4/18/2017 Quiz | iCPA
James is entitled to the puppies because the creditor is entitled to the fruits of a specific thing from the time the obligation to deliver the thing arises. Juan is entitled to the puppies because they were born before his obligation to deliver the dog arises. James is entitled to the puppies which were born after the perfection of the contract. Juan is entitled to the puppies as James has not made any demand for delivery.
Regulatory Framework for Business Transactions - Obligations (Average)
Case No. 1. Homer promised to give his son a car if the sons will marry Helen this year. If by the end of the year, Helen is already dead or the son has not married Helen, the obligation to give a car is effective and demandable.
Case No. 2. Homer promised to give his son a car if the sons will not marry Helen before the end of 2019. If on January 1, 2020, the son has not yet married Helen, or Helen has died, the obligation is extinguished.
First true, second false First false, second true Both statements are true Both statements are false
Regulatory Framework for Business Transactions - Obligations (Average)
The following are instances of pledge created by operation of law, except:
Hotel keeper retains the things brought into the hotel by the guest who cannot pay his hotel bills A depository retains the thing deposited until he is paid the charges due him A mechanic retains the car he repaired until he is paid An agent retains in pledge the thing which is the object of the agency regarding his commission
Regulatory Framework for Business Transactions - Pledge (Easy)
A, B and C secured a loan from D. The promissory note which evidence the obligation states; I promise to pay D or order P10,000 payable on demand (Sgd.) A B C. The obligation is:
Indivisible Solidary Divisible Joint
Regulatory Framework for Business Transactions - Obligations (Easy)
The following are the rights of an unpaid seller, except:
A right of lien over the thing sold while he is still in possession In case of insolvency on the part of the buyer, the right of stoppage in transit
Right to resell the things sold Right to interest on the price of the sale
Regulatory Framework for Business Transactions - Contract of Sales (Easy)
https://icpa.ph/review/session/524624 3/12

4/18/2017 Quiz | iCPA
One where the whole liability is to be paid or fulfilled proportionately by the different debtors and/ or is to be demanded also proportionately by the different creditors.
Divisible obligation Facultative obligation Joint obligation Alternative obligation
Regulatory Framework for Business Transactions - Obligations (Easy)
This kind of agent merely makes the principal and the third person meet and when they arrive at an agreement or contract becomes entitled to compensation.
Broker Commission agent Attorney at law Factor
Regulatory Framework for Business Transactions - Agency (Easy)
Which of the following corporate acts requires the approval of the majority of the outstanding capital stock or of the members of the private corporation
To dissolve the corporation To adopt by-laws To amend the articles of incorporation. To invest corporate funds in another corporation or business.
Regulatory Framework for Business Transactions - Corporation Law (Easy)
Novation of contract may be presumed and need not be proven
Whoever pays for another may demand from the debtor what he has paid, except that if he paid without the knowledge or against the will of the debtor he cannot recover anything.
First true, second false First false, second true Both statements are true Both statements are false
Regulatory Framework for Business Transactions - Obligations (Average)
What is the effect of the proceeds in an extrajudicial foreclosure sale is not sufficient to pay for the obligation?
the mortgagee cannot claim for deficiency judgment from the debtor because it is an extrajudicial foreclosure. the mortgage can claim for deficiency judgment from the debtor. the mortgagee has no more recourse or claim against the debtor the mortgage can claim for deficiency judgment from the mortgagor even though it is a third party mortgage.
Regulatory Framework for Business Transactions - Mortgage (Average)
https://icpa.ph/review/session/524624 4/12

