DE LA SALLE LIPA
College of Business, Economics, Accountancy and Management Accountancy Department Business Law - Review COERA!E" A# Cont Contra ract ct of $led $ledge ge a# %ature %ature and &inding &inding e'ect e'ect on t(ird t(ird person persons s &# O&ligati O&ligations) ons)rig( rig(ts ts of of pledg pledgor or or or pledg pledge e c# $actu actum m comm commis isso sori rium um d# Mode Modes s of e*ti e*ting ngui uis( s(me ment nt B# Contract Contract of Mortg Mortgage age +Real +Real and C(attel C(attel a# %ature &# Reuisit isites es c# Rig(ts Rig(ts and and o&lig o&ligation ations s of mortgag mortgagor or and and mortgag mortgagee ee d# Reuis Reuisites ites to (ave (ave &indi &inding ng e'ect e'ect on t(ir t(ird d persons persons e# Mode Modes s of e*t e*tin ingu guis is(m (men entt C# Contra Contract ct of $artner artners( s(ip ip a# %ature %ature and and as as disting distinguis( uis(ed ed from from corporat corporation ion &# Elem Elemen ents ts and and .in .inds ds c# /orma ormali liti ties es re reui uire red d d# Rules ules of mana manage geme ment nt e# Distr Distri& i&uti ution on of pro pro0ts 0ts and and loss losses es f# 1(ari 1(aring ng of losses losses and lia&il lia&iliti ities es g# Mode Modes s of of dis disso solu luti tion on (# Limi Limite ted d part partne ners rs(i (ip p
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The followin followingg requisites requisites are are essential essential to the the contracts contracts of of pledge pledge and mortga mortgage, ge, except except a. That they they be be constitut constituted ed to secure the fulfillm fulfillment ent of a principal principal obligat obligation. ion. b. That the the pledgor pledgor or mortgago mortgagorr be the absolute absolute owner owner of the the thing pledge pledgedd or mortgaged mortgaged.. c. That the persons persons constitut constituting ing the pledge pledge or mortgage mortgage have have the free disposal disposal of their their property property,, and in the absence absence thereof, thereof, that that they be legally authorized for the purpose. d. That the thing pledged or mortgaged be placed in the possession possession of the the creditor, creditor, or of a third person by common agreement. agreement. e. That when when the principal principal obligation obligation becomes becomes due, due, the things things in which the pledge pledge or mortgage mortgage consists consists may be alienat alienated ed for the payment of the creditor. The followin followingg are the kinds kinds of principal principal obligati obligations ons that that may be secured secured by a pledge pledge or mortgag mortgage, e, except except a. ure or conditio conditional nal obligat obligations ions whether whether suspensive suspensive or resolut resolutory ory b. !atu !atura rall obli obliga gatition onss c. "escis "escissibl sible, e, voidab voidable le or unenf unenforc orceab eable le obliga obligatio tions ns d. !ull !ull and and void void obli obliga gatition onss $hen is the the pledgor pledgor or mortgagor mortgagor required required to to be the owner owner of the thing thing pledged pledged or mortga mortgaged% ged% a. &t the the time time the prin princip cipal al oblig obligati ation on is const constitu ituted ted.. b. &t the the time time the the pledge pledge or or mortga mortgage ge is cons constit titute uted. d. c. &t the the time time of the the failur failuree to pay pay the prin principa cipall obliga obligatio tion. n. d. &t the time the the thing thing to be be pledged pledged or mortgag mortgaged ed is to to be deliver delivered. ed. ( borrowed 1,))),))) from *. +, a third third person, mortgaged his land to to secure the the fulfillment of (s loan. -s the the contract of mortgage valid% a. !o becau because se ( must must be the the owner owner of the the mortg mortgage agedd land. land. b. es prov provide idedd + will will deli deliver ver the land land to *. c. es because because third person person may may pledge pledge or or mortgag mortgagee his property property.. d. !o beca because use + is no no privy privy to to the the contr contract act of of loan. loan. ( borrowed 1),))) 1),))) from *. *. To To secure the fulfillment fulfillment of the loan, ( pledged pledged his laptop. The contract of pledge provides that the creditor0 pledgee may appropriate the laptop upon failure of the debtor0pledgor to pay the loan. n the date of maturity of the loan, ( failed to pay the loan. $hich of the following statements is correct% a. ( beco become mess the the owne ownerr of the the lap lapto top. p. b. The laptop laptop cannot cannot be alienated alienated for the the paymen paymentt of the loan. c. ( does not become become the automa automatic tic owner owner of the laptop upon upon failure failure to pay the loan because because that that provision provision is considered considered pactum pactum commissorium which is contrary to law and public policy. d. The contract contract of of pledge pledge is null and and void becaus becausee of pactum pactum commiss commissorium orium provisi provision. on.
