iCARE 1st Pre-board RFBT
47.The following information were provided regarding the operation of ABC Credit Cooperative for the year ended December 31, 2023 which has been in operation for more than 10 years: Interest income on loan 845,000 Service fees 47,000 Membership fees 2,000 Operating Expenses 311,000 What is the total statutory reserves of the net surplus of ABC Credit Cooperative? a. P174,900 b. P116,600 c. P58,300 d. P233,200
A
54.A, B and C wrote a promissory note which states "We promise to pay P60,000 to D and E." At the maturity date of the obligation, A paid P60,000 to D. How much may A ask for reimbursement from B assuming C becomes insolvent? a. P10,000 b. P15,000 c. P20,000 d. P30,000
A
57.In determining the exact moment of perfection of contract entered through letter or telegram, what is the theory being followed by the New Civil Code of the Philippines? a. Cognitive theory b. Expedition theory c. Manifestation theory d. Reception theory
A
58.In which of the following instances is demand necessary in order to delay on the part of the debtor to exist? a. When the debtor delivers the wrong object on the maturity date of the obligation b. When the debtor renders it beyond his power to perform the prestation c. When time is of the essence in the performance of the obligation d. When one of the debtors is ready to fulfill his prestation in a reciprocal obligation and the other is not yet ready
A
70.What is the quorum for validity of meeting of general assembly in an ordinary cooperative? a. At least twenty-five per centum (25%) of all the members entitled to vote. b. At least five per centum (5%) of all the members entitled to vote. c. At least 3/4 (75%) of all the members entitled to vote. d. At least majority (50% plus one) of all the members entitled to vote.
A
74.It is a fund of cooperative that shall be used for the stability of the cooperative and to meet net losses in its operations. a. Reserve fund b. Education and training fund c. Community development fund d. Revolving capital
A
79.What is the required vote for voluntary dissolution of a cooperative? a. By a majority vote of the board of directors, and by a resolution duly adopted by the affirmative vote of at least three-fourths (3/4) of all the members with voting rights, present and constituting a quorum at a meeting to be held upon call of the directors b. By a majority vote of the board of directors, and by a resolution duly adopted by the affirmative vote of at least two-thirds (2/3) of all the members with voting rights, present and constituting a quorum at a meeting to be held upon call of the directors c. By a majority vote of the board of directors, and by a resolution duly adopted by the affirmative vote of at least majority (50% plus one) of all the members with voting rights, present and constituting a quorum at a meeting to be held upon call of the directors d. By a majority vote of the board of directors, and by a resolution
A
81.In the absence of provision in the articles of co-partnership, which partner may be validly removed for engaging in another business without the express consent of the partner? a. Industrial partner when he engages in a business different from that of the partnership b. Capitalist partner when he engages in a business of the same kind of that of the partnership c. Both a and b d. Neither a nor b
A
Which of the following will extinguish both the accessory contract of pledge and the secured principal contract of loan? a. Sale in public auction of the thing pledged at net proceeds lower than the amount of the secured loan b. Appropriation by the pledgee of the thing pledged in case of default by the principal debtor c. Return of the thing pledged to the pledgor by the pledgee d. Renunciation in writing by the pledgee of the contract of pledge
A
Which principle of contract provides that as a general rule, contract takes effect only between contracting parties, their heirs and assignees? a. Relativity of contract b. Mutuality of contract c. Autonomy of contract d. Obligatory force of contract
A
15.In case of doubt or ambiguity of incidental circumstances of contract of sale, how shall the doubt or ambiguity be resolved? a. In favor of least transmission or rights b. In favor of greatest reciprocity of interests c. In favor of greatest transmission or rights d. In favor of least reciprocity of interests
B
21.Art, Ben and Carlo established ABC Ltd. Partnership. Art is a general-capitalist partner while Ben is an industrial partner. On the other hand, Carlo is a limited partner. After several years of operation, ABC Ltd. Partnership became bankrupt and unpaid debts to partnership creditors amount to P30,000 remained. How much may the partnership creditors collect from the separate assets of partner Art, Ben and Carlo, respectively, assuming all of them are personally solvent? a. P10,000 - P10,000 - P10,000 b. P15,000 - P15,000 - P0 c. P30,000 - P0 - P0 d. P15,000 - P0 - P15,000
B
37.Which of the following statements about seller's liability for hidden defect is correct? a. The seller is not liable for selling object with hidden defect if the cause of the loss of the thing is the fault of the buyer. b. The seller is liable for selling object with hidden defect whether or not he was aware of the hidden defect. c. The seller is only liable for selling object with hidden defect if he was aware of the hidden defect. d. The seller is only liable for selling object with hidden defect if he the cause of the loss of the thing is the hidden defect itself.
