BUSINESS LAW SURECPA.COM
1. A, B, C and D, solidary debtors, are oblied to i!e ", W, #,$, and %, &oint 'reditors, P(),))).
A. " *ay 'olle't +ro* C P(),))). B. " *ay 'olle't +or* C P,))). C. " *ay 'olle't +ro* C P-,))) D. " *ay 'olle't +ro* C P1,))).
(. A, B, C, and D, solidary debtors, are oblied to i!e ", W, #, $, and %, solidary 'reditors, P(),))).
A. " *ay 'olle't +ro* D P(),))). B. " *ay 'olle't +ro* D P,))). C. " *ay 'olle't +ro* D P-,))). D. " *ay 'olle't +ro* D P1,))).
. A, (-, B, -, and C, 1/, are solidary solidary debtors o+ # in t0e a*ont o+ P2,))).
A. # *ay 'olle't +ro* A P2,))). B. # *ay 'olle't +ro* A P3,))). C. # *ay 'olle't +ro* A P1,))). D. # *ay 'olle't not0in be'ase t0e obliation is !oidable, C is bein a *inor.
. 40e +ollo5in obliations are di!isible, e6'e7t an obliation8
A. 4o i!e de9nite t0ins. B. W0i'0 0as +or its ob&e't t0e e6e'tion o+ a 'ertain n*ber o+ days o+ 5or:. C. W0i' W0i'0 0 0as 0as +or +or its ob&e't ob&e't t0e t0e a''o a''o*7l *7lis0 is0*en *entt o+ 5or: 5or: by by *etri' *etri'al al ni nits. ts. D. W0i' W0i'0 0 by its natr natre e is ss ss'e7 'e7tib tible le o+ o+ 7arti 7artial al 7er+ 7er+or or*an *an'e. 'e.
-. In obliations 5it0 7enal 'lase, t0e 'reditor as a rle *ay re'o!er +ro* t0e debtor in 'ase o+ brea'0 t0e +ollo5in8 +ollo5in8
A. 40e 40e 7en 7enal alty ty as ar areed eed 7o 7on, n, 7ls 7ls da*a da*ae es s and and inte interrest. est. B. 40e 40e 7enalt 7enalty y and and da*a da*aes. es. C. 40e 7ena enalty lty an and int inter eres est. t. D. Only t0e 7enalty.
3. D borro5ed +ro* C P-),))). 40e obliation is se'red by a '0attel *ortae on D;s 4oyota 'ar. Sbse<ently, D 7aid C P(),))). Un:no5n to D, 4, a t0ird 7erson, 7ays C P-),))) belie!in t0at D still o5ed C s'0 a*ont.
A. 4 'an re'o!er P-),))) +ro* D. i+ D 'annot 7ay, 4 'an +ore'lose t0e *ortae on D;s 4oyota 'ar. B. 4 'an re'o!er not0in +ro* D be'ase 0e 7aid ' 5it0ot t0e :no5lede and 'onsent o+ D. C. 4 'an re'o!er P),))) +ro* D. i+ D 'annot 7ay, 4 'an +ore'lose +ore'lose t0e *ortae on D;s 4oyota 'ar. D. 4 'an re'o!er P),))) +ro* D. i+ D 'annot 7ay, 4 'annot +ore'lose t0e *ortae on on D;s 4oyota 'a 'ar.
/. 40e +ollo5in state*ents 'on'ernin 7ay*ent by 'ession are tre, e6'e7t one. W0i'0 is it=
A. 4o i!e de9nite t0ins. B. W0i'0 0as +or its ob&e't t0e e6e'tion o+ a 'ertain n*ber o+ days o+ 5or:. C. W0i' W0i'0 0 0as 0as +or +or its ob&e't ob&e't t0e t0e a''o a''o*7l *7lis0 is0*en *entt o+ 5or: 5or: by by *etri' *etri'al al ni nits. ts. D. W0i' W0i'0 0 by its natr natre e is ss ss'e7 'e7tib tible le o+ o+ 7arti 7artial al 7er+ 7er+or or*an *an'e. 'e.
-. In obliations 5it0 7enal 'lase, t0e 'reditor as a rle *ay re'o!er +ro* t0e debtor in 'ase o+ brea'0 t0e +ollo5in8 +ollo5in8
A. 40e 40e 7en 7enal alty ty as ar areed eed 7o 7on, n, 7ls 7ls da*a da*ae es s and and inte interrest. est. B. 40e 40e 7enalt 7enalty y and and da*a da*aes. es. C. 40e 7ena enalty lty an and int inter eres est. t. D. Only t0e 7enalty.
3. D borro5ed +ro* C P-),))). 40e obliation is se'red by a '0attel *ortae on D;s 4oyota 'ar. Sbse<ently, D 7aid C P(),))). Un:no5n to D, 4, a t0ird 7erson, 7ays C P-),))) belie!in t0at D still o5ed C s'0 a*ont.
A. 4 'an re'o!er P-),))) +ro* D. i+ D 'annot 7ay, 4 'an +ore'lose t0e *ortae on D;s 4oyota 'ar. B. 4 'an re'o!er not0in +ro* D be'ase 0e 7aid ' 5it0ot t0e :no5lede and 'onsent o+ D. C. 4 'an re'o!er P),))) +ro* D. i+ D 'annot 7ay, 4 'an +ore'lose +ore'lose t0e *ortae on D;s 4oyota 'ar. D. 4 'an re'o!er P),))) +ro* D. i+ D 'annot 7ay, 4 'annot +ore'lose t0e *ortae on on D;s 4oyota 'a 'ar.
/. 40e +ollo5in state*ents 'on'ernin 7ay*ent by 'ession are tre, e6'e7t one. W0i'0 is it=
A. 40e 'reditors be'o*e t0e o5ners o+ t0e 7ro7erties o+ t0e debtor t0at 5ere 5ere 'eded to t0e*. B. Pay*ent by 'ession e6tinis0ed t0e obliations only to t0e e6tent 'o!ered by t0e 7ro'eed 7ro'eeds s o+ t0e sale sale o+ t0e debtor;s debtor;s 7ro7er 7ro7erties ties.. C. 40e debtor *st be insol!ent. D. Cession a>e'ts all t0e 7ro7erties o+ t0e debtor e6'e7t t0ose e6e*7t +ro* e6e'tion.