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( borrowed 2),))) from *. To secure the fulfillment of the loan, ( mortgaged a land owned by his ailing father. $hich of the following statements is correct% a. The contract of mortgage is valid because future property may be pledged or mortgaged. b. The contract of loan is null and void because the contract of mortgage is null and void. c. The contract of mortgage will become valid upon the death of (s father. d. The contract of mortgage is null and void because the mortgagor must be the owner of the property mortgaged at the time it is constituted. &4* -nc. is the borrowed 2,))),))) from 4-. &4* -nc. is under receivership. To secure the fulfillment of the loan, &4* mortgaged its administrative building. $hich of the following statements is correct% a. The contract of mortgage is null and void because the mortgagor has no free disposal of the thing. b. The contract of mortgage is valid because the mortgagor is the absolute owner of the property mortgaged at the time the mortgage is constituted. c. The contract of mortgage is null and void because only natural person may enter in a contract of mortgage. d. The contract of mortgage is voidable. -t is a stipulation whereby the thing pledged or mortgaged shall automatically become the property of the creditor in the event of non0 payment of the debt within the term fixed. a. actum creditarium b. actum commissorium c. actum debitarium d. actum crematorium The following are the instances where the thing pledged or mortgaged may be sold or alienated to pay the principal obligation, except a. -f the pledgor or mortgagor fails to fulfill certain conditions and such violation would make the debt due and demandable. b. -f the debtor has lost the right to make use of the period or where there is an acceleration clause in the payment of installment. c. 7pon default to pay the obligation at maturity. d. 4efore maturity of the principal obligation. $hat is the nature of contract of pledge or mortgage% a. & pledge or mortgage is divisible if the principal contract is 8oint. b. & pledge or mortgage is indivisible if the principal contract is solidary. c. & pledge or mortgage is divisible whether the principal contract is 8oint or solidary. d. & pledge or mortgage is indivisible whether the principal contract is 8oint or solidary. ( borrowed 1),))) from * and pledged his ring and watch with ',))) and ,))) value respectively. &fter several days, ( pays ',))) to *. $hich of the following statements is correct% a. The contract of pledge is extinguished. b. The contract of loan is extinguished. c. ( cannot demand the release of his ring because a contract of pledge is indivisible. d. ( may compel * to return the ring because ',))) of the loan is already paid. ( borrowed from * 1)),))) secured by a mortgage on (s two lots 9lot 1 and lot 2:. ( dies leaving ; and < as heirs with ; inheriting lot 1 and < lot 2. < pays /),))) of the loan. $hich of the following statements is correct% a. < may ask for the extinguishment of the mortgage on lot 2. b. The contract of mortgage is extinguished. c. The contract of loan is extinguished. d. < cannot ask for the extinguishment of the mortgage on lot 2. 7sing the same data in number 12, suppose it is * who dies leaving = and as heirs. -f ( pays = /),))), which of the following statements is correct% a. = may cancel the mortgage to the pre8udice of . b. = cannot cancel the mortgage to the pre8udice of . c. The contract of mortgage is extinguished. d. The contract of loan is extinguished. ( borrowed 1),))) from * and pledged his ring and watch with ',))) and ,))) value respectively. They agreed that the ring will secure ',))) of the loan and the watch will secure the balance of the loan. &fter several days, ( pays ',))) to *. $hich of the following statements is correct% a. The contract of pledge on the watch is extinguished. b. The contract of loan is fully extinguished. c. ( cannot demand the release of his ring because a contract of pledge is indivisible. d. ( may compel * to return the ring because contract of pledge on the ring is extinguished. The following statements pertaining to a promise to constitute a pledge or mortgage are correct, except a. -t gives rise only to a personal action between the contracting parties. b. The contract perfected is a real contract. c. -t creates no real right in the property but only a right to compel the fulfillment of the promise but there is no pledge or mortgage yet.
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d.