B
42.Which of the following is not an essential requisite in order for the seller to be liable in case of death of animal purchased by the buyer? a. The animal must die within three (3) days from the date of purchase. b. The disease of the animal must be redhibitory. c. The disease must exist at the time of purchase. d. The disease must be the cause of death of the animal.
B
56.In contract of comodatum, what is the consideration of the contract? a. The service remunerated b. The generosity of lender c. The valuable consideration d. None of the above
B
59.Which of the following statements about obligations is true? I. The debtor has the incidental legal obligation to observe a diligence of a good father of a family in preserving the generic thing in obligation to deliver an indeterminate thing. II. In solidary obligation, the co-solidary creditor may sell his interest in the obligation without the consent of other co-solidary debtors. III. In obligation with a period, it is legally presumed that the period is for the benefit of both debtor and creditor. IV. In facultative obligation, the right choice can never be granted to the creditor. a. I, III and IV b. III and IV c. I, II and III d. II, III and IV
B
60.Which of the following statements about contracts is false? I. Contract entered into during a state of drunkenness or hypnotic spell is rescissible. II. A qualified acceptance constitutes a counter offer. III. The death, insanity, civil interdiction or insolvency in either the offeror or offeree before acceptance makes the offer ineffective. IV. Rescissible contract is capable of ratification. a. I and IV b. I only c. II and III d. III and IV
B
65.Which managing partner may not be validly removed by the controlling partner in the absence of justifiable cause? a. Managing partner appointed after the execution of articles of co-partnership b. Managing partner appointed in the articles of co-partnership c. Managing partner appointed by the controlling partner d. Managing partner unanimously appointed by all partners
B
67.Which of the following is not a function of federation of cooperatives? a. To carry on, encourage, and assist educational and advisory work relating to its member cooperatives b. To develop the cooperative movement in their respective jurisdictions c. To print, publish, and circulate any newspaper or other publication in the interest of its member cooperatives and enterprises d. To render services designed to encourage simplicity, efficiency, and economy in the conduct of the business of its member cooperatives and to facilitate the implementation of their bookkeeping, accounting, and other systems and procedures
B
68.Which of the following shares of stocks may be held by associate members of the cooperative? a. Common stocks b. Preferred stocks c. Both a and b d. Either a or b
B
75.The State recognizes this cooperative principle under which the cooperative sector will initiate and regulate within its own ranks the promotion and organization, training and research, audit and support services relative to cooperatives with government assistance where necessary. a. Principle of voluntary and open membership b. Principle of subsidiarity c. Principle of member economic participation d. Principle of autonomy and independence
B
80.What is the maximum term of a cooperative? a. It has perpetual existence. b. Fifty (50) years c. Five (5) years d. Twenty (20) years
B
83.D obliged himself to deliver a specific laptop or a specific cellphone or a specific tablet to C. Before the maturity of the obligation, D intentionally destroyed the specific laptop. On the maturity of the obligation, the specific cellphone was stolen by armed men from D. Which of the following statements is correct? a. C has the option to choose between the value of specific laptop plus damages or the tablet without damages. b. The obligation of D becomes a simple obligation. c. The obligation of D is extinguished by fortuitous event. d. None of the above.
B
86.Which of the following statements in an obligation with a penal clause is incorrect? a. The judge shall equitably reduce the penalty when the principal obligation with a penal clause has been partly or irregularly complied with by the debtor. b. In obligations with a penal clause, the creditor can never have both penalty for noncompliance and indemnity for damages because the former substitutes for the latter. c. Proof of actual damages suffered by the creditor is not necessary in order that the penalty may be demanded in obligation with a penal clause. d. Even if there has been no performance of obligation with a penal clause, the penalty may also be reduced by the courts if it is iniquitous or unconscionable.
B
87.What is the legal interest rate for the year ended December 31, 2013? a. 6% b. 9% c. 12% d. 24%
B
97.If at the time the contract of sale is perfected, the thing which is the object of the contract has been entirely lost, which is true? a. The buyer will suffer the risk of loss and pay for the price. b. The contract of sale shall be without any effect. c. The seller may compel the buyer to sign the notarized deed of absolute sale. d. The contract of sale is voidable at the option of the buyer.