?. D obtained +ro* ABC ban: a loan o+ P1(,))),))) 7ayable at t0e end o+ ten years. Be+ore *atrity, an e6traordinary in@ation s7er!ened 'asin t0e !ale o+ t0e debt to +all to P,))),))) on t0e date o+ *atrity. On de date, D *st 7ay ABC ban:8
A. P1(,))),))) B. P,))),))) C. P3,))),))) D. P,))),)))
2. B borro5ed +ro* #$% ban: P(,))),))) at t0e end o+ - years. Be+ore *atrity, an e6traordinary e6traordinary de@ation s7er!ened 'asin t0e !ale o+ t0e debt to rise to P-,))),))) on t0e date o+ *atrity. On de date, B *st 7ay #$% ban:8
A. P(,))),))) B. P-,))),))) C. P?)),))) D. P( P(),))),)))
1). 40e *oney or 'rren'y 'rren'y 50i'0 t0e debtor *ay 'o*7el t0e 'reditor to a''e7t in 7ay*ent o+ a debt, 50et0er 7bli' or 7ri!ate, is :no5n as8
A. Notes 7ayable to order. B. Leal tender. C. Bill o+ e6'0ane. D. Mer'antile do'*ent.
11. 40e deli!ery and trans*ission o+ o5ners0i7 o+ a t0in by t0e debtor to t0e 'reditor as an a''e7ted e<i!alent o+ 7er+or*an'e is :no5n as8
A. Pay*ent by 'ession B. Dation in 7ay*ent C. A77li'ation o+ 7ay*ent D. Consination
1(. D o5es C t0e +ollo5in debts8 P3,))) de on ne 1( P3,))) de on ne 1- P3,))) de on ne 1? P3,))) de on ne (). All debts are nse'red e6'e7t t0e debt de on ne () 50i'0 is se'red by 7lede o+ D;s dia*ond rin to C. By aree*ent, t0e bene9t o+ t0e ter* on t0e debts 5as ranted to C. ass*in t0at D 0as P3,))) on ne 1? and is ready to 7ay C, 50i'0 o+ t0e +ollo5in state*ents is 'orre't=
A. D *ay a77ly 0is 7ay*ent o+ P3,))) to any o+ t0e debts de on ne 1(, ne 1-, and ne 1? sin'e t0ey are all de as o+ ne 1?. B. D *ay a77ly 0is 7ay*ent only to t0e debt de on ne () be'ase it is t0e *ost brdenso*e to 0i*. C. D *st a77ly t0e 7ay*ent 7ro7ortionately to t0e debts de as o+ ne 1? at P(,))) ea'0. D. D *ay a77ly t0e 7ay*ent to any o+ t0e +or debts.
1. 40e o>er *ade by t0e debtor to 7ay 0is obliation to 0is 'reditor is :no5n as8
A. Consination. B. 4ender o+ 7ay*ent. C. A77li'ation o+ 7ay*ent. D. Dation o+ 7ay*ent.
1. Consination alone 5it0ot any tender o+ 7ay*ent is s'ient in t0e +ollo5in 'ases, e6'e7t8
A. W0en t0e 'reditor is absent or n:no5n or does not a77ear at t0e 7la'e o+ 7ay*ent. B. W0en t0e 'reditor 7resents t0e title to t0e obliation +or 'olle'tion. C. W0en 5it0ot &st 'ase , t0e 'reditor re+ses to i!e a re'ei7t. D. W0en t5o or *ore 7ersons 'lai* t0e sa*e ri0t to 'olle't.
1-. M o5es P 1),))). 40e obliation is e!iden'ed by a 7ro*issory note. Sbse<ently, P assined t0e note to A, A to B, B to C, C ba': to M. 40e obliation o+ M is e6tinis0ed by8
A. 'o*7ensation B. 'on+sion C. 'ondonation D. 40e obliation is not e6tinis0 be'ase t0ere 5as no 7ay*ent
13. In order t0at 'ondonation *ay e6tinis0 an obliation in!ol!in a *o!able 7ro7erty 50ose !ale e6'eeds P-,)))
A. It is s'ient t0at t0e 'ondonation and t0e a''e7tan'e are in 5ritin, e!en a 7ri!ate one
B. It is re<ired t0at t0e 'ondonation and t0e a''e7tan'e be in 7bli' instr*ent C. 40e deli!ery o+ t0e do'*ent e!iden'in t0e debt is s'ient sin'e t0e 7ro7erty is *o!able D. 40e 'ondonation and t0e a''e7tan'e *ay be * ade only
1/. One o+ t0e +ollo5in is not a re<isite o+ leal 'o*7ensation. W0i'0 is not=
A. 40at ea'0 one o+ t0e obliors be bond 7rin'i7ally, and t0at 0e be at t0e sa*e ti*e a 7rin'i7al 'reditor o+ t0e ot0er. B. 40at t0e t5o debts is de C. 40at bot0 debts be li<idated and de*andable D. 40at t0e debts are 7ayable at t0e sa*e 7la'e
1?. enry, 0sband and Wil*a, 5i+e are leally se7arated. By order o+ t0e 'ort 50i'0 de'reed t0e leal se7aration, enry is oblied to i!e a *ont0ly s77ort o+ P1),))) to Wil*a 7ayable 5it0in t0e 9rst days o+ t0e *ont0. Wil*a o5es enry P1),))) by t0e 5ay o+ bsiness loan. On t0e ot0er 0and, enry 0as not yet i!en Wil*a;s s77ort o+ P1),))) +or t0is *ont0. Bot0 debts are already de. W0i'0 o+ t0e +ollo5in state*ents is 'orre't=
A. Bot0 debts are e6tinis0ed by leal 'o*7ensation be'ase bot0 are already de B. Wil*a *ay 'lai* 'o*7ensation bt not enry C. enry *ay 'lai* 'o*7ensation bt not Wil*a D. Neit0er one *ay 'lai* 'o*7ensation be'ase t0e debts are not o+ t0e sa*e :ind.
12. D o5es C P1),))) 5it0 as arantor. C, on t0e ot0er 0and, o5es D, P?,))). Bot0 debts are already de bt D is insol!ent. In t0is 'aseF
A. C *ay 'olle't +ro* P1),))) B. C *ay 'olle't +ro* P(,))) be'ase a arantor 'an set 7 'o*7ensation as reards 50at t0e 'reditor o5es t0e 7rin'i7al debtor. C. C *ay 'olle't not0in +ro* be'ase D is insol!ent D. C *ay 'olle't P?,))) +or* .
(). D borro5ed P-),))) +ro* C. Sbse<ently, D 7ro7osed to C t0at 4 5old ass*e 0is GD;sH debt. C a''e7ted t0e 7ro7osal o+ D. 40is sbstittion o+ debtor is :no5n asF
A. E67ro*ission B. Delea'ion C. 4radition D. Da'ion en 7ao
(1. D oblied 0i*sel+ to i!e - ra*s o+ s0abJ to C. Later, t0e 7arties areed t0at D 5old instead i!e to C - sa':s o+ ri'e. W0i'0 o+ t0e +ollo5in state*ents is 'orre't=
A. 40e no!ation is !oid be'ase t0e oriinal obliation is !oid. en'e, C 'annot de*and t0e deli!ery o+ - sa':s o+ ri'e +ro* D. B. 40e oriinal obliation alt0o0 !oid is !alidated by t0e ne5 obliation. en'e, C 'an de*and t0e deli!ery o+ - sa':s o+ ri'e +ro* D. C. 40e ne5 obliation is only !oidable be'ase D 0ad not yet 7er+or*ed t0e oriinal obliation at t0e ti*e o+ t0e no!ation. A''ordinly, t0e ne5 obliation is bindin and C *ay de*and t0e deli!ery o+ - sa':s o+ ri'e +ro* D ntil t0e ne5 obliation is annlled by a 7ro7er a'tion in 'ort. D. 40e no!ation is !alid be'ase t0e ne5 obliation is !alid. en'e, C 'an de*and t0e deli!ery o+ - sa':s o+ ri'e +ro* D.