4/18/2017 Quiz | iCPA
By specific provisions of law, which of the following need not appear in a public instrument?
an assignment of credit, right or action involving real property in order to produce an effect against third persons. a pledge, describing the thing pledged and the date of the pledge, in order to be effective against third persons. a contract of partnership having a capital of P3,000 or more, in money or property. a contract of agency, for the sale of a piece of land or any interest therein, in order to consider the sale by the agent as valid.
Regulatory Framework for Business Transactions - Negotiable Instruments (Average)
A, B and C are partners. A contributed his services only, B P20,000 and C P10,000. The partnership was liquidated. After payment of the partnership obligation, only P9,000 worth of assets remained. The share of A will be
Equal to the share of B Equal to the share of C Nothing P3,000
Regulatory Framework for Business Transactions - Partnership Law (Easy)
Katie is a thief who is under obligation now to return the car to the owner of Tom. The car was lost through an accidental fire. The obligation will
be extinguished because an accidental fire is always a fortuitous event. not be extinguished because the obligation proceeds from a criminal offense hence Katie will still have to pay the price of the car. be extinguished because not all persons can avail of the remedies provided by law
be extinguished because the value of the car will be converted into the number of days Katie will serve in prison.
Regulatory Framework for Business Transactions - Obligations (Average)
A corporation generally can issue both par value stock and no par value stock. These are all fixed in the Articles of Incorporation of the corporation.
Which of the following corporations may not be allowed to issue no par value shares?
insurance companies all of the above banks trust companies
Regulatory Framework for Business Transactions - Corporation Law (Easy)
Absent any contrary provisions in the agreement, under which of the following circumstances will a limited partnership be dissolved?
a personal creditor of a general partner obtains a judgment against the general partners interest in the limited partnership. a limited partner dies and his estate is insolvent a general partner retires and all remaining general partners do not consent to continue a limited partner assigns his partnership interest to an outsider and the purchaser becomes a substituted limited partner.
Regulatory Framework for Business Transactions - Partnership Law (Average)
https://icpa.ph/review/session/524624 5/12

4/18/2017 Quiz | iCPA
If the material used in the manufacturer of the article is more valuable, it is a contract of sale, and if the labor or skill is more valuable than the material used in the manufacture of the article, it is a contract for a piece of work. This is
New York rule Massachusetts rule English rule Chicago rule
Regulatory Framework for Business Transactions - Contract of Sales (Easy)
When something is received when there is no right to demand it, and it was unduly delivered thru mistake, the recipient has the duty to return it under the principle of
solutio indebiti quasi delict negotiorum gestio quasi contract
Regulatory Framework for Business Transactions - Obligations (Easy)
Action to seek a corresponding reduction in price by reason of some vices or defects in the thing purchased
Accion quanti minoris Redhibilitory action Accion Pauliana Accion reinvidicatoria
Regulatory Framework for Business Transactions - Contract of Sales (Easy)
A subscribed to 1,000 shares of stock to X Corporation. She paid 25% of the said subscription. During the stockholder meeting, can A vote all her subscribed shares?
No, because the subscription has not yet been fully paid No, because As shares has become delinquent which cannot be voted. Yes, because unpaid shares can be voted Yes, as to the paid percentage of subscription
Regulatory Framework for Business Transactions - Corporation Law (Easy)
A, B, and C are solidary debtors of D in the amount of P15,000. A offered to pay the obligation but D remitted the entire obligation. How much can A demand from C if A will ask for reimbursement?
5,000 15,000 10,000 0
Regulatory Framework for Business Transactions - Obligations (Average)
P wrote a letter authorizing A to sell his parcel of land situated in Boracay. A sold the land in writing to X but the agent (A) did not give the money to
P. The sale of the land by A to X is https://icpa.ph/review/session/524624 6/12

4/18/2017 Quiz | iCPA
Valid and enforceable Unenforceable, because the authority of A is not in public instrument. Void, because the authority of A is not in public instrument. Inexistent, because the authority of A is in private writing.
Regulatory Framework for Business Transactions - Agency (Easy)
S sold to B a thing with the waiver of warranty against eviction. Eviction took place subsequently. Is S still liable for breach of warranty against eviction?
No, if it were waiver consciente. Yes, even if it was waiver intencionada. No, provided the seller was in good in faith in entering into the contract of waiver of warranty against eviction. No, if it was waiver intencionada.
Regulatory Framework for Business Transactions - Contract of Sales (Difficult)
A and B entered into a universal partnership of all present property. The common property of the partnership shall be
All the properties which shall belong to each of the partners after the constitution of the partnership All the properties which belonged to each of the partners at the time of the constitution of the partnership as well as the profits which they may acquire therewith All the properties which belonged to each of the partners at the time of the constitution of the partnership as well as the properties which each may acquire thereafter. All the properties which belonged to each of the partners at the time of the constitution of the partnership
Regulatory Framework for Business Transactions - Partnership Law (Easy)
The thing deposited shall be returned with all its products, accessories and accessions.
A contract of deposit is perfected from the moment there is meeting of minds
Both are false Only the second is true Only the first is true Both are true
Regulatory Framework for Business Transactions - Contract of Sales (Average)
Bekang is indebted to Mekong in the amount of Php 10,000. Bekang voluntarily and even after the prescription of the debt, paid Mekong on May 14,
2006. Now Bekang would like to recover what shepaid Mekong. Can Bekang validly recover?
Yes, because under the law the creditor has no right to demand payment of an obligation after it has prescribed and therefore Bekang paid by mistake.
No, because payment is a mode of extinguishing the monetary obligation of Bekang to Mekong, which is a civil obligation.
Only the first answer is correct Only the second answer is correct Both answers are correct Both answers are wrong
Regulatory Framework for Business Transactions - Obligations (Average)
https://icpa.ph/review/session/524624 7/12