B
It is a type of cooperative that promotes and undertakes savings and lending services among its members. a. Financial Service Cooperative b. Credit Cooperative c. Cooperative Bank d. Insurance Cooperative
B
What type of redemption is available to a mortgagor in extrajudicial foreclosure of real estate mortgage? a. Equity of redemption b. Right of redemption c. Both a and b d. Neither a nor b
B
Which of the following pactum leonina stipulation is valid? a. Stipulation excluding a capitalist partner from partnership losses b. Stipulation excluding an industrial partner from partnership losses c. Stipulation excluding a capitalist partner from partnership profits d. Stipulation excluding an industrial partner from partnership profits
B
Which of the following positions may be concurrently held by a member of board of directors of a cooperative? a. General Manager b. Vice-chairperson of the board c. Treasurer d. Auditor
B
46.D borrowed P1,000,000 cash from C. In order to secure the loan, M mortgaged the land of his ailing father. The contract of mortgage provides that in case of default in the payment of the loan, C will become the automatic owner of the land. At the maturity date of the loan, D defaulted in the payment of the loan. Which is incorrect? a. C becomes the automatic owner of the mortgaged land. b. C may foreclose the mortgage constituted on the land. c. Both a and b d. Neither a nor b
C
50.In which type of novation involving the change of the debtor will the insolvency of new debtor not give rise to liability of the old debtor? a. In case of expromission b. In case of delegacion c. If the change of original debtor is without the knowledge or againse the will of original debtor d. If the insolvency of original debtor was of public knowledge when the change happened
C
66.Who among the following may be allowed to participate in the management of the partnership? a. Quasi-partner b. Nominal partner c. Limited partner d. None of the above
C
89.D is indebted in the amount of P1,000,000 from C. D defaulted in the payment of the loan. This prompted C to file a civil action to collect a sum of money against D. The trial court ruled in favor of C and a writ of attachment was issued against D. The sheriff initially attached the specific motorcycle of D. This prompted D to sell the said specific motorcycle to A. Afterwards, he also sold his specific car to B. Which of the following contracts of sale is rescissible? a. Sale of specific motorcycle b. Sale of specific car c. Both a and b d. Neither a nor b
C
91.On January 1, 2023, S orally sold a specific cellphone to B at a price of P499 with payment and delivery to be made on December 31, 2024. On the date of oral agreement, B gave a manager's check with amount of P100 to S who voluntarily accepted it. Which of the following statements is correct? a. The contract is enforceable because the sale of movable at a price of P499 or less is not covered by statute of fraud. b. The contract is unenforceable because manager's check is not a legal tender. c. The contract is enforceable because of partial execution. d. The contract is unenforceable because the agreement that by its term is not to be performed within one year from the date of oral agreement is covered by statute of fraud.
C
98.On January 1, 2023, S orally sold and delivered a specific laptop to B at a price of P100,000 payable on June 30, 2023. On June 30, 2023, B refused to pay the price despite repeated demands from S. Which of the following statements is correct? a. The contract is unenforceable because it is not in writing and therefore S has no legal remedy to collect the price from B. b. The contract is void because of the absence of essential element of payment of price. c. The legal remedy available to S is to maintain an action against B for the payment of the price of the goods. d. The best legal remedy available to S is to file an action for annulment of contract of sale because of fraud.