((. On ly 1, ()1), D oblied 0i*sel+ to i!e C P-),))) i+ C 5ill *arry # on or be+ore De'e*ber 1, ()1). 40e 'ondition o+ t0e obliation is a8
A. Positi!e 'ondition B. Neati!e 'ondition C. oint 'ondition D. I*7ossible 'ondition
(. W0i'0 o+ t0e +ollo5in is not 'onsidered a 'onditional obliation=
A. D to 7ay C P-,))) as soon as D 0as t0e *eans. B. D to 7ay C P-,))) i+ C *arries $. C. D to 7ay C P-,))) i+ C to7s t0e CPA E6a*ination D. D to 7ay C i+ # dies o+ *alaria
(. 40e distin'tion bet5een *erer and a'<isition is t0at in *erer8
A. 40e t5o debts *ay be at di>erent 7la'es. B. 45o 7ersons are in t0eir o5n ri0t debtors and 'reditors o+ ea'0 ot0er C. 40e debtor and 'reditor *ay aree on t0e setFo> o+ debts t0at are not yet de. D. 40e debtor and 'reditor re+er to only one 7erson
(-. Do*ini'o and Do*ino are &ointly and se!erally liable to Cris7ino +or P1)),))). 40e obliation is de on ne ),()1). On ne (-, ()1), Do*ini'o 7aid t0e 50ole a*ont o+ t0e note to Cris7ino. I+ Do*ino rei*brses Do*ini'o on ly 1-, ()1), Do*ini'o is entitled to re'ei!e +ro* Do*ino8
A. P-),))) 7ls interest +ro* ne (- to ly 1-, ()1) B. P-),))) 7ls interest +ro* ne (- to ne ), ()1) C. P-),))) 7ls interest +ro* ne ) to ly 1-, ()1) D. P-),))) 5it0 no interest be'ase Do*ini'o 7aid t0e note be+ore de date
(3. One o+ t0e +ollo5in does not a77ly to 7ay*ent by 'ession. W0i'0 is it=
A. O5ners0i7 o+ t0e debtor;s 7ro7erties is trans+erred to t0e 'reditor B. 40e debtor *st be insol!ent C. It a>e'ts all t0e 7ro7erties o+ t0e debtor e6'e7t t0ose e6e*7t +ro* e6e'tion D. 40ere are se!eral 'reditors
(/. A, B and C are solidarily liable to # +or P),))). A 7ays # t0e 50ole a*ont de. C, 0o5e!er, is insol!ent.
A. A alone 5ill bear t0e s0are o+ C 50o is insol!ent sin'e 0eGAH *ade t0e 7ay*ent B. A 'an 'olle't +ro* B P1),))) C. A 'an 'olle't +ro* B P1-,))) D. A 'an de*and a re+nd o+ P1),))) +ro* # 7ertainin to C;s s0are sin'e C is insol!ent
(?. 40e estate o+ # 50o died re'ently, s0o5s, a*on ot0er do'*entK'ontra't, t0e +ollo5in8 I. A 'erti9'ate +ro* ar!ard Uni!ersity rantin a s'0olars0i7 to #. # 5as sb&e'ted to e60asti!e e6a*ination and inter!ie5s be+ore 0e 5as ranted t0e s'0olars0i7. e 5as s77osed to start stdyin at ar!ard in *ont0s; ti*e
II. Arti'les o+ 7artners0i7 o+ #$% enter7rise s0o5in # as a eneral 7artner. III. A sto': 'erti9'ate o+ DE Cor7 s0o5in # as t0e o5ner o+ P-,))) s0ares o+ sto':. I". A 7ro*issory note a*ontin to P1)),))) e6e'ted by M in +a!or o+ #. 40e note is de a+ter 2) days
W0i'0 o+ t0e ri0ts o+ # arisin +ro* t0e said do'*entationK'ontra'ts 5ill be trans*itted to t0e 0eirs o+ #=
A. I and II B. II and III C. III and I" D. I and I"
(2. One o+ t0e +ollo5in obliations is not de*andable at on'e. W0i'0 is it=
A. D to i!e 0is 'ar to C. No date 5as 96ed by t0e 7arties +or t0e date o+ deli!ery B. D to i!e 0is 'ar to C ntil C 'o*7letes 0is 'orse in BS A''ontan'y C. D to i!e to C 0is 'ar ntil # dies D. D to i!e C 0is 'ar s0old C enroll in BS A''ontan'y
). Maila *ade a nonFneotiable 7ro*issory note 5it0 Pia as 7ayee. Pia assined t0e note to Ai:o, Ai:o assined t0e note to Bea Bea assined t0e note to Car*ina, Car*ina assined t0e note to elen, and elen assined it ba': to Maila.
A. Maila;s obliation is e6tinis0ed by 'ondonation B. Maila;s obliation is e6tinis0ed by 'on+sion C. Maila;s obliation is e6tinis0ed by 'o*7ensation D. Maila;s obliation is not e6tinis0ed be'ase t0e note is not neotiable
1. D o5es C t0e +ollo5in debts8 P3,))) de on anary 1, P3,))) de on anary 1-, P3,))) de anary 1 P3,))) de on ebrary 1- P3,))) de on ebrary (? and P3,))) de on Mar'0 1-. All t0e debts are nse'red e6'e7t t0e one de on ebrary (?. 40e 7arties sti7lated t0at C *ay de*and 7ay*ent on or be+ore t0e de date o+ ea'0 debt. Ass*e t0at today is ebrary 13. D, 0o5e!er, 0as not yet 7aid any o+ t0e debts. e 0as in 7ossession P3,))) 50i'0 0e intends to 7ay to C.
A. D *ay a77ly t0e 7ay*ent to t0e debt de on ebrary (? be'ase it is t0e *ost brdenso*e to 0i*. B. D *ay a77ly t0e 7ay*ent to any o+ t0e 9!e nse'red debts. C. D *ay a77ly t0e 7ay*ent to any o+ t0e +or debts t0at 0a!e be'o*e de as o+ today, ebrary 13. D. D *ay a77ly t0e 7ay*ent to all o+ t0e debts t0at 0a!e be'o*e de as o+ today, ebrary 1-, 7ro7ortionately at P1,-)) ea'0.
(. 40e deli!ery to t0e 'reditor o+ *er'antile do'*ents s'0 as '0e':s s0all 7rod'e t0e e>e't o+ 7ay*ent8
A. U7on deli!ery B. W0en t0ey 0a!e been 'as0ed C. W0en t0ro0 t0e +alt o+ t0e debtor t0ey 0a!e been i*7aired D. W0en t0ey are de7osited in t0e ban:
. W0i'0 o+ t0e +ollo5in state*ents 'on'ernin delay is in'orre't=
A. 40ere is no delay in obliations not to do. B. Delay, as a rle, e6ists, 50en t0e debtor does not 7er+or* 0is obliation on t0e date it is de. C. De*and , as a rle, is re<ired in order +or delay to e6ist.
D. W0en ti*e is o+ t0e essen'e o+ t0e 'ontra't, delay on t0e 7art o+ t0e debtor e6ists des7ite t0e absen'e o+ de*and
. Alternati!e obliation and +a'ltati!e obliation are si*ilar in 50i'0 o+ t0e +ollo5in res7e'ts=
A. 40e ri0t o+ '0oi'e *ay be i!en eit0er to t0e debtor or 'reditor B. Se!eral 7restations are de C. Only one 7restation is de bt t0e debtor *ay render anot0er in sbstittion. D. 40e obliation be'o*es a si*7le obliation on'e t0e '0oi'e o+ t0e 7restation is *ade and 'o**ni'ated.
