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WAVE 3: BUSINESS LAW

Choose the best answer. 6. On January 1, 2010, D obtained a


1. D owes C P20, 000.00 due on loan of P100, 000.00 from C. The
March 15. C, on the other hand, loan is secured by a chattel
owes D the following debts: P8, mortgage on Ds car and is payable
000.00 due on March 1; P3, 000.00 on December 31, 2010. On
due on March 8; P5, 000.00 due on September 26, 2010, the car was
March 14. On March 12, C assigned taken at gunpoint from D while he
his right to T with notice to D but was starting its engine at the
with D not giving his consent to the parking lot of a department store.
assignment. On March 15, T can a. Ds loan is extinguished.
collect from D: However, D must give a
a. P20, 000.00 property which C may sell to
b. P9, 000.00 satisfy his claim.
c. P4, 000.00 b. Ds loan is subsists. However, C
d. None, because the assignment may demand its immediate
made by C was without the payment unless D gives
consent of D. another security.
Items 9, 10 and 11 are based on the c. Ds loan obligation subsists.
following information: However, C may not demand
A and B are indebted to X and Y for immediate payment since the
P10, 000.00. A and B share in the loss of the security was without
debt in the ratio of 1:3; while X and the fault of D. D, moreover is
Y share in the credit in the ratio not required to give a new
2:3. security.
2. How much may X collect from A if d. Ds loan obligation is
the debtors are joint debtors while extinguished together with the
the creditors are joint creditors? mortgage since the loss of the
a. P10, 000.00. car was without the fault of D.
b. P2, 500.00. 7. Salas and Bersamin entered into a
c. P4, 000.00. contract whereby Salas would
d. P1, 000.00. deliver 5 pieces of genuine Rolex
3. How much may X collect from A if wristwatches to Bersamin. Salas
there is active solidarity? proposed to Bersamin that should
a. P10, 000.00. Salas deliver 5 units of fake pieces
b. P2, 500.00. of Rolex wristwatches by reason of
c. P4, 000.00. financial difficulties on his part,
d. P1, 000.00. Bersamin would not sue him for
4. How much may X collect from A if damages on the ground of fraud.
there is passive solidarity? Bersamin accepted the proposal.
a. P10, 000.00. On due date, Salas delivered 5
b. P2, 500.00. pieces of fake Rolex wristwatches.
c. P4, 000.00. Upon discovery of the fraud,
d. P1, 000.00. Bersamin sues Salas for damages.
5. D owes C the following debts: P3, Salas contends that he cannot be
000.00 due on August 10; P3, held liable for damages because
000.00 due on August 15; P3, Bersamin waived his right to hold
000.00 due on August 20; and him (Salas) liable on the ground of
P3,000.00 due on August 25 which fraud if the reason thereof is the
is secured by a pledge of Ds ring. financial difficulties of Salas
If today is August 22, and D pays C a. Bersamin cannot sue Salas for
P3,000.00 with neither D nor C damages because the reason
designating the debt to which the for the waiver is valid, i.e.,
payment shall apply, the payment financial difficulties of Salas,
shall be applied: which is a valid reason for the
a. To the debt due on August 10, waiver.
following the first-due, first- b. Bersamin can sue Salas for the
pay basis. annulment of the contract since
b. To the debts due on August 10, it is voidable.
August 15, and August 20, c. Bersamin can sue Salas for
proportionately at P1, 000.00 damages because the waiver
each. he made is void. Nonetheless,
c. To the debt due on August 25, the contract is valid.
since it is the most onerous to d. Bersamin can sue Salas for the
D. rescission of the contract since
d. To all the debts proportionately it is rescissible.
at P750.00 each.
8. The following are obligations with a informed Ace that will bill the latter
term or period, except for the Remington typewriters at
a. D to give C P50, 000.00 on P8, 000.00 only. Ace refused to
December 1, 2011. accept the Remington
b. D to give C P50, 000.00 on typewriters.