The promissory will be criminally liable if he mortgages or pledges as unencumbered things which he knew were sub8ect to some burden
1. -t is a contract by virtue of which the debtor delivers to the creditor or to a third person a movable, or instrument evidencing incorporeal rights for the purpose of securing the fulfillment of a principal obligation with the understanding that when the obligation is fulfilled, the thing delivered shall be returned with all its fruits and accessions. a. ledge b. *hattel mortgage c. "eal mortgage d. &ntichresis 13. The following are the characteristics of a contract of pledge, except a. *onsensual > -t is perfected by mere consent. b. &ccessory > -t has no independent existence of its own. c. 7nilaterial > -t creates an obligation on the part of the creditor to return the thing upon the fulfillment of the principal obligation. d. ?ubsidiary > The obligation incurred does not arise until the fulfillment of the principal obligation which is secured. 15. The following are the requisites of conventional pledge, except a. That it be constituted to secure the fulfillment of a principal obligation. b. That it be registered in the registry of deeds. c. That the pledgor be the absolute owner of the thing pledged. d. That person constituting the pledge has the free disposal of his property, and in the absence thereof, that he be legally authorized for the purpose. e. That the thing pledged be placed in the possession of the creditor, or a third person by common agreement. 16. $hat is the nature of a contract to constitute a pledge% a. *onsensual contract b. "eal contract c.
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2. The following are the obligations of the debtor0pledgor, except a. To pay the debt and its interest, with expenses, in a property case, when they are due. b. To pay damages that the pledge may suffer by reason of the flaws of the thing pledged, if he was aware of such flaws but did not advise the pledgee of the same. c. To pay for the expenses which are not necessary for the preservation of the thing pledged. 23. The following are the rights of the creditor0pledgee, except a. To retain in his possession the thing pledged until the debt is paid. b. To demand reimbursement of the expenses made for the presentation of the thing pledged. c. To bring actions which pertain to the owner of the thing pledged in order to recover it from, or defend it against third person. d. To use the thing pledged if he is authorized to do so, or when its use is necessary of the preservation of the thing. e. To cause the sale of the thing pledged at a public sale, if there is a danger of destruction, impairment or diminution of value of the thing pledged without his fault. f. To collect and receive the amount due if the thing pledged is a credit which becomes due before it is redeemed, and to apply the same to the payment of his claim. g. To sell the thing pledged upon default of the debtor. h. To appropriate the thing pledged upon failure of debtor to pay the principal obligation. 25. $hich of the following statements is correct when the pledgor sells the thing pledged with the consent of the pledge% a. The ownership is transmitted to the vendee or transferee upon delivery. b. The contract of pledge is extinguished. c. The ownership is transmitted to the vendee or transferee as soon as the pledge consents to the alienation. d. The thing pledged shall be delivered to the vendee. 26. The following are the obligations of creditor0pledgee, except a. To take care of the thing pledged with the diligence of a good father of a family. b. To be liable for the loss or deterioration of the thing pledged unless it is due to a fortuitous event. c. To deposit the thing pledged with a third person. d. To be responsible for the acts of his agents or employees with respect to the thing pledged. e. !ot to use the thing pledged except when he is authorized by the owner or when the use of the thing is necessary for its preservation. f. To deliver to the debtor the surplus after paying his claim from what he has collected on a credit that was pledged and which has become due before it is redeemed. #). The following are the rights of a third person who pledges his own movable property to secure debt of another, except a. To be indemnified by the debtor if he pays the creditor. b. To be subrogated to all the rights of the creditor against the debtor if he pays the creditor. c. To be released from liability in the cases provided by law. d. To become principally liable. #1. & third person who pledges his own movable property to secure the debt of another shall be released from liability in the following cases, except a. -f the creditor voluntarily accepts immovable or other property in payment of the debt even if the creditor thereafter loses the same by eviction. b. -f an extension of time is granted to the debtor by the creditor without pledgors consent. c. -f through some act of the creditor, the pledgor cannot be subrogated to the rights, mortgages and preferences of the creditor. d. -f the thing pledged is deteriorated on the fault of the pledgor. #2. -f two or more things are pledged, who has the right to choose which thing will be sold in the absence of stipulation% a. ledgor b. ledgee c. (ebtor d. +overnment ##. ledge may be extinguished directly or indirectly. The following are the modes of extinguishing the contract of pledge directly, except a. $hen the principal obligation secured by the pledged is extinguished. b. "eturn by the pledge of the thing pledged to the pledgor or owner. c. "enunciation or abandonment in writing by the pledgee of the pledge. d. ?ale of the thing pledged. e. &ppropriation of the thing pledged if the thing pledged is not sold in the first and second auctions. #'. ( owes * /,))). The debt is secured by a pledge of +s watch. -f + pays *, which of the following statements is correct% a. The contract of loan cannot be extinguished by the payment of a third person. b. The contract of pledge is not extinguished because the contract of loan is subsisting. c. + is subrogated with the rights of the creditor. d. + cannot recover from (.