C
A, B and C wrote a promissory note which states "I promise to pay P6,000 to D and E." At the maturity date of the obligation, A paid P6,000 to D. If B becomes insolvent, how much may A ask for reimbursement from C? a. P4,000 b. P2,000 c. P1,500 d. P3,000
C
M borrowed P1,000 cash from A. As evidence of the loan, M issued a promissory note in favor of A. A assigned the note to B who subsequently assigned the note to C. Afterwards, C assigned the note to M. What mode of extinguishment of obligation is present in the case at bar? a. Novation b. Compensation c. Merger d. Remission
C
Which of the following stipulations in a contract of real estate mortgage is invalid? a. Pactum commissorium b. Pactum non aliendo c. Both a and b d. Neither a nor b
C
While traversing a narrow bridge, a public utility bus operated and owned by DLTBCO. met an accident with a private car owned and driven by Oscar. The public utility bus was driven by Dante, an employee of DLTBCO. Pia, a passenger of the bus was injured. Tricia, a pedestrian was also injured. Which of the following statements is incorrect? a. The source of civil obligation for damages of DLTBCO. to Tricia is breach of contract of common carrier. b. In order to exempt itself from liability to Pia, DLTBCO must be able to prove that it exercised diligence of a good father of a family in the selection and hiring of its bus driver. c. Both a and b d. Neither a nor b
C
12.D borrowed P10,000 cash from C. In order to secure the obligation, M chattel mortgaged his specific car to C. At the maturity date of the obligation, D defaulted in the payment of the loan. This prompted C to foreclose the chattel mortgaged constituted on the car of M. Which of the following statements is correct? a. If the foreclosure results to deficiency, C may recover the deficiency from M in the absence of stipulation to the contrary. b. If the foreclosure results to excess, D is generally entitled to excess in the absence of stipulation to the contrary. c. Both a and b d. Neither a nor b
D
33.Which of the following combination of contract and its classification as to perfection is correct? a. Contract of sales - Real Contract b. Contract of pledge - Solemn Contract c. Contract of partnership - Real Contract d. Contract of real estate mortgage - Consensual contract
D
35.On January 10, 2023, S sold his specific land to A under notarized contract to sell but A had not yet fully paid the price. On January 15, 2023, S sold again the same land to B under private instrument who fully paid the price. On January 20, 2023, S sold again the same land to C under notarized deed of absolute sale but C had not yet paid the price. On January 25, 2023, S sold again the same land to D under notarized deed of absolute sale and D registered the sale to Registry of Deeds. Who among the buyers will have the best right over the land? a. A b. B c. C d. D
D
38.On January 1, 2023, S sold and delivered a land with an area of 100 SQM to B at a price of P1,000 per sqm. On August 1, 2023, B discovered that the actual area of the sold land is only 91 SQM. What legal remedy is still available to B? a. Ask for proportionate reduction of price and recover the P9,000 from S. b. Ask for cancellation of the sale of land c. Either a or b d. Neither a nor b
D
39.On January 1, 2023, with unlawful threat and intimidation, B forced S to sell his car to B at an installment price of P1,000,000 payable on ten (10) equal annualmonthly installments starting December 31, 2023. After religiously receiving two (2) annual installments on December 31, 2023 and December 31, 2024 from B, S refused to proceed with the contract. Who between S and B may file for an action for annulment of this contract? a. B b. S c. Either B or S d. Neither B nor S
D
45.Which of the following may become the subject matter of contract of sale? a. Animal suffering from contagious disease b. Future inheritance c. Vain hope d. Membership in a nonstock corporation
D
49.A, B and C wrote a promissory note which states "We promise to deliver a specific car worth P3,000,000 to D." At the maturity date of obligation, A and B are willing to deliver the said car but C refuses to do so. What legal remedy is available to D? a. File an action for exact fulfillment against C plus damages. b. File an action for specific performance against A, B and C plus damages. c. File an action for damages amounting to P3,000,000 plus damages either from A or B or C. d. File an action for monetary amount of P1,000,000 from A, P1,000,000 from B and P1,000,000 plus damages from C.
D
51.D borrowed P1,000,000 cash from C. In order to secure the loan, M mortgaged his specific house and lot to C. As additional security, G executed a written contract of guaranty in favor of C. At the maturity date of the obligation, T paid P1,200,000 to C for D's loan. Which of the following statements is correct? a. If D will not be able to reimburse T, T may foreclose the real estate mortgage constituted on M's housed and lot. b. If D will not be able to reimburse T, T may go after G. c. T may ask P1,200,000 reimbursement from D. d. T may ask P1,000,000 reimbursement from D.