-. D borro5ed P-,))) +ro* C. 40e obliation is 7ayable in +ll a+ter ) days. In 50i'0 o+ t0e +ollo5in 'ases is D &sti9ed in *a:in a 'onsination o+ 0is 7ay*ent in 'ort=
A. I+ C re+ses to a''e7t t0e 7ay*ent in t0e +or* o+ a '0e': 50i'0 is 'erti9ed by t0e ban: to be s77orted by s'ient +nds. B. I+ C re+ses to a''e7t t0e 7ay*ent 'onsistin o+ P-,))) 7ie'es o+ P1.)) 'oins. C. I+ C re+ses to a''e7t t0e 9rst install*ent 7ay*ent in t0e +or* o+ a P1,))) bill, D 7ro*isin to 7ay t0e balan'e o+ t0e debt in e<al *ont0ly install*ents. D. I+ C re+ses to a''e7t t0e 7ay*ent 'onsistin o+ (-) 7ie'es o+ P().)) bills
3. A 'onta't 50ereby one o+ t0e 'ontra'tin 7arties obliates 0i*sel+ to trans+er t0e o5ners0i7 o+ and to deli!er a deter*inate t0in and t0e ot0er to 7ay t0ere+ore a 7ri'e 'ertain in *oney or its e<i!alent is a 'ontra't o+8
A. Barter
B. Sale C. Da'ion en Pao D. Mortae
/. 40e +ollo5in are t0e essential ele*ents o+ a 'ontra't o+ sale, e6'e7t8
A. Consent o+ t0e 7arties B. Sb&e't *atter C. 7ri'e D. Warranty aainst e!i'tion
?. 40e +ollo5in are t0e '0ara'teristi's o+ a 'ontra't o+ sale, e6'e7t8
A. Prin'i7al, 50i'0 *eans t0at a 'ontra't o+ sale 'an stand by itsel+ B. Real, 50i'0 re<ires t0e deli!ery o+ t0e ob&e't 'ontra't o+ sale +or its 7er+e'tion C. Oneros, 50ere ri0ts are a'<ired in e6'0ane o+ a !alable e6'0ane D. Bilateral, 50i'0 *eans t0at bot0 7arties are bond re'i7ro'ally to ea'0 ot0er.
2. One o+ t0e +ollo5in '0ara'teristi's o+ da'ion en 7ao is also a '0ara'teristi' o+ a 'ontra't o+ sale. W0i'0 is it=
A. 40ere is a 7reFe6istin 'redit. B. Obliations are e6tinis0ed C. 40ere is less +reedo* in 96in t0e 7ri'e. D. O5ners0i7 o+ t0e ob&e't is trans+erred to t0e ot0er 7arty
). 40e +ollo5in are '0ara'teristi's o+ a 'ontra't o+ sale e6'e7t +or one 50i'0 re+ers to 7ay*ent by 'ession. W0i'0 '0ara'teristi' re+ers to 7ay*ent by 'ession=
A. 40ere is no 7reFe6istin 'redit B. 40e 'ase or 'onsideration is t0e 7ri'e C. 40ere is *ore +reedo* in 96in t0e 7ri'e D. Assinee o+ t0e 7ro7erty a'<ires t0e ri0t to sell t0e t0in bt not t0e o5ners0i7 t0ereo+.
1. Sandy sells to Bert -)) sa':s o+ ri'e at P1,))) 7er sa': +ro* t0e sto': t0en stored in t0e 5are0ose 'ontains only ?) sa':s o+ ri'e. W0at is t0e stats o+ t0e 'ontra't bet5een Sandy and Bert=
A. 40e sale is !oid sin'e t0e <antity a!ailable is less t0an t0e <antity sold. B. 40e sale is !alid 7 to ?) sa':s o+ ri'e bt !oid as to t0e de9'ien'y o+ () sa':s o+ ri'e C. 40e entire sale is !alid 7 to -)) sa':s o+ ri'e. Bert be'o*es t0e o5ner o+ t0e 50ole sto': a!ailable and Sandy *st deli!er t0e de9'ien'y o+ () sa':s o+ ri'e D. 40e sale is !alid 7 to ?) sa':s o+ ri'e bt res'issible as to t0e de9'ien'y o+ () sa':s o+ ri'e by reason o+ da*ae s>ered by Bert.
(. Sony sells to Ben at P-) 7er allon )) allons o+ asoline stored in 0is tr':;s tan: 50i'0, n:no5n to t0e 7arties, 'ontains -)) allons asoline. W0at is t0e stats o+ t0e 'ontra't o+ sale bet5een Sony and Ben=
A. 40e sale is !oid be'ase t0e <antity a!ailable is *ore t0an t0e <antity sold. B. 40e sale is !alid 7 to -)) allons o+ asoline. Ben *st 7ay +or t0e additional ()) allons o+ asoline
C. 40e sale is !alid 7 to )) allons o+ asoline, Ben be'o*es t0e o5ner o+ K- o+ t0e 50ole sto':, 50ile Sony be'o*es t0e o5ner o+ (K- t0ereo+. D. 40e sale is res'issible be'ase Sony 5ill s>er lesion o+ *ore t0an o+ t0e !ale o+ t0e 50ole sto':.
. 40e 7ri'e in a 'ontra't o+ sale is 'ertain, e6'e7t8
A. W0en t0e 7arties 0a!e 96ed or areed 7on a de9nite a*ont. B. I+ t0e 7ri'e is 'ertain 5it0 re+eren'e to anot0er t0in 'ertain C. I+ t0e 96in o+ t0e 7ri'e is le+t to t0e dis'retion o+ one o+ t0e 'ontra'tin 7arties and t0e 7ri'e 96ed is not a''e7ted by t0e ot0er 7arty. D. I+ t0e 7ri'e 96ed is t0at 50i'0 t0e t0in sold 5old 0a!e on a de9nite day or in a 7arti'lar e6'0ane or *ar:et.
. On anary 1, S orally sold to B a s7e'i9' rin +or P-). 40e 7arties areed t0at S s0all deli!er t0e rin to B on anary -, 50ile B s0all 7ay t0e 7ri'e on anary /.
A. 40e 'ontra't is 7er+e'ted on anary -, 50en t0e rin is deli!ered by S to B. B. 40e 'ontra't is 7er+e'ted on anary 1, 50en t0e 7arties 0ad a *eetin o+ *inds on t0e ob&e't and t0e 7ri'e. C. 40e 'ontra't is 7er+e'ted on anary /, 50en t0e 7ri'e is 7aid, sin'e bot0 7arties 5old by t0en 0a!e 7er+or*ed t0eir obliations in t0e 'ontra't. D. 40ere is no 7er+e'ted 'ontra't be'ase t0e sale 5as *ade orally.
-. S orally o>ered to sell a 'ertain dia*ond rin to B +or P-),))). B a''e7ted t0e o>er and to 7ro!e t0at 0e 5as in earnest, 0e a!e S P1,))). 40e 7arties areed t0at t0e deli!ery o+ t0e rin and t0e 7ay*ent o+ t0e 7ri'e 5old be *ade ) days later. On de date8
A. S *ay 'olle't +ro* B be'ase P-),))) B. S *ay 'olle't +ro* B P2,))) C. S 'annot en+or'e 7ay*ent be'ase t0e 'ontra't 5as not red'ed to 5ritin D. S 'annot en+or'e 7ay*ent be'ase t0ere 5as no 'ontra't o+ sale yet.