Christmas day next year. a. Central can compel Ace to
c. D to give C P50, 000.00 upon accept the Remington
the death of Cs father. typewriters since they are of
d. D to give C P50, 000.00 if Cs superior quality.
father dies within 2 years. b. Central cannot compel Ace to
9. A, B and C are liable in solidum to X accept the Remington
for P12, 000.00. X renounced the typewriters although they are of
share of A who accepted it. Later, B superior quality.
becomes insolvent. c. Central can compel Ace to
a. X can collect from C P8, 000.00. accept the Remington
b. X can collect from C P4, 000.00. typewriters since Ace is
c. X can collect from C P12, required to pay only the price of
000.00. Borden typewriters.
d. X can collect nothing from C. d. Central can compel Ace to
10. On May 31, 2009, D promised to accept the Remington
give a specific horse and lot to C if typewriters since all that is
C passes the Bar Examination. On required of Central is to deliver
September 24, 2009, C took the a typewriter that can perform
Bar Examination. The result of the the same function as the one
Bar Examination which C took was ordered.
released on March 26, 2010 and C 13. D owes C P20, 000.00 due on
passed it. C shall be entitled to the March 25. C, on the other hand,
house and lot: owes D the following debts: P8,
a. on May 31, 2009 000.00 due on March 1; P3, 000.00
b. on September 24, 2009 due on March 8; P5, 000.00 due on
c. on March 26, 2010 March 14; and P2, 000.00 due on
d. when he receives his rating March 24. On March 18, C assigned
11. D has a grains in Davao, while C his credit right to T without
has a grains warehouse in Cebu. D informing D who learned of the
borrowed 10 sacks of rice worth assignment on March 20. On March
P10, 000.00 from C for Ds 25, T may collect from D:
customer in Cebu. Later, C a. P20, 000.00
borrowed 10 sacks of rice which b. P2, 000.00
was also worth P10, 000.00 from D c. P4, 000.00
for Cs customer in Davao. Both the d. None, because the assignment
obligations are already due. made by C was without the
Transport costs to Davao amount to knowledge of D.
P1, 000.00, while those for Cebu 14. D owes C the following debts: P5,
amount to P800.00. 000.00 due on January 1; P7,
a. D and C need not pay each 000.00 on January 5; P8, 000.00
other since their debts due on January 10; P10, 000.00
compensated each other. due on January 15; and P5, 000.00
b. D and C need not pay each due on January 20. By agreement
other since their debts of the parties, D was given the
compensated each other, benefit of the period. As of January
except for the delivery charges 17, D has not paid any of the
which C must pay to D in the debts. He has P5, 000.00 which he
amount of P200.00 (P1, 000.00 wants to remit to C.
less P800.00). a. D may apply the payment to
c. Compensation cannot take any of the five debts.
place because the debts are b. D may apply the payment to
payable at different places. any of the four debts that have
d. D must pay C P10, 800.00 while become due as of January 17.
C must pay D P11, 000.00. c. D may apply the payment
12. Ace Realty Company (Ace) ordered either to the debt due on
6 units of Borden typewriters from January 1 or January 20.
Central Office Machines (Central) at d. D may apply the payment only
the price of P8, 000.00 per unit. to the debt due on January 1.
However, Central delivered to Ace 15. Refer to the preceding number.
6 units of Remington typewriters, Assume that D did not designate
a superior brand, which was priced the debt to which the payment
at P8, 500.00 per unit. Central shall apply. In this case:
a. C may apply the payment to monetary obligation to pay the
any of the five debts. value of the horse plus
b. C may apply the payment to damages.
any of the four debts that have d. If the debtors default in their
become due as of January 17. obligation because C is
c. C may apply the payment insolvent, A and B will be liable
either to the debt due on for Cs share of the obligation.