4/18/2017 Quiz | iCPA
A, B, and C are solidary debtors of D in the amount of P30,000. D remitted As share. B paid D P20,000. How much can B demand from A if B will ask for reimbursement and C is insolvent?
20,000 10,000 2,500 5,000
Regulatory Framework for Business Transactions - Obligations (Average)
A purchased on installment from B a house and lot. After a year of installment payment, A died. B refuses to accept the monthly installment being tendered by his heirs contending that upon the death of their father with whom he has a contract, the contract automatically terminated or cancelled. B is:
Correct because the parties did not agree on the transmissibility of the right Wrong for the right to continue the payment is personal only to A
Wrong for right acquired in virtue of an obligation is transmissible Correct for the contract is between him and A only
Regulatory Framework for Business Transactions - Contract of Sales (Easy)
Any stipulation authorizing the pledgee to appropriate the thing pledged is void and without effect.
If after the auction sale, the thing pledged is not sold, the pledgee can appropriate the thing pledged.
false, true false, false true, false true, true
Regulatory Framework for Business Transactions - Pledge (Easy)
Which of these is not an essential requisite common to both pledge and mortgage?
That the pledge or mortgage be constituted to secure the fulfillment of a principal obligation That the pledgor or mortgagor has the free disposal of the properties That the pledgor or mortgagor be the principal debtor That it is the essence of the pledge or mortgage that if the obligation is not paid the things in which the pledge or mortgage consist may be alienated for the payment of the debt
Regulatory Framework for Business Transactions - Pledge (Easy)
A distribution by a corporation of shares of stock held by it in another corporation is
Situation equivalent to a merger or consolidation Case of declaration of stock dividend Situation equivalent to a sale of assets Property dividend or an actual distribution of corporate assets
Regulatory Framework for Business Transactions - Corporation Law (Easy)
https://icpa.ph/review/session/524624 8/12

4/18/2017 Quiz | iCPA
An action for the rescission of contracts entered into by debtors to defraud creditor.
Accion publiciana Accion reinvidicatoria Accion Paulina Accion quanti minoris
Regulatory Framework for Business Transactions - Obligations (Easy)
Juan obliged himself to give to James his Iphone if he can finish a building in a day
The positive impossible condition will render both the condition and obligation void. The obligation is unenforceable and not void. The obligation is valid because the impossible condition cannot be performed. The obligation is valid because only the impossible condition is void.
Regulatory Framework for Business Transactions - Obligations (Average)
A check is
a non-negotiable instrument the same as a promissory note is drawn by a maker a bill of exchange
Regulatory Framework for Business Transactions - Negotiable Instruments (Easy)
Which of the following instruments is negotiable?
I promise to pay Jose dela Paz or order P20,000 on May 23. I promise to pay Jose dela Paz or order P20,000 worth in sugar. (Sgd. Pedro Cura)
I hereby authorize you to pay Jose dela Paz or order, P20,000 (Sgd. Pedro Cura) Good to Jose dela Paz or order, P20,000 (Sgd. Pedro Cura)
Regulatory Framework for Business Transactions - Negotiable Instruments (Easy)
D is indebted to C in the amount of P200,000 and delivers to C his diamond ring by way of pledge. If D sells the same diamond ring to T, when will T acquire ownership of the same?
From the time the sale is perfected between D and T From the time T pays the price to D From the time T obtains actual possession of the diamond ring From the time C consents to the sale between D and T
Regulatory Framework for Business Transactions - Pledge (Easy)
Which is not a requisite in the Condonation or remission of debt?
The parties must have capacity It must be accepted by the debtor None of the answers are correct It must not be gratuitous
Regulatory Framework for Business Transactions - Obligations (Average) https://icpa.ph/review/session/524624 9/12