3. It re+ers to t0e deli!ery o+ t0e t0in sold +ro* 0and to 0and in 'ase o+ *o!ables, or t0e ta:in o+ 7ossession 5it0 res7e't to i**o!ables, in t0e 7resen'e and 5it0 t0e 'onsent o+ t0e !endor.
A. A'tal or real deli!ery B. 4raditio 'onstitt* 7ossessori* C. 4raditio lona *an D. 4raditio bre!i *an
/. On May 1, ()1), S sold to B t0ro0 a 7ri!ate instr*ent () sa':s o+ 'orn stored in t0e only 5are0ose o+ S. on May 1), ()1), S deli!ered t0e :eys to 5are0ose to B. 40e deli!ery *ade by S to B is :no5n to as8
A. Constr'ti!e deli!ery by leal +or*alities B. Sy*boli' deli!ery by traditio 'la!i* C. 4radition lona *an D. 4raditio bre!i *an
?. Deli!ery o+ in'or7oreal 7ro7erty *ay be t0ro0 any o+ t0e +ollo5in *eans, e6'e7t8
A. E6e'tion o+ a 7bli' do'*ent B. Pla'in t0e titles o+ o5ners0i7 in t0e 7ossession o+ t0e !endee
C. Use by t0e !endee o+ 0is ri0ts, 5it0 t0e debtor;s 'onsent D. E6e'tion o+ 7ri!ate instr*ent
2. One o+ t0e +ollo5in state*ents on t0e trans+er o+ o5ners0i7 o+ t0e t0in in sale on trialJ is in'orre't. W0i'0 is it=
A. O5ners0i7 o+ t0e t0in is trans+erred to t0e !endee 50en 0e sini9es 0is a77ro!al or a''e7tan'e to t0e !endor B. O5ners0i7 o+ t0e t0in is trans+erred to t0e !endee 50en 0e does an a't ado7tin t0e transa'tion C. O5ners0i7 o+ t0e t0in is trans+erred to t0e !endee i+ t0e ti*e 96ed +or t0e retrn o+ t0e t0in 0as e67ired and t0e !endee retains t0e t0in 5it0ot i!in noti'e o+ re&e'tion or a''e7tan'e to t0e !endor. D. O5ners0i7 o+ t0e t0in is trans+erred to t0e !endee 7on deli!ery
-). On Mar'0 1, ()1), S sold and deli!ered to B a tele!ision set +or P1),))) on sale or retrnJ i!in B 7 to Mar'0 13, ()1) 5it0in 50i'0 to retrn t0e tele!ision set. On Mar'0 1), ()1), t0e tele!ision set 5as brned t0ro0 no +alt o+ B. Based on t0e +oreoin, 50i'0 o+ t0e +ollo5in state*ents is in'orre't=
A. B *st 7ay t0e 7ri'e o+ t0e tele!ision set. B. B *st bear t0e loss sin'e t0e ti*e +or t0e retrn o+ t0e tele!ision set 0ad not yet e67ired. C. 40e o5ners0i7 o+ t0e tele!ision set 5as trans+erred to B 7on deli!ery to 0i*. D. B *st bear t0e loss o+ t0e tele!ision set. E. None o+ t0e abo!e
-1. An n7aid seller 0as t0e +ollo5in ri0ts, e6'e7t8
A. A lien on t0e oods or t0e ri0t to retain t0e* +or t0e 7ri'e 50ile 0e is in 7ossession o+ t0e*
B. In 'ase o+ insol!en'y o+ t0e byer, a ri0t o+ sto77in t0e oods in transit a+ter 0e 0as 7arted 5it0 t0e 7ossession o+ t0e*. C. A ri0t o+ re7r'0ase D. A ri0t to res'ind
-(. An n7aid seller losses 0is lien on t0e oods in t0e +ollo5in 'ases, e6'e7t8
A. W0en 0e deli!ers t0e oods to a 'arrier or ot0er bailee +or t0e 7r7ose o+ trans*ission to t0e byer 5it0ot reser!in t0e ri0t o+ o5ners0i7 in t0e oods. B. W0en t0e byer or 0is aent la5+lly obtains 7ossession o+ t0e oods. C. W0en t0e seller 5ai!es 0is 7ossessory lien D. W0en 0e 0as obtained &d*ent +or t0e 7ri'e o+ t0e oods
-. 40ree o+ t0e +ollo5in are t0e re<isites in order t0at an n7aid seller *ay e6er'ise 0is ri0t o+ sto77ae o+ transit. W0i'0 one is not=
A. 40e seller is n7aid. B. 40e seller 0as not 7arted 5it0 t0e 7ossession o+ t0e oods. C. 40e oods are in transit. D. 40e byer is or be'o*es insol!ent.
-. oods are still in transit8
A. i+ t0e byer or 0is aent obtains deli!ery o+ t0e oods be+ore t0eir arri!al at t0e a77ointed destination. B. W0en t0e 'arrier a':no5ledes 7ossession o+ t0e oods as bailee +or t0e byer a+ter t0e arri!al o+ t0e oods at t0e 7la'e o+ destination.
C. I+ t0e 'arrier or ot0er bailee 5ron+lly re+ses to deli!er t0e oods to t0e byer or 0is aent. D. I+ t0e oods are re&e'ted by t0e byer, and t0e 'arrier or ot0er bailee 'ontines in 7ossession o+ t0e*, e!en i+ t0e seller 0as re+sed to re'ei!ed t0e* ba':.
--. An n7aid seller;s ri0t to resell t0e oods is a!ailable in t0e +ollo5in 'ases, e6'e7t8
A. I+ t0e oods are o+ a 7eris0able natre B. W0en t0e seller reser!ed t0e ri0t to resell t0e oods C. W0en t0e byer 0as de+alted in t0e 7ay*ent o+ t0e 7ri'e +or an nreasonable ti*e D. W0en t0e seller 0as lost 0is lien on t0e oods
-3. Ssan sold a reistered 7ie'e o+ land to Bea on May 1, ()1) in a 7bli' instr*ent. On May , ()1), Ssan sold in a 7ri!ate instr*ent t0e sa*e 7ie'e o+ land to Candy, 50o too: 70ysi'al 7ossession o+ t0e land. Neit0er byer 5as a5are o+ t0e sale *ade to t0e ot0er.
A. 40e land belons to Bea B. 40e land belons to Candy C. 40e land still belons to Ssan, be'ase bot0 sales are !oid D. 40e land s0old be di!ided e<ally bet5een Bea and Candy to i!e e>e't to bot0 sales.
-/. On ne 1, ()1), Syl!ia sold to Bernard in a 7ri!ate instr*ent a 'ertain 'o*7ter. 45o days later, Syl!ia orally sold t0e sa*e 'o*7ter to Cr 50o i**ediately too: 7ossession o+ t0e 'o*7ter. Neit0er 7arty 5as a5are o+ t0e sale *ade to t0e ot0er.
A. 40e 'o*7ter belons to Bernard
B. 40e 'o*7ter belons to Cr C. 40e 'o*7ter 5ill be 'oF o5ned by Bernard and Cr to i!e e>e't to bot0 sales. D. Bot0 sales are !oid. A''ordinly, Syl!ia 5ill still be t0e o5ner.