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#/. $hich of the following stipulation is null and void% -. & stipulation which provides that the pledge is not extinguished by the return of the thing pledged. --. & stipulation allowing the appropriation by the pledgee of the thing pledged in case the same is not sold in the first and second auctions. ---. & stipulation for the recovery of deficiency in case the proceeds from the sale of the thing pledged is less than the amount of the obligation. a. - and --b. -- and --c. - and -d. -, -- and --#. -f the thing is found in the possession of the pledgor or owner or if the thing is in the possession of a third person who has received it from the pledgor or owner, which of the following is incorrect% a. There is prima facie presumption that the contract of pledge is extinguished. b. There is prima facie presumption that pledge returned the thing pledged. c. There is prima facie presumption that the contact of loan is extinguished. #3. -n case the cause or consideration of the contract of pledge is not stipulated, what is the cause or consideration of a contract of pledge% a. -t has no cause or consideration. b. The consideration of the principal obligation. c. The cause or consideration is the liberality of the pledgor. #5. $hich of the following statements is incorrect in case the pledgor renounces or abandons in writing the pledge% a. The contract of pledge is extinguished. b. The acceptance by the pledgor is not necessary for extinguishing debt. c. The pledgee becomes a depositary upon renunciation if in the meantime, the thing pledged is not yet returned to the owner. d. The return of the thing pledged is necessary for extinguishing the contract of pledge for this mode of extinguishment. #6. The following are the formalities required for the sale of the thing pledged in case of failure of the debtor to fail the principal obligation, except a. -t must be by public auction. b. -t must be through a notary public. c. There must be a notice to the debtor and the owner of the thing pledged, stating the amount for which the public sale is to be held. d. -t must be sold at the first auction. '). The following persons may bid at the public auction, except a. The pledgor or owner b. The pledgee even if he is the only bidder c. Third persons '1. -n case the bids of the pledgor0owner, the pledgee and a third person are equal and considered the highest bid, who shall be preferred% a. ledgee b. ledgor0owner c. Third person '2. $hat is the effect of sale at public auction of the thing pledged% a. -t does not extinguish the contract of pledge. b. The principal obligation shall be extinguished if the proceeds of the sale are equal to the amount of the principal obligation, interest and expenses in a proper case. c. The principal obligation shall be extinguished if the proceeds of the sale exceed the amount of the principal obligation, interest and expenses in a proper case. d. The principal obligation shall be extinguished whether or not the proceeds of the sale are equal to the amount of the principal obligation, interest and expenses in a proper case. '#. -f the proceeds of the sale is more than the amount of the obligation, which of the following statements is true% a. The debtor0pledgor shall be entitled to the excess unless there is an agreement to the contrary. b. The creditor0pledgee shall always be entitled to the excess. c. The creditor0pledgee shall be entitled to the excess unless there is an agreement to the contrary. d. The debtor0pledgor shall always be entitled to the excess. ''. -f the proceeds of the sale is less than the amount of the obligation, which of the following statements is true% a. The debtor0pledgor shall always pay for the deficiency. b. The creditor0pledgee cannot recover the deficiency even if stipulated. c. The creditor0pledgee can recover deficiency only if stipulated. d. The debtor0pledgor shall pay for the deficiency if stipulated.