January 1 or January 20 only 19. S, a supplier of fresh fish from
since the amount of the Lucena City, hired T, the owner of a
payment is the same as the trucking company, for a fee of P3,
amount of each debt. 000.00 to bring the fish catch of S
d. C may apply the payment to to the Dampa Market in Paraaque
the debt due on January 1 only. City which ordered the fish for a
16. Refer to No. 16. Assume the price of P20, 000.00. In so far as S
creditor did not also designate the is concerned, his prestation in his
debt to which the payment shall contract with T is:
apply. In such a case: a. The sale of the fish.
a. Payment shall be applied b. The transport of the fish.
proportionately to the five c. The payment of P3, 000.00.
debts. d. The payment of P20, 000.00.
b. Payments shall be applied 20. Refer to the preceding number. In
proportionately to the four the contract between S and T:
debts that have become due as a. S is the obligor and T is the
of January 17. obligee.
c. Payment shall be applied only b. S is the obligee and T is the
to the debt due on January 1 obligor.
since it is the first that has c. Both S and T are obligors and
become due. obligees of each other.
d. Payment shall be applied d. The Dampa Market is the
proportionately to the debt due obligee of both S and T.
on January 1 and January 20 21. Which of the following is a
since the amount of each debt characteristic of expromision but
is of the same amount as the not of delegacion?
payment. a. It is made with or without
the consent of the debtor.
17. A, B and C are solidary debtors of X b. The third person who makes
in the amount of P3, 000.00. X the payment to the creditor
renounces the share of A and A is always entitled to
accepts the renunciation. subrogation.
Thereafter, B becomes insolvent. c. In case of insolvency of the
Ultimately: new debtor, the creditor
a. C alone will shoulder the may still be recover from
balance of P2, 000.00. the original under certain
b. A will shoulder P500.00 while C circumstances.
will shoulder P1, 500.00. d. It is initiated by the debtor
c. C will shoulder only his share of himself.
P1, 000.00. A will no longer 22. D borrowed P50,000 from C. on due
shoulder any amount since his date, D did not have any money to
share was already renounced pay the debt so he proposed to C
by X. that the latter accept a
d. A will shoulder P1, 000.00, Technomarine watch to settle the
while C will shoulder P1, debt. C accepted the proposal and
000.00, for the remaining received the watch. Immediately
balance of P2, 000.00. after receiving the watch, C sold it
18. A, B and C are obliged to deliver a to B. Ds obligation to give P50,000
specific horse to X, Y, and Z. to C is extinguished by:
a. A demand made by X against A, a. Payment by cession.
B and C is a valid demand b. Barter
against all the debtors. c. Dacion en pago
b. A demand made by X, Y and Z d. Sale
against A is a valid demand 23. Evaluate the following statements:
against all the debtors. I. One peso, P5 and P10 coins
c. If a valid demand is made are legal tender up to P100.
against all the debtors but II. One centavo, P.05, P.10 and
debtor C cannot comply with P.25 centavo coins are valid
his part of the obligation, the tender up to P1,000.
obligation is converted into a a. Only statement I is correct.
b. Only statement II is correct. a. The original obligation of D is
c. Both statements are correct. an obligation with a period.
d. Neither statement is b. The original obligation of D is
correct. extinguished by novation.
24. A, an agent of P, owes B P20,000. c. The right to choose the item to
B, on the other hand, owes P, be given belongs to C.
P20,000. Both debts are due. d. The new obligation is an
a. P may claim legal alternative obligation.
compensation. 29. D borrowed P50 000 from C. The
b. A may claim legal debt, which is payable within one
compensation. year, is secured by a mortgage that
c. B may claim legal D constituted on his lot. The
compensation. mortgage is recorded in the
d. Neither P, A nor B may Registry of Property. C dies before
claim legal compensation. the due date of the debt and was
25. I. a stipulation that an obligation not able to collect any amount of
shall be paid in a currency other his loan receivable from D. he was
than the Philippine legal tender is survived by S, his only son and
void. heir. D, taking advantage of the
II. A cashiers check is as good as situation, sold the lot to T who was
cash, hence, it is legal tender. not aware of the mortgage
a. Only statement I is correct. constituted thereon.
b. Only statement II is correct. a. The mortgage is not binding on
c. Both statements are correct. T since he was not aware of it
d. Neither statement is at the time he bought the lot.