D
52.D is indebted in the amount of P12,000 to C. At the maturity date of the obligation, D and C agreed that D will deliver and transfer the ownership of his laptop to C in satisfaction of the loan. The historical cost of the laptop is P9,000 with accumulated depreciation of 2,000. Its fair market value is P8,000. How much obligation is extinguished by this special mode of payment? a. P7,000 b. P8,000 c. P9,000 d. P10,000
D
63.Which of the following combinations of sources of civil obligation is proper and prescriptive period of civil action is proper? a. Oral contract - Five (5) years b. Written contract - Eight (8) years c. Quasi-contract - Ten (10) years d. Quasi-delict - Four (4) years
D
71.Based on implementing rules and regulations of Cooperative Code, what is the minimum par value and maximum par value of stocks of cooperative? a. P1 and P5, respectively b. P10 and P20, respectively c. P50 and P500, respectively d. P100 and P1,000, respectively
D
77.Director A is an incumbent director of ABC Cooperative. He sold his specific land to the said cooperative. In the board meeting for the approval of the purchase of the land, eleven (11) directors out of 15 directors attended including Director A. Seven (7) directors approved the purchase of the land including Director A. Who has the legal standing to file an action for annulment of the purchase of land? a. ABC Cooperative thru its Board of Directors b. Director A c. Regular members of ABC Cooperative in behalf of ABC Cooperative via derivative suit d. None of the above
D
96.ABC Partnership is engaged in trading of rice. A is the managing partner of ABC Partnership while B has a special power of attorney approved by all partners to acquire a brand new delivery truck in behalf of the partnership at a price of P2,000,000. Which of the following acts is not binding against the partnership? a. Partner B sold dinurado rice to a customer at a minimal profit margin whereby the latter acted in good faith b. Partner A sold sinandomeng rice to a customer at break-even whereby the latter acted in good faith c. Partner B acquired a brand new delivery truck in behalf of the partnership at historal cost of P1,500,000. d. Partner C acquired a brand new delivery truck in behalf of the partnership at acquisition price of P2,000,000.
D
A, B, C and D established ABCD Partnership with capital contribution of P6,000; P2,000; P1,000 and industry, respectively. After several years of operation, the partners decided to liquidate the partnership. At this date, the total assets were reported at P30,000 while total liabilities to creditors were reported at P11,000. How much will D receive from the liquidation? a. P3,000 b. P4,000 c. P2,000 d. P1,000
D
In case of eviction, in which case is the seller only liable for the value of the thing at the time of eviction? a. When the seller acted in bad faith b. When the seller acted in good faith c. When there is waiver intentionada d. When there is waiver consciente
D
Which of the following documents or instruments may become the subject matter of reformation? a. Holographic will b. Notarial will c. Instrument evidencing void agreement d. Donation inter vivos whereby a simple condition is imposed
D
99.On January 1, 2023, S orally sold an authentic S23 Galaxy to B at a price of P50,000. B paid an arras money amounting to P10,000 on the date of oral agreement. The payment of the balance will happen on June 30, 2023 which will also be the date of delivery of the said phone. On June 30, 2023, after B paid the balance, S delivered a counterfeited phone. What is the legal remedy available to B? a. File an action for damages for breach of contract against S. b. File an action for declaration of nullity because sale of counterfeited phone is unlawful. c. File an action for annulment of contract of sale because his consent his vitiated by dolo causante. d. None of the above because the contract is unenforceable therefore not binding.
A
C has two matured payables to DEF Partnership amounting to P3,000 and P2,000 to D, the managing partner of DEF Partnership. The claim of DEF Partnership is unsecured while the claim of managing partner D is secured by C's wedding ring. C paid P2,000 to D and instructed the latter to apply the payment to D's claim. This prompted D to issue his own personal receipt for the payment. How shall the P2,000 payment by C be applied to the two obligations? a. All P2,000 to D's claim. b. All P2,000 to DEF Partnership's claim c. P1,200 to DEF Partnership's claim and P800 to D's claim d. P800 to DEF Partnership's claim and P1,200 to D's claim
A
Which committee members in a cooperative must be elected by the General Assembly instead by the Board of Directors? a. Audit Committee and Election Committee b. Mediation and Conciliation Committee and Ethics Committee c. Audit Committee and Ethics Committee d. Mediation and Conciliation Committee and Election Committee
A
Which of the following contracts may be assailed by a third person? a. Rescissible contract b. Voidable contract c. Unenforceable contract d. None of the above
A
Which of the following obligations is not immediately demandable? a. Obligation ex die b. Obligation in diem c. Obligation with a resolutory condition d. Obligation with a resolutory period
A
26.Which of the following oral executory contract is covered by statute of fraud? a. An oral agreement for formation of partnership to be organized within one year from the date of oral agreement b. An oral agreement to guarantee the debt of another when the principal amount of loan exceeds P500. c. An oral contract for a piece of work of a specific furniture when the contract price is at least P500. d. An oral contract of lease of car with monthly rental of P500 for a period exceeding one year.
B
27.Which of the following shall be settled last in the liquidation of general partnership? a. Income tax payable to the national government b. Salary of the partners as way of distribution of profit share c. Loans payable to the partners d. Capital contribution of the partners
B
32.D is indebted in the amount of P1,500 to C. At the maturity date of the obligation, D tendered P1,500 in the form of P1.00 coins. C refused to accept the tender of payment by D. What is the legal remedy available to