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'/. -f the thing pledged is not sold in the first and second public auctions, which of the following statements is incorrect% a. The creditor may appropriate the thing pledged validly. b. The contract of pledge is extinguished. c. The principal obligation is not extinguished. '. $hich of the following direct modes of extinguishing pledge impliedly extinguishes the principal obligation% -. "eturn by the pledgee of the thing pledged to the pledgor or owner. --. "enunciation or abandonment in writing by the pledgee of the pledge. ---. ?ale of the thing pledged. -@. &ppropriation of the thing pledged. a. - and -b. --- and -@ c. - and --d. -- and -@ '3. -t is a type of pledge which refers to the right of a person to retain a thing until he receives payment of his claim. a. *onventional pledge b. @oluntary pledge c. &greed pledge d. Aegal pledge or pledge by operation of law '5. The following are examples of legal pledge, except a. & possessor in good faith may retain the movable upon which he has incurred necessary and useful expenses until he has been reimbursed therefore. b. Be who has executed work upon movable has a right to retain it by way of pledge until he is paid. c. The depositary may retain the thing deposited until the full payment of what may have been due from him by reason of the deposit. d. & contract by virtue of which the debtor delivers to the creditor or to a third person a movable, or instrument evidencing incorporeal rights for the purpose of securing the fulfillment of a principal obligation with the understanding that when the obligation is fulfilled, the thing delivered shall be returned with all its fruits and accessions. '6. The provisions on conventional pledge on the possession, care and sale of the thing as well as on the termination of the pledge shall be applicable to legal pledge except with respect to the sale of the thing as follows. The following are the rules applicable to legal pledge on the sale of the thing pledged, except a. The thing may be sold only after demand of the amount for which the thing is retained. b. The public auction shall take place within one month after such demand. c. -f without 8ust grounds, the creditor does not cause the public sale to be held within such period, the debtor may require the return of the thing. d. &fter payment of debt and expenses, the remainder of the price of sale shall be retained by the pledgee0creditor. /). The following are the essential requisites of a contract of real estate mortgage for its validity, except a. That is be constituted to secure the fulfillment of a principal obligation. b. That the mortgagor be the absolute owner of the thing pledged. c. That the person constituting the mortgage must have the free disposal of his property, and in the absence thereof, that he be legally authorized for the purpose. d. That the document in which the mortgage appears be recorded in the "egistry of roperty. /1. The following are the important characteristics of real estate mortgage, except a. &ccessory > -t cannot exist without a principal obligation. b. -ndivisible > -t creates a lien on the whole or all of the properties mortgaged, which lien continues until the obligation is secures has been fully paid. c. -nseparable > -t sub8ects the property upon which it is imposed, whoever the possessor may be, to the fulfillment of the obligation for whose security it was constituted. d. "eal right > -t creates a lien on the property mortgaged. e. "eal contract > -t is perfected by the delivery of the thing mortgaged. /2. $hich of the following statements pertain to equitable mortgage% a. -t is one which is created by the agreement of the parties. b. -t is one executed pursuant, to an express requirement of a provision of law. c. -t is one which although lacks certain formality, form or words or other requisites provided by statute, shows the intention of the parties to charge the real property as a security for a debt and contains nothing contrary to law. /#. The following may become ob8ect of contract of real estate mortgage, except a. -mmovable property b. "ights on immovable property c. ersonal property /'. $hich of the following statements concerning formalities of real estate mortgage is incorrect% a. The real mortgage may be in any form to be valid since it is a consensual contract.
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b. c. d.
The real mortgage must be in a public instrument for the convenience of the parties but not for validity. The real mortgage must be registered in the "egistry of roperty to bind third persons. The real mortgage must be in writing to be valid since it is a formal contract.
//. The real estate mortgage shall cover the following 9"0-0!0+0-0": a. "eal property mortgaged b. -mprovements c. !atural accessions d. +rowing fruits e. -ndemnity granted or owing to the proprietor from the insurers of the property mortgaged or in virtue of expropriations for public use. f. "ents and income not yet received when the obligation becomes due /. The following stipulations concerning real estate mortgage are null and void, except a. & stipulation forbidding the owner from alienating the immovable mortgaged. b. & stipulation providing that the mortgagee shall become the automatic owner of the property mortgaged upon failure of the debtor to pay the principal obligation. c. Tipo or upset price which refers to price set by the parties as the amount at which the property at which the property will be sold at public auction. d. & stipulation prohibiting a second mortgage with respect to property registered under the Torrens ?ystem. /3. -t refers to the remedy available to the mortgagee by which he sub8ects the property mortgaged to the satisfaction of the obligation secured when the principal obligation is not paid when due or when there is any violation of any condition, stipulation or warranty by the mortgagor. a. (ation en pago b. -- > --- > -@ b. - > --- > -- > -@ c. -- > - > -@ > --d. --- > -- > - > -@ 1. -n case the proceeds of the sale from 8udicial or extra8udicial foreclosure is higher than the principal obligation and costs, which is true% a. The mortgagee may retain the excess in the absence of stipulation to the contrary. b. The mortgagor is entitled to the excess in the absence of stipulation to the contrary. c. The mortgagee shall always retain the excess. d. The mortgagor shall always recover the excess. 2. -n case the proceeds of the sale from 8udicial or extra8udicial foreclosure is lower than the principal obligation and costs, which is true% a. The mortgagee may recover the deficiency in the absence of stipulation to the contrary. b. The mortgagor shall not pay the deficiency in the absence of stipulation to the contrary. c. The mortgagee shall always recover the deficiency. d. The mortgagor shall always pay the deficiency #. -t refers to the right of mortgagor to redeem the mortgaged property after his default of the performance of his obligation but before the property is sold. a. ;quity of redemption b. "ight of redemption
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c. d.
