowaioms (Chapter Orginal Works Chapter IV Works net protected (Chapter V Copyright of ec (Chapter Vi Ommership of copyright ‘Chapter XIV Broadcasting Organiaations Chapter XV Limitations ss Protection ‘Chapter XVI Term of Protection (Chapter XVI tatringer ‘Chapter XVII Scope af Application ‘Chapter XIX Chapter XX Miscellaneous Provisions [PART V FINAL PROVISIONS atuplechonce questions [PRELIMINARY EXAMINATION MIDTERM EXAMINATION FINAL EXAMINATION age 28 8 (CHAPTER I - NATURE AND FORM OF THE CONTRACT CHAPTER 1 [NATURE AND FORM OP THE CONTRACT ‘Art. 1458.By the contract of sale one ofthe contracting parties obligates ‘himself to transfer the ownership and to deliver a determinate thing, ‘and the other to pay therefor a price certain in money or Its equivalent, ‘Acontract of sale may be absolute or conditional. What isa contract of sale? By the contract of sale, one of the contracting parties obligates, himselfto transfer the ownership of, and to deliver, a determinate thing and ‘the other to pay therefora price certain in money or itsequivalent. contract ‘of sale isa consensual contrat and, thus is perfected by mere consent which {is manifested by the meeting ofthe offer and the acceptance upon the thing and the cause which are to constitute the contract. Until the contract of sale 's perfected, it cannot. as an independent source of obligation, serve as a binding juridical relation between the partis. The essential elements of 2 Contract of sale ae: a) consent oF meeting ofthe minds, that i, consent to ‘transfer ownership n exchange forthe price b) determinate subject matter, land ¢) price certain in money or its equivalent. The absence of any of the essential elements shall negate the existence ofa perfected contract of sale Stages of a contract of sale The stages ofa contractof sale are: 1 Negotiation Te covers the period from the ime the prospective contracting partes indicate interest in the contract to the time the contract Is perfected 2. Perfection letakes place upon the concurrence ofthe essential elements ofthe sale, whichis the meeting of the minds of the partes as tothe abject ofthe contract and upon the pice, 3 Consummation ebegins when the parties perform thelr respective undertakings lunder the contract of sale culminating inthe extinguishment thereof. SALEISA TITLE ‘The perfection ofa contract of sale should not, however, be confused with its consummation. Ih relation to the acquisition and transfer of ‘ownership, it shouldbe noted that sale ls not a mode, ut merely a ttle. A ‘made ts the legal means by which dominion or owmership is crested, transferred or destroyed, but tite is only the legal bare by which to affect dominion oF ownership. Under Article 712 ofthe Civil Code, “ownership and ea RN (CHAPTER I - NATURE AND FORM OF 1M NNN 7 gh a ae ce cat ee ae soreness le ein ove eng Feige eg af eae Sperry et a fs ene a cca ‘Two kinds ofa contract of sale “T Absolute “There are no conditions attached tothe contract. 2. conditional ‘There re certain conditions attached tothe contract. A contract of sale may be absolute or conditional. Under Article 1458 of the New Civil Code, in a contract of sale, ‘whether absolute oF conditional, one of the contracting parties obliges himself to transfer the ownership of and deliver a determinate thing, and the other to pay therefor a price certain in money oritsequivalent.A contract of ‘ale s perfected at the moment there isa meeting of the minds upon the ‘thing which isthe object ofthe contract and the price. From the averment of perfection, the parties are bound, not only tothe fulllment of what has been expressiy stipulated, but also to all the consequences which, according totheir nature, may bein keeping with good faith, usage and law. Onthe other hhand, when the contract of sale orto ellis not perfected, it cannot, as en Independent source of obligation, serve asa binding juridical relation ‘between the parties? Note: ‘A deed of sale considered absolute in nature where her i neither a stipulation nthe ded that tle tothe propery sold is reserved In the slo ina it pment ri norom pn he er the iit Lnllaceraly resolve the contrac the moment he buyer fs pay within @ fired periods maedrladen Essential elements ofa contract of sale Sale, by its very nature, is a consensual contract because itis perfected by mere consent. The essential elements of a contract of sale are the following: '2) Consent or meeting ofthe minds, that i, consent to transfer ownership Inexchange forthe price; ‘Mecte Gomer CAetacR Mo 12072, Sper #12000. nr 2 CHAPTER I - NATURE AND FORM OF THE CONTRACT ') Determinate subject matter; and €} Price certain in money or its equivalent. Contractto sell nota contratorsale “A °“GontracteoSell" may not be considered as a Contract of Sa vcause te fist esential element I lacking, na contract tal the prospective seer exp reserves he rns of le te vonpective buyer eating the prospective seller doesnot as Ye agree or Prosper transfer ownership ofthe property subject ofthe contract os

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