correct. b. S, the son of C, has the right to
26. A, B, and C are solidary debtors of collect the amount of the note
X in the amount of P30 000. C was from D and foreclose the
insane at the time the obligation mortgage if the D cannot pay.
was constituted. c. The mortgage is not binding on
a. X may possibly collect from A T since D was in bad faith
the amount of P30 000. when he sold the lot to T.
b. X may possibly collect from A d. The rights to collect the loan
the amount of P20 000. and foreclose the mortgage
c. X may possibly collect from A were extinguished upon the
the amount of P10 000. death of C.
d. X may not be able to collect 30. On January 1, 2010, D and C
anything from A since the agreed that D would deliver to C a
insanity of C at the time the specific agricultural land on July 1,
obligation was constituted 2010. From January 1 to June 30,
rendered the whole obligation 2010, D harvested palay from the
voidable. land worth P20 000.00. D actually
27. The following statements delivered the land to C on
concerning payment by cession are September 30, 2010. At the time,
true, except: crops valued at P15 000.00 that
a. The creditors become the grew beginning on July 1, 2010
owners of the properties of the remained unharvested. C had a
debtor that were ceded to personal right against D for the
them. delivery of the thing and its fruits
b. Payment by cession beginning on:
extinguishes the obligations a. January 1, 2010
only to the extent covered by b. June 30, 2010
the proceeds of the sale of the c. July 1, 2010
debtors properties d. September 30, 2010
c. The debtor must be insolvent 31. C acquired a real right over the
d. It affects all the properties of thing and its fruits on:
the debtor except those a. January 1, 2010
exempt from execution b. June 30, 20120
28. D obtained a loan of P50 000 from c. July 1, 2010
C. The same is payable after 60 d. September 30, 2010
days. On due date, D, not having 32. D appointed C as his agent to
sufficient cash, offered to give purchase a parcel of land belonging
either his ring or his bracelet to C. to X. D promised to give a
C accepted the offer. Based on the commission of P10 000.00 to C if C
foregoing facts, which of the can present to D the deed of
following statements is incorrect? absolute sale signed by X in favor
of D on or before December 31,
2010. The condition of the c. Obligation under the note is
obligation is: extinguished only up to P20, 000.
a. Negative d. No part of the obligation is
b. Positive extinguished.
c. Impossible 35. D owes C P6000 which is due on
d. No condition exists January 10, and another debt of
33. Refer to No. 32. Which of the P12000 which is due on January 20.
following statements is incorrect? Both debts are unsecured and non-
a. Ds obligation is extinguished if interest bearing and are already
it is already January 1, 2011 due. D, however, has only P3000
and c has not yet presented to which he gives to C without
D the deed of absolute sale informing C as to which debt the
signed by X. payment shall apply. C also did not
b. Ds obligation is extinguished indicate on the receipt he issued to
on December 5, 2010 if X dies D to which of the two debts the
on such date without his having payment shall apply. In this case,
signed the deed of absolute a. The payment of P3000 shall be
sale. applied to the debt due on January
c. Ds obligation is demandable if 10 because it was the first to
C presents to D on or before become due.
December 31, 2010 the deed of b. The payment of P3000 shall be
absolute sale duly signed by X. applied to the debt due on January
d. Ds obligation is demandable if 20 because it is of greater amount.
it is already January 1, 2011 c. Payment cannot be applied to
and C has not yet presented to either of the two debts because it
D the deed of absolute sale is incomplete.
duly signed by X. d. The payment of P3000 shall be
34. A, B, and C are liable to X in the applied proportionately in the
amount P30, 000.00. The debt is amount of P1000 to the debt due
evidenced by a promissory note on January 10 and P2000 to the
which reads I promise to pay X or debt due on January 20.
order P30, 000.00. The note is
signed by A, B, and C. X indorsed
the note to Y, Y to Z to A for
merchandise Z bought from A.
a. Obligation under the note is
totally extinguished.
b. Obligation under the note is
extinguished only up to P10, 000.