"ight of preemption ;quity of preemption
'. -t refers to the right of the mortgagor to repurchase the property within a certain period after it was sold for the payment of the mortgage debt. a. ;quity of redemption b. "ight of redemption c. "ight of preemption d. ;quity of preemption /. $hich of the following statements is incorrect concerning the prescriptive period of equity of redemption and right of redemption% a. -n 8udicial foreclosure, the mortgagor is given not less than 6) days to exercise his equity of redemption by paying the mortgage debt before the property is sold. b. -n extra08udicial foreclosure, the mortgagor may exercise his equity of redemption by paying the mortgage debt after his default but before the sale of property. c. -n 8udicial foreclosure, the mortgagor may exercise his right of redemption after the sale but before the confirmation by the court of the sale. d. -n extra08udicial foreclosure, the mortgagor has one month from the date of sale to exercise his right of redemption. . The following are the requisites of chattel mortgage for its validity, except a. That it be constituted to secure the fulfillment of a principal obligation. b. That the mortgagor be the absolute owner of the thing mortgaged. c. That the person constituting the mortgage must have the free disposal of his property, and in the absence thereof, that he be legally authorized for the purpose. d. That the document in which the mortgage appears be recorded in the *hattel Eortgage "egister. e. That an affidavit of good faith must be appended to the (eed of *hattel of Eortgage and recorded therewith in the *hattel Eortgage "egister. 3. The following may become ob8ect of chattel mortgage, except a. ersonal property b. Eovable property c. "eal or immovable property 5. The following are the rules for the place of registration of *hattel Eortgage, except a. &s a general rule, it must be recorded in the *hattel Eortgage "egister of the province where the mortgagee resides. b. -f must be recorded in the both *hattel Eortgage "egisters of the provinces where the mortgagor resides and where the property is located. c. -f the mortgagor is domiciled outside the hilippines, the mortgage must be registered in the *hattel Eortgage "egister where the property is located. d. $ith respect to motor vehicles, *hattel Eortgage "egister and AT. e. $ith respect to shares of stock, *hattel Eortgage "egister in the province where the corporation has its principal office and in the domicile of the mortgagor. f. $ith respect to vessel, 4ureau of *ustoms at port of entry. 6. -t is a contract whereby the debtor secures to the creditor the fulfillment of a principal obligation, especially sub8ecting to such security, immovable property or real rights over immovable property in case the principal obligation is not complied with at the time stipulated. a. ledge b. *hattel mortgage c. "eal mortgage d. &ntichresis 3). The following are the instances where the pledgor0owner may ask that the thing pledged be deposited 8udicially or extra8udicially, except a. -f the creditor uses the thing without authority. b. -f the creditor uses the thing in any other way. c. -f the thing is in danger of being lost or impaired because of the negligence or willful act of the pledgee. d. -f there are reasonable grounds to fear the destruction or impairment of the thing pledged without the fault of the pledgee.
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4asis of (ifference Type of *ontract as to perfection To bind third persons
b8ect of contract &s to deficiency
&s to excess of proceeds
&s to appropriation of property
&s to selling of property after the pledge or mortgage by the owner.
Comparison of Pledge, Real Mortgage and Chattel Mortgage ledge "eal ;state Eortgage "eal > 4y delivery of ob8ect *onsensual > 4y mere consent Eust be in a public instrument showing a description of the thing pledged and the date of the pledge Eovable or personal property (eficiency can never be recovered even if there is a stipulation.
;xcess is retained by pledee0 creditor unless there is stipulation to the contrary. The pledgee may appropriate the thing pledged if the same is not sold in two public auctions. The pledgor may only sell the property with the consent of the pledgee.
Eust be registered in the "egistry of roperty -mmovable or real property (eficiency can be recovered unless there is stipulation to the contrary.
*hattel Eortgage 4y registration in the *hattel "egistry Eust be accompanied by affidavit of good faith
;xcess belongs to the mortgagor unless there is stipulation to the contrary. The mortgagee cannot appropriate the thing mortgaged.
Eovable or personal property (eficiency can be recovered except in case of personal property sold in installment 9"ecto Aaw: ;xcess belongs to the mortgagor unless there is stipulation to the contrary. The mortgagee cannot appropriate the thing mortgaged.
The mortgagor can sell the property. &ny stipulation prohibiting the mortgagor to sell the property is void.
The mortgagor can sell the property. &ny stipulation prohibiting the mortgagor to sell the property is void.