4/18/2017
Quiz | iCPA
P appointed A his agent for the purpose of selling his car for P600,000 with 10% commission. A sold the same car to T for P800,000. How much should A pay to P?
P720,000 or minus already the 10% commission P800,000 P540,000 or minus already the 10% commission P600,000 only
Regulatory Framework for Business Transactions - Agency (Easy)
A mortgaged his car to B for P200,000. A failed to pay his obligation. B sold it at public auction for P180,000. If the sale is for P220,000, can A recover the excess?
Yes, even without stipulation No, even if there is stipulation No, unless there is stipulation Yes, only if there is stipulation
Regulatory Framework for Business Transactions - Mortgage (Easy)
Whenever in an obligation a period is designated, it is presumed to have been established to benefit:
The debtor Both the creditor and the debtor The third party The creditor
Regulatory Framework for Business Transactions - Obligations (Easy)
Where the business of the partnership is in imminent danger of being lost, an industrial partner who refuses to give an additional contribution agreed upon can be compelled to sell his interests to the others.
A partner appointed as manager in the Articles of Partnership can be removed with or without cause.
Both statements are true Statement 1 is true, but Statement 2 is false Statement 1 is false, but Statement 2 is true Both statements are false
Regulatory Framework for Business Transactions - Partnership Law (Easy)
Juan promised his dog to James on June 1, 2020 to be delivered on June 30, 2020. While still in the possession of Juan, the dog gave birth o puppies on June 25, 2020. In this case:
Juan is entitled to the puppies as James has not made any demand for delivery James is entitled to the puppies which were born after the perfection of the contract Juan is entitled to the puppies because they were born before his obligation to deliver the dog arises. James entitled to the puppies because the creditor is entitled to the fruits of a specific thing although nothing has been mentioned in the agreement.
Regulatory Framework for Business Transactions - Obligations (Average) https://icpa.ph/review/session/524624 10/12

4/18/2017
Quiz | iCPA
The duty to pay taxes and to support ones family are obligations arising from
law conventional legal contracts
Regulatory Framework for Business Transactions - Contracts (Easy)
Bok borrowed P10,000 from Boy secured by a mortgage contract. Without the Knowledge of Bok, Bong paid Boy P10,000 to release the debt of Bok.
As a result:
Bong can recover what he paid from Bok. Bong cannot recover what he paid from Bok because the payment was made without the debtors consent Bong can foreclose the mortgage property of Bok Bong can recover what he paid from Boy in case Bok insolvent
Regulatory Framework for Business Transactions - Obligations (Average)
Juan promised his dog to James on June 1, 2020 to be delivered on June 30, 2020. While still in the possession of Juan, the dog gave birth o puppies on June 25, 2020. Supposing Juan sold his dog to James for P 10,000 and the puppies were born on June 25, 2020?
Juan is entitled to the puppies as Francisco has not paid the price. Juan is entitled to the puppies because they were born before his obligation to deliver the dog arises. James in order to be entitled to the puppies, should pay additional cost for the puppies to be agreed upon by both parties
James is entitled to the puppies which were born after the perfection of the contract.
Regulatory Framework for Business Transactions - Obligations (Average)
Raphael and Gabriel agreed on a profit sharing ratio in their partnership. Raphael, being the industrial partner and Gabriel as capitalist partner. It was also stipulated that Raphael shall also share in the same ratio as to the losses is liable for losses?
Yes, even in the absence of stipulation No, because the partners cannot stipulate that the industrial partner shall be liable for losses No, because the law exempts the industrial partner losses Yes, because it was so stipulated
Regulatory Framework for Business Transactions - Partnership Law (Average)
Mutuum as distinguished from commodatum
Object is generally non-consummable Loan for consumption Bailor retains the ownership of the thing loaned Essentially gratuitous
Regulatory Framework for Business Transactions - Contract of Sales (Easy)
https://icpa.ph/review/session/524624 11/12