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If the fulfillment of the valid resolutory condition depends upon the sole will of the debtor:
a. The obligation is valid but the condition is disregarded
b. Both the obligation and condition will be void
c. Both the obligation and condition will be valid
d. The obligation will be void but the condition will be valid
2. In pro-indiviso, an agricultural land is owned by Jude and Myles, with the latter selling his share to Emma, an
owner of the adjoining lot. When Jude learned of the sale, he tried to redeem the same by reimbursing the buyer
with the price and incurred expenses. Determine the FALSE statement:
a. Jude can compel Emma to permit redemption
b. A co-owner of a thing may exercise the right of redemption in case the shares of the other co-owners or any
one of them are sold to a third person
c. The sale is valid but Jude can elect to exercise his right of redemption
d. The sale is valid and as adjoining lot owner, he is the one entitled to redemption
3. A contract wherein there are already entries (take it or leave it contract) in the instrument, parties having no choice
but to accept or reject:
a. Contract of Adhesion
b. Auto Contract
c. Consensual Contract
d. Real and Ready Contract
4. Both A and B promised to deliver a particular car to C valued at P200,000. If demand is made by C from A and B,
with the latter being the only one willing to deliver, C has this right:
a. To ask B for the delivery of the car because it is indivisible
b. To ask for total rescission because of their failure to deliver what is incumbent upon them
c. To ask from both A & B the monetary consideration of P200,000 (value of car) plus damages
d. To ask from A the payment of damages
5. SANTINO, a minor, owns a bracelet valued at P50K. BUNGAW, fully capacitated, by means of fraud induced the
former to sell to him the bracelet for P30K, which the minor did and delivered to the buyer. The contract was not
reduced in writing. Select the best statement from the following:
a. The contract is valid and BUNGAW is the owner of the bracelet
b. The contract is unenforceable, falling under the Statute of Frauds
c. The contract is rescissible, the ward suffered lesion by more than of the value of the thing
d. The contract is voidable, BUNGAW can ask for annulment within the period prescribed by law
6. A sold her necklace for P3K to B. Delivery was made by the seller but the buyer failed to pay the price. Was there
delay on the part of the buyer?
a. Yes, because demand would be useless
b. Yes, demand is not necessary
c. No, unless there is a stipulation
d. No, unless there was demand made previously
7. The agreement between the pledgor/mortgagor and the pledgee/mortgagee stipulating that ownership of the thing
will be transferred to the latter in case of default on the former:
a. Pactum commissorium
b. Payment by cession
c. Dacion en pago
d. Tender of payment
8. The phrase as much as he deserves means:
a. In pari delicto
b. Quantum meruit
c. Quantum valebant
d. Sine qua non

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9. Not extinguishing as obligation:
a. Loss of the thing due
b. Legal compensation
c. Condonation made by the creditor with acceptance on the part of the debtor
d. Payment made by the debtor in good faith to a person in possession of the promissory note
10. Specific performance is not legally available:
a. Obligation to repair the roof of the house of a client
b. Obligation to give support
c. Obligation to give a specific thing
d. Obligation to give a generic thing
11. A & B mutually & orally promised to marry each other under the coconut tree. The agreement is:
a. Unenforceable, because the agreement was not made in writing
b. Unenforceable, because the place, where the mutual promise was made, was not proper
c. Enforceable, because this is not covered by the Statute of Frauds
d. Enforceable, hence, A can compel B to marry her
12. The Agent can be the lender if he is authorized by the Principal to borrow money in this case:
a. At the current interest rate
b. Only is there is no other willing lender
c. As long as he does not charge interest
d. If prior consent of the principal is obtained
13. The properties (that can be levied) of the debtor are transferred to the creditors to be sold, with the proceeds to be
applied to the debts:
a. Pledge
b. Payment by Cession
c. Dacion en pago
d. Chattel mortgage
14. The vendor shall be liable if due to a disease already existing in the animal at the time of sale, such animal dies
within how many days after the purchase?
a. 1 day
b. 3 days
c. 9 days
d. 40 days
15. A promised to give B P10K if B will hear mass for 10 consecutive Sundays. This is a:
a. Civil Obligation
b. Natural Obligation
c. Moral Obligation
d. Religious Obligation
16. The theory of a corporation fiction may be disregarded under the doctrine of piercing the veil of corporate entity,
when the concept of the legal entity be used is:
a. To defeat public convenience
b. To protect fraud
c. To evade or violate a contract or law
d. All of these
17. Founder's Shares:
a) Are given to the organizers or founder of the corporation
b) May be given special rights and privileges not enjoyed by the owners of other shares
c) May be given the exclusive right to vote and to be voted for in the election of the directors for the period not
exceeding 5 years
d) All of the above