31. -t is a contract of two or more persons who bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profits among themselves. -t may also be formed by two of more persons for the excersise of a profession. a. *ontract of &gency b. *ontract of artnership c. *ontract of *o0ownership d. *ontract of ?ale 32. The following are the characteristics of a contract of partnership, except a. -t is perfected by the registration of articles of partnership in the ?;*. b. rincipal > -t does not depend upon any other contract for its validity or existence. c. 4ilateral or Eultilateral > -t is entered into by two or more persons whose rights and obligations are reciprocal. d. !ominate > -t has a special name given to it by law. e. reparatory > -t is a means by which other contracts will be entered into as the partnership pursues its business. f. nerous > The partners contribute money, property or industry to a common fund. 3#. The following are the essential requisites of partnership, except a. There must be a valid partnership contract. b. There must be a mutual contribution of money, property or industry to a common fund. c. -t must have a lawful ob8ect or purpose. d. The partnership must be established for the common benefit or interest of the partners which is to obtain profits and to divide the profits among the partners. e. The partnership must be registered in the ?;*. 3'. The following statements concerning partnership are correct, except a. artnership is a 8uridical entity which has a personality separate and distinct from that of each of the partners. b. There must be intent to form a partnership because o the element of delectus pesonae which means the right of a person to choose those whom he wants to be associated with i n partnership. c. There is fiduciary relation among partners. d. &ll partnership contracts are consensual. 3/. The following statements pertain to the forms of a partnership contract, except a. &s a general rule, a partnership contract may be constituted in any form, whether written or oral, to be valid.
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b. $here immovable property or real rights are contributed to the partnership, regardless of the amount thereof, the partnership contract must be in a public instrument and an inventory of the said property must be made, signed by the parties and attached to the public instrument, in order to be valid. c. $here the capital of the partnership is #,))) or more, in money or property, the partnership contract must be in a public instrument and registered with the ?;*, in order to be valid. d. -f the partnership is a limited partnership, a certificate signed under oath by the partners and recorded with the ?;*, otherwise the partnership will be considered as a general partnership. 3. The following persons may become a partner, except a. &ny natural person who is capacitated. b. ¬her partnership. c. *orporation 33. The following cases do not establish a partnership, except a. ersons who are not partners to each other. b. *o0ownership or co0possession, whether such co0owners or co0possessors do or do not share any profits made by the use of the property. c. ?haring of gross returns, whether or not the persons sharing them have a 8oint or common right or interest in any property from which the returns are derived. d. "eceipt by a person of a share of the profits of a business. 35. The receipt by a person of a share of the profits of a business shall not be considered a prima facie evidence that he is a partner in a business in the following instances, except a. &s a debt by installment or otherwise b. &s a return of the contribution or investment in the business. c. &s wages of an employee or rent to a landlord. d. &s an annuity to a widow or representative of a deceased partner. e. &s interest on a loan, though the amounts of payment vary with the profits of the business. f. &s the consideration for the sale of a goodwill of a business or other property by installment or otherwise. 36. This is a partnership which al l the partners contribute all the property which actually belonged to them to the common fund, with the intention of dividing the same among themselves, as well as the profits which they acquire therewith. a. 7niversal partnership of all present property. b. 7niversal partnership of profits. c. articular partnership 5). The following properties shall belong to the common fund in a universal partnership of all present property, except a. roperty belonging to the partners at the time of the constitution of the partnership. b. rofits that may be acquired from the present property. c. roperty acquired by each partner after the formation of the partnership if stipulated. d. rofits and fruits from property acquired by each partner, even those from property acquired by inheritance, legacy or donation after the formation of the partnership if stipulated. e. roperty acquired by inheritance, legacy or donation after the formation by the partnership if stipulated. 51. This is a partnership whereby the common fund comprises all that the partners may acquire by their work or industry during the existence of the partnership. a. 7niversal partnership of all present property. b. 7niversal partnership of profits. c. articular partnership 52. The following properties shall belong to the common fund in a universal partnership of profits, except a. rofits obtained by the partners by their work or industry during the existence of the partnership. b. rofits acquired by the partners without the exertion of physical or intellectual efforts, such as those acquired by chance or l ucrative title if stipulated. c. The usufruct or use of the property belonging to each partner at the time of the constitution of the partnership. d. The profits and fruits from the properties mentioned in l etter a and c. e. The profits and fruits, if s tipulated, of the property acquired by each partner after the constitution of the partnership. 5#. The articles of universal partnership is entered into without specification of its nature. $hat shall be its construction% a. -t is a particular partnership. b. -t is a universal partnership of all present property. c. -t is a universal partnership of profits. 5'. The following persons cannot enter into a universal partnership but can enter into a particular partnership, except a. Busband and wife b. ersons who were guilty of adultery or concubinage at the time of formation c. ersons who were guilty of the same criminal offense d. ublic officer or his wife, descendants or ascendants and another person by reason of the public officers position e. artnership and another partnership