-?. 40is re+ers to t0e i*7lied 5arranty on t0e 7art o+ t0e seller t0at 0e 0as t0e ri0t to sell t0e t0in at t0e ti*e 50en o5ners0i7 is to 7ass, and t0at t0e byer +ro* ti*e s0all 0a!e and en&oy leal and 7ea'e+l 7ossession o+ t0e t0in.
A. Warranty aainst 0idden de+e'ts. B. Warranty aainst e!i'tion C. Warranty o+ o5ners0i7 D. Warranty o+ 7ossession
-2. I+ a *o!able 7ro7erty is sold se7arately to t5o or *ore di>erent !endees, o5ners0i7 s0all belon to t0e 7erson8
A. W0o in ood +ait0 9rst 7aid t0e 7r'0ase 7ri'e in +ll B. W0o in ood +ait0 9rst re'orded t0e sale in t0e Reistry o+ Pro7erty C. W0o in ood +ait0 7resents t0e oldest title D. W0o in ood +ait0 9rst too: 7ossession o+ t0e 7ro7erty
3). A 'ontra't o+ sale is 7er+e'ted 7on8
A. Co*7lian'e 5it0 t0e re<ire*ents o+ t0e la5 as to +or*. B. Deli!ery o+ t0e ob&e't o+ t0e 'ontra't C. 40e *eetin o+ t0e *inds on t0e t0in 50i'0 is t0e ob&e't o+ t0e 'ontra't and 7on t0e 7ri'e D. de*and
31. It is a 'ontra't by !irte o+ t0e ter*s o+ 50i'0 t0e 7arties t0ereto 7ro*ise and obliate t0e*sel!es to enter into anot0er 'ontra't at a +tre ti*e, 7on t0e 0a77enin o+ 'ertain e!ents or t0e +l9ll*ent o+ 'ertain 'onditions.
A. Contra't o+ ad0esion B. Contra't o+ o7tion C. Contra't o+ sale D. AtoF'ontra't
3(. A 'ontra't o+ sales is not a
A. 7rin'i7al B. no*inate C. 'onsensal D. real
3. 40e +ollo5in *ay or *ay not be !alid ob&e'ts o+ a 'ontra't o+ sale. E6'e7t8
A. Ob&e'ts otside t0e 'o**er'e o+ *en B. Illi'it t0ins C. tre oods D. I*7ossible oods
3. W0en t0e oods are deli!ered to t0e byer, t0e o5ners0i7 t0ereo+ 7asses to t0e byer in8
A. Sale on a77ro!al B. Sale or retrn C. Sale on trial D. Contra't to sell
3-. 40e Re'to la5 a77lies to 50i'0 o+ t0e +ollo5in e6a*7les o+ sale=
A. Sale o+ a 'ar on strai0t ter* B. Sale o+ 0ose and lot on install*ent C. Sale o+ a 'ar on install*ent 50ere t0e byer 'onstitted a *ortae on 0is tr': D. Sale o+ a 7iano on install*ents 50ere t0e byer 'onstitted a '0attel *ortae on t0e 7iano
33. S sold to B a lot t0ro0 a deed o+ absolte sale dly a':no5leded be+ore a notary 7bli'. 40ree days later, S sold t0e sa*e lot to #, also t0ro0 a deed o+ sale dly a':no5leded be+ore a notary 7bli'. # 0ad t0e sale reistered 5it0 t0e Reistered o+ Deeds. Neit0er B nor # 5as a5are o+ t0e sale *ade by S to t0e ot0er and neit0er too: 70ysi'al 7ossession o+ t0e lot. W0o is t0e 7resent o5ner o+ t0e lot=
A. B, be'ase 0e 5as t0e 9rst 7r'0aser in ood +ait0. B. #, be'ase 0e reistered t0e sale in ood +ait0 C. Neit0er B nor # D. S, as lon as 0e does not srrender 70ysi'al 7ossession o+ t0e lot.
3/. in e*s Co*7any, &e5elry *an+a'trer, s0i77ed 9!e doen ne':la'es to een e5elry Store. 40e s0i7*ent 5as *ade nder a 5ritten aree*ent allo5in een e5elry Store to retrn t0e ne':la'es 5it0in a 7eriod o+ one *ont0 +ro* deli!ery. Based on t0e +ollo5in +oreoin, 50i'0 o+ t0e +ollo5in state*ents is in'orre't=
A. 4itle to t0e ne':la'es 7assed to een 7on deli!ery. B. I+ een does not retrn t0e ne':la'es 5it0in one *ont0, t0e sale to it be'o*es absolte C. I+ t0e ne':la'e are destroyed by 9re 5it0ot t0e +alt o+ een, een need not 7ay t0e 7ri'e t0ereo+. D. I+ t0e ne':la'e are destroyed t0ro0 t0e +alt o+ een, een *st 7ay t0e 7ri'e t0ereo+ to in e*s Co*7any.
3?. S0en s0i77ed OB Manila ood 5ort0 P(),))).)) to Bore 50o is based in Da!ao. W0ile t0e 'arrier 5as on t0e sto7o!er in Ceb City, S0en 5as in+or*ed by 0is ban: t0at t0e '0e': issed by Bore 5as dis0onored by reason o+ ins'ien'y o+ +nds. e also learned +ro* t0e Credit Brea t0at Bore 0ad be'o*e insol!ent. A''ordinly, S0en noti9ed t0e 'arrier t0at 0e 5as ta:in 7ossession o+ t0e oods. 40e ri0t a!ailed o+ by S0en in t0e sitation is :no5n as t0e ri0t o+8
A. Sto77ae in transit B. sbroation C. atta'0*ent D. arnis0*ent
32. D, o5ner o+ 'ertain oods, de7osited t0e oods 5it0 W, a 5are0ose*an, 50o issed to D a 5are0ose re'ei7t 50i'0 states t0at 40e oods are to be deli!ered to t0e order o+ DJ. D *ay neotiate t0e 5are0ose re'ei7t by any o+ t0e +ollo5in *eans, e6'e7t by8
A. Mere deli!ery B. S7e'ial indorse*ent 'o*7leted by deli!ery C. Blan: indorse*ent 'o*7leted by deli!ery D. Indorse*ent to bearer 'o*7leted by deli!ery.
/). One o+ t0e +ollo5in a'ts *ay be deleated by a 7rin'i7al to 0is aent. W0i'0 is it=
A. "ote drin t0e *eetin a sto':0olders o+ a 'or7oration 50ere t0e 7rin'i7al is a sto':0older. B. Attend *eetins o+ t0e board o+ dire'tors o+ a 'or7oration 50ere t0e 7rin'i7al is a dire'tor. C. Pr'0ase land in t0e P0ili77ines o+ 50i'0 t0e 7rin'i7al is an alien. D. Re7resent t0e 7rin'i7al in a *arriae 'ere*ony 50ere t0e 7rin'i7al is a 7arty to t0e *arriae 'ontra't.
/1. W0i'0 o+ t0e +ollo5in is not a *ode o+ e6tinis0in an aen'y=
A. Deat0, 'i!il interdi'tion, insanity or insol!en'y o+ t0e 7rin'i7al or aent B. A''o*7lis0*ent o+ t0e 7r7ose o+ t0e aen'y C. E67iration o+ t0e 7eriod +or 50i'0 t0e aen'y 5as 'onstitted D. Contined lossess on t0e 7art o+ t0e 7rin'i7al aent
/(. In t0e *atter o+ *anae*ent o+ t0e bsiness a>airs o+ t0e 'or7oration , t0is is s7re*e8
A. Ma&ority o+ t0e sto':0olders B. (K o+ t0e sto':0olders C. Board o+ Dire'tors D. President o+ t0e Cor7oration
/. 40is is t0e e<itable ri0t i+ sto':0olders to sbs'ribe to ne5ly issed s0ares o+ t0e 'or7oration in 7ro7ortion to t0eir 7resent s0ares in order to *aintain t0eir e<ity in t0e 'or7oration.
A. Ri0t o+ rede*7tion B. Con'e7t o+ 'or7orate entity C. Ri0t to se and be sed D. PreFe*7ti!e ri0t
/. 40is is a 5ritten a':no5lede*ent o+ an interest o+ a sto':0older in t0e 'or7oration
A. Pro6y B. S0ares o+ sto': C. Certi9'ate o+ sto': D. Ca7ital sto':
/-. C0oose t0e *ini** re<ire*ent o+ t0e Cor7oration La5 to 'or7orate +or*ation. At0oried 'a7ital, Sbs'ribed 'a7ital and PaidFin Ca7ital res7e'ti!ely.
A. P-),))) P(),))) P-,))) B. P-),))) P(),))) P,))) C. P-),))) P(-,))) P-,)))
D. P-),))) P(-,))) P3,(-)
/3. State*ent No. 18 olders o+ sbs'ribed s0ares not +lly 7aid 50i'0 are not delin<ent s0all 0a!e t0e ri0t o+ a sto':0older.
State*ent No. (8 All 7ersons 50o ass*e to a't as a 'or7oration :no5in it to be 5it0ot at0ority to do so s0all be liable as a eneral 7artners +or all debts, liabilities, and da*aes in'rred or arisin as a reslt t0ereo+.
A. Bot0 are tre. B. Bot0 are +alse. C. No. 1 is tre No. ( is +alse. D. No. 1 is +alse No. ( is tre.
//. State*ent No. 18 40e 7resident o+ a 'or7oration *ay or *ay not be a dire'tor.
State*ent No. (8 A *a&ority o+ t0e *e*bers o+ t0e board o+ dire'tors as 96ed in t0e Arti'les o+ In'or7oration s0all 'onstitte a or*, and e!ery de'ision o+ at least a *a&ority o+ t0e dire'tors 7resent at t0e *eetin s0all be !alid as a 'or7orate a't.
A. Bot0 are tre. B. Bot0 are +alse. C. No. 1 is tre No. ( is +alse. D. No. 1 is +alse No. ( is tre.
/?. W0i'0 o+ t0e +ollo5in 'or7orate a'ts need not be ta:en 7 in a *eetin o+ t0e sto':0olders, e!en 5it0ot *eetin is eno0 to bind t0e 'or7oration=
A. Ado7tion and re7eal o+ t0e byFla5s. B. A*end*ent o+ t0e Arti'les o+ In'or7oration. C. In'rease or de'rease o+ t0e 'a7ital sto':. D. In'rrin, 'reatin or in'reasin bonded indebtedness.
/2. W0i'0 o+ t0e +ollo5in *ay oranie as a 'lose 'or7oration=
A. Minin 'o*7anies B. Oil 'o*7anies C. Bot0 GaH and GbH D. None o+ GaH and GbH
?). 40e +ollo5in are si*ilarities bet5een a 7artners0i7 and a 'or7oration. W0i'0 is t0e e6'e7tion=
A. Bot0 0a!e &ridi'al 7ersonalities se7arate and distin't +ro* t0at o+ t0e indi!idals 'o*7osin t0e* B. Li:e a 7artners0i7, a 'or7oration 'an a't only t0ro0 aents C. Bot0 are oraniations 'o*7osed o+ an areate o+ indi!idals D. 40e indi!idals 'o*7osin bot0 0a!e little !oi'e in t0e 'ond't o+ bsiness
?1. W0i'0 o+ t0e +ollo5in is an essential ele*ent o+ 7artners0i7=
A. 40ere *st be a 'ontribtion o+ *oney, 7ro7erty, or indstry to a 'o**on +nd
B. It *st be an asso'iation +or 7ro9t 5it0 t0e intention to di!ide t0e 7ro9ts a*on t0e*sel!es C. 40ere *st be a !alid and !olntary aree*ent D. All o+ t0e*
?(. #$J is a re'reational 'lb 50i'0 5as oranied to o7erate a ol+ 'orse +or its *e*bers 5it0 an oriinal at0oried 'a7ital sto': o+ P1))M. 40e arti'les o+ in'or7oration nor byFla5s did not 7ro!ide +or distribtion alt0o0 t0ere is a 7ro!ision t0at a+ter its dissoltion, t0e assets s0all be i!en to a '0aritable 'or7oration. W0i'0 o+ t0e +ollo5in state*ent is 4RUE=
A. 40is is a sto': 'or7oration be'ase t0e arti'les o+ In'or7oration did not 7ro!ide +or t0e distribtion o+ di!idends. B. 40e sto':0olders or *e*bers *st a*end t0e Arti'les o+ In'or7oration and state 'learly 50et0er t0e 'or7oration is a sto': 'or7oration or nonFsto': 'or7oration. C. 40is is a nonFsto': 'or7oration be'ase t0e assets a+ter dissoltion are to be i!en to a '0aritable instittion. D. 40is is a nonFsto': 'or7oration be'ase t0e assets a+ter dissoltion are to be i!en to a '0aritable instittion.
?. #J 'o*7any is a sto': 'or7oration 'o*7osed o+ t0e Reyes +a*ily enaed in t0e real estate bsiness. Be'ase o+ t0e reional 'risis, t0e sto':0olders de'ided to 'on!ert t0eir sto': 'or7oration into a '0aritable nonFsto': and nonF7ro9t asso'iation by a*endin t0e arti'les o+ in'or7oration.
aH Cold t0is be leally done= bH Wold yor ans5er be t0e sa*e i+ at t0e in'e7tion, #J 'o*7any is a nonFsto': 'or7oration to a sto': 'or7oration= W0y=
Ans5ers8 AH $es, by a*endin t0e Arti'les o+ In'or7oration. Be it noted t0at t0e sto': 'or7oration is not distribtin assets to t0e sto':0olders.
BH No, be'ase in a nonFsto': 'or7oration t0e *e*bers are not entitled to s0are in t0e 7ro9t.
A. Letter A is +alse Letter B is tre. B. Bot0 ans5ers are +alse. C. Letter A is tre Letter B is +alse. D. Bot0 ans5ers are tre.
?. In ())3, Cor7oration AJ 7assed a board resoltion re*o!in #J +ro* 0is 7osition as *anaer o+ said 'or7oration. 40e byFla5s o+ AJ 'or7oration 7ro!ides t0at t0e o'ers to t0e 7resident, eneralF*anaer, treasrer and se'retary. U7on, 'o*7laint 9led 5it0 SEC, it 0eld t0at t0e eneralF*anaer 'old be re*o!ed by *ere resoltion o+ t0e board o+ dire'tors.
On *otion +or re'onsideration, #J alleed t0at 0e 'old only be re*o!ed by t0e ar*ati!e !ote o+ t0e sto':0olders re7resentin (K o+ t0e otstandin 'a7ital sto':. Is #;sJ 'ontention leally tenable=
A. No, !ote re<ired is *a&ority o+ t0e board and (K OCS 'onsentin. B. $es, !otin re<ire*ents is only (K OCS. C. No, t0e re<ired !ote is MBD 'onsented by MOCS. D. No, !otin re<ire*ent is only *a&ority o+ BOD.
?-. S77ose t0at #J 'or7oration 0as already issed t0e 1))) oriinally at0oried s0ares o+ t0e 'or7oration so t0at its Board o+ Dire'tors and sto':0olders 5is0 to in'rease #;sJ at0oried 'a7ital sto':. A+ter 'o*7lyin 5it0 t0e re<ire*ents o+ t0e la5 on in'rease o+ 'a7ital sto':, #J issed an additional 1))) s0ares o+ t0e sa*e !ale. SJ 7resently 0olds ()) s0ares ot o+ t0e oriinal 1)) s0ares. W0i'0 o+ t0e +ollo5in state*ent is 4RUE=
A. SJ *st be o>ered e<i!alent ()) s0ares nder 0is 7ree*7ti!e ri0t i+ stated in t0e Arti'les o+ In'or7oration.
B. S'0 7ree*7ti!e ri0t s0all only be i!en i+ it is stated in t0e byFla5s o+ t0e 'or7oration. C. 40e in'reased in t0e s0are *st be o>ered 9rst to t0e sto':0olders o+ re'ord nder t0e do'trine o+ 9rst re+salJ. I+ t0ey re+se, it 5ill be o>ered to t0e eneral 7bli'. D. I+ e!er t0ere is a 7ree*7ti!e ri0t, t0e sa*e *st be e6er'ised 5it0in a reasonable ti*e as 96ed by t0e Board o+ Dire'tors i+ t0e Arti'les and t0e byFla5s are silent.
?3. A *eetin o+ *inds bet5een t5o 7ersons 50ereby one binds 0i*sel+ 5it0 res7e't to t0e ot0er to i!e so*et0in or to render so*e ser!i'e is :no5n as8
A. 'ontra't B. obliation C. 'onsent D. sti7lation
?/. 40e staes o+ a 'ontra't a''ordin to t0e order o+ t0e o''rren'e are8
A. birt0, 'on'e7tion, and 'ons**ation B. 'on'e7tion, 'ons**ation, and birt0 C. 'ons**ation, 'on'e7tion, and birt0 D. 'on'e7tion, birt0, and 'ons**ation
??. 40e ele*ents o+ a 'ontra't 5it0ot 50i'0 a 'ontra't 5old not e6ist are :no5n as8
A. a''idental ele*ents B. essential ele*ents
C. s7e'ial ele*ents D. natral ele*ents
?2. A 'onsensal 'ontra't 0as t0e +ollo5in essential ele*ents8
A. 'onsent o+ t0e 'ontra'tin 7arties, ob&e't 'ertain and 'ase or 'onsideration B. 'onsent o+ t0e 'ontra'tin 7arties, ob&e't 'ertain, 'ase or 'onsideration and deli!ery o+ t0e ob&e't C. 'onsent o+ t0e 'ontra'tin 7arties, ob&e't 'ertain, 'ase or 'onsideration and +or*alities re<ired by la5 D. 'onsent o+ t0e 'ontra'tin 7arties, ob&e't 'ertain, deli!ery o+ t0e ob&e't, and +or*alities re<ired by la5
2). A real 'ontra't 0as t0e +ollo5in essential ele*ents8
A. 'onsent o+ t0e 'ontra'tin 7arties, ob&e't 'ertain and 'ase or 'onsideration B. 'onsent o+ t0e 'ontra'tin 7arties, ob&e't 'ertain, deli!ery o+ t0e ob&e't, and +or*alities re<ired by la5 C. 'onsent o+ t0e 'ontra'tin 7arties, ob&e't 'ertain, 'ase or 'onsideration and +or*alities re<ired by la5 D. 'onsent o+ t0e 'ontra'tin 7arties, ob&e't 'ertain, 'ase or 'onsideration and deli!ery o+ t0e ob&e't
Do yo 5ant to add yor re!ie5 <estionnaires to or database= Cli': 0ere.
Re*ainin 4i*e 8 )18--81?
Bsiness La5
SED
21. A sole*n or +or*al 'ontra't 0as t0e +ollo5in essential ele*ents8
A. 'onsent o+ t0e 'ontra'tin 7arties, ob&e't 'ertain, 'ase or 'onsideration and +or*alities re<ired by la5 B. 'onsent o+ t0e 'ontra'tin 7arties, ob&e't 'ertain, 'ase or 'onsideration and deli!ery o+ t0e ob&e't C. 'onsent o+ t0e 'ontra'tin 7arties, ob&e't 'ertain and 'ase or 'onsideration D. 'onsent o+ t0e 'ontra'tin 7arties, ob&e't 'ertain, deli!ery o+ t0e ob&e't, and +or*alities re<ired by la5
2(. Ele*ents t0at a''o*7any 'ertain 'ontra'ts nless set aside or s77ressed by t0e 7arties are :no5n as8
A. essential ele*ents B. a''idental ele*ents C. natral ele*ents D. oriinal ele*ents
2. 40e 5arranty aainst 0idden de+e'ts in a 'ontra't o+ sale is an e6a*7le o+8
A. sti7lated ele*ent
B. a''idental ele*ent C. oriinal ele*ent D. natral ele*ent
2. W0at re+ers to 7arti'lar sti7lations o+ t0e 7arties in a 'ontra't=
A. Essential ele*ents B. Natral ele*ents C. In0erent ele*ents D. A''idental ele*ents
2-. W0i'0 o+ t0e +ollo5in is a natral ele*ent o+ a sales 'ontra't=
A. 4er*s o+ 7ay*ent B. Rate o+ interest C. Pla'e o+ deli!ery D. Warranty aainst e!i'tion
23. W0at re+ers to a 'ontra't t0at 'an stand by itsel+=
A. a''essory 'ontra't B. 'o**tati!e 'ontra't C. ratitos 'ontra't D. 7rin'i7al 'ontra't
2/. A 'ontra't t0at does not 0a!e any s7e'ial na*e nder t0e la5 is :no5n as=
A. no*inate 'ontra't B. no*inal 'ontra't C. s7e'ial 'ontra't D. inno*inate 'ontra't
2?. A 'ontra't 50ere bot0 7arties are re<ired to do or i!e so*et0in is :no5n as=
A. bilateral 'ontra't B. nilateral 'ontra't C. ratitos 'ontra't D. 'o**tati!e 'ontra't
22. A 'ontra't 50ere t0e 7arties 'onte*7late a real +l9ll*ent, 0en'e, e<i!alent !ales are i!en is :no5n as=
A. aleatory 'ontra't B. ratitos 'ontra't C. oneros 'ontra't D. 'o**tati!e 'ontra't
1)). 40e 'ontradi'tin 7arties *ay establis0 s'0 sti7lations, 'lases, ter*s and 'onditions as t0ey *ay dee* 'on!enient 7ro!ided t0ey are not 'ontrary to la5, *orals, ood 'sto*s, 7bli' order or 7bli' 7oli'y. 40is is :no5n as t0e 7rin'i7le o+=
A. obliatory +or'e o+ 'ontra't B. *tality o+ 'ontra't