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18. Redeemable shares:
a. May be issued only when expressly provided in the Articles of Incorporation
b. May be deprived of the right to vote
c. May be purchased or taken up by the corporation upon the expiration of the fixed period regardless of the
existence of unrestricted retained earnings.
d. All of the above
19. Treasury shares:
a. Shall have no voting right as long as they remain in the treasury
b. Are not entitled to participate in the distribution of dividends
c. Are not part of the outstanding capital stock
d. All of the above
20. The holders of non-voting shall be entitled to vote on the following, EXCEPT:
a. Amendment of the Articles of Incorporation
b. Sale, lease, mortgage or other disposition of all or substantially all of the corporate properties
c. Incurring, creating or increasing bonded indebtedness
d. None of the above
21. Which of the following is not an element of a partnership?
a. There must be a written contract.
b. There must be a mutual contribution of money, property, or industry to a common fund.
c. There must be intent to engage in lawful business, trade or profession.
d. The purpose must be to secure profits and to divide the same among the partners.
22. Every contract of partnership having a capital of P3,000 or more in money or property shall appear in a public
instrument which must be recorded in the SEC; failure to comply with the said requirements:
a. Will not affect the liability of a partnership and the members thereof to third persons.
b. Will render the partnership void.
c. Will not give the partnership a legal personality.
d. Will give the partnership a de facto existence.
23. A partnership:
a. Is created by agreement of the partners.
b. Has juridical personality separate and distinct from that of each of the partners.
c. May be constituted in any form, except where immovable property or real rights are contributed thereto, in
which case, a public instrument shall be necessary.
d. All of the above.
24. May contribute money, property or industry to the common fund:
a. Limited partner
b. General partner
c. Both limited and general partners
d. None of them
25. The receipt by a person of a share of the profits of a business is prima facie evidence that he is a partner in the
business, except where such profits were received in payment:
a. As a debt by installment
b. As wages of an employee or rent to a landlord
c. As an annuity to a widow or representative of a deceased partner
d. All of the above
26. A corporation created in strict or substantial conformity to the governing corporation statutes, and whose rights to
exist and act as such cannot successfully attack in a direct proceeding for that purpose by the state is called:
a. De jure corporation
b. De facto corporation
c. Corporation by estoppels
d. None of the above
27. A private corporation commences to have a corporate existence and judicial personality from the date:
a. The officers of the corporation are elected
b. The incorporators sign and file the Articles of Incorporation with the SEC
c. The by-laws are approved by the SEC
d. The SEC issues a certificate of incorporation

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28. The following defects will preclude the creation of even a de facto corporation:
a. The name of the corporation closely resembles that of a pre-existing corporation that it will tend to deceive the
b. The incorporators or a certain number of them are not residents of the Philippines
c. Lack of Certificate of Incorporation from the SEC
d. Answer not given
29. A partnership without a definite period of existence and which can be dissolved at any time by any of the partners is
a. Universal partnership of all present property
b. Universal partnership of profits
c. Particular partnership
d. None of the above
30. Bears the risk of things contributed to the partnership:
a. Contributing partner
b. Limited partner
c. Partner contributing usufructuary rights
d. All of the above
31. In real estate mortgage, the mortgagor can sell the property mortgaged:
a. Only if with the oral consent of the mortgagee
b. Only if with the written consent of the mortgagee
c. If not prohibited to sell
d. Even without the consent of the mortgagee
32. Elements of contracts of pledge and mortgage, except:
a. Pledgor or mortgagor must be the absolute owner
b. Pledgor or mortgagor must have the free disposal of the thing pledged
c. The thing pledged or mortgaged may be appropriated if the debtor cannot pay
d. Pledge and mortgage are accessory contracts
33. A borrowed P100,000 from B with As ring given to B by way of pledge. It was stipulated that in case of non-
payment on due date, the ring would belong to B. This forfeiture is:
a. caveat emptor
b. dacion en pago
c. pactum comisorio
d. pacto de retro
34. A borrowed P100,000 from B, and as a security, A pledged his ring to B. After the obligation falls due, A goes to B
relinquishing ownership of the pledged in favor of B. This is
a. caveat emptor
b. dacion en pago
c. pactum comisorio
d. pacto de retro
35. A borrowed P30,000 from B, and as a security, he pledged his ring, pair of earrings and necklace. On due date, A
paid P20,000.00, as a result,
a. A can demand the return of one (1) of the things pledged
b. A can demand the return of any two (2) of the things pledged
c. A can demand the return of the ring
d. A cannot demand the return of any of the things pledged

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