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5/. -t is a partnership which has for its ob8ect determinate things, their use or fruits, or a specified undertaking, or the exercise of a profession. a. 7niversal partnership of all present property. b. 7niversal partnership of profits. c. articular partnership
5. $hich of the following statements pertain to partnership by estoppel% a. -t is a partnership where all the partners are liable to the extent of their separate property after the partnership assets have been exhausted. b. -t is a partnership where is at least one general partner and at least one limited partner who is li able to the extent of his investment in the partnership. c. -t is a partnership which actually exists among the partners as well as to third persons. d. -t is a partnership which in reality is not partnership but is considered as one with respect to those who, by reason of their conduct or admission, are precluded from denying its existence. 53. $hich of the following statements pertain to partnership at will % a. -t is one for which a period for its duration is fixed by the partners. b. -t is one which is organized for a certain undertaking which, when attained, will cause the termination of the partnership. c. -t is one where no period is fixed by the parties for its duration. 55.$hich of the following statements pertain to a general0limited partner% a. Be is one who is liable for partnership debts to the extent of his separate property after all the assets of the partnership have been exhausted. b. Be his one who is liable for partnership debts to the extent of his capital contribution only. c. Be is one who has all the rights and powers and is sub8ect to all the restrictions of a general partner, except that, in respect to his contribution, he shall have the rights against the other members which he would have had if he were not also a general partner. 56. $hich of the following statements pertain to a capitalist0industrial partner% a. Be is one who contributes money or property to the common fund. b. Be is one who contributes his services or industry to the partnership. c. Be is one ho contributes not only money or property but also his services to the partnership. 6). $hich of the following statements pertain to an ostensible partner% a. Be manages the business or affairs of the partnership. b. Be takes charge of the winding up of the affairs of the partnership after it is dissolved. c. Be is not actually a partner but who may become liable as such to third persons. d. Be is one who is active and known to the public as a partner, such as by allowing his name to be included in the firm name. e. Be is one whose connection with the partnership is kept from the public. f. Be is one who has no voice in the management of the business. g. Be is who does not participate in the management of the business and not known to the public as a partner. 61. rofits and losses of the partnership shall be divided according to the agreement. -n the absence of agreement as to the sharing of the profits, how shall it be distributed% a. -t should be divided equally. b. -t should be divided according to profit sharing agreement. c. -t should be divided proportionately in accordance to the capital contribution. 62. -n the absence of agreement as to the sharing of the profits, how shall it be distributed% a. -t should be divided equally. b. -t should be divided according to loss sharing agreement. c. -t should be divided proportionately in accordance to the capital contribution. 6#. rofits and losses of the partnership shall be divided according to the agreement. -n the absence of agreement as to the sharing of the profits, how shall industrial partner share with it% a. The industrial partner shall not share i n the profit. b. The profit shall be divided equally. c. The industrial partner shall receive the lowest share received by a capitalist partner. d. The industrial partner shall first receive a 8ust and equitable share in the profits. 6'. . rofits and losses of the partnership shall be divided according to the agreement. -n the absence of agreement as to the sharing of the losses, how shall industrial partner share with it% a. The industrial partner shall not share i n the losses, notwithstanding any stipulation to the contrary. b. The losses shall be divided equally. c. The industrial partner shall receive the lowest share received by a capitalist partner. d. The industrial partner shall first receive a 8ust and equitable share in the losses. 6/. $hich of the following stipulations in the sharing of profit or losses is valid%
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a. & stipulation excluding a capital partner in the share of profits. b. & stipulation excluding a capital partner in the share of losses. c. & stipulation excluding an industrial partner in the share of profits. d. & stipulation excluding an industrial partner in the share of losses. 6. *, a capitalist partner and -, an industrial partner agreed with the following profit or loss sharing terms. - will share equally in the profit and there is no agreement as to losses. n 2)1), the partnership had 1),))) net loss. n 2)11, the partnership had 2),))) net income. Bow much shall be received by - as his share for the two years% a. 1),))) because industrial partner do not share in the losses. b. /,))) because 1),))) loss shall be netted from the 2),))) net income. c. zero because industrial partner has no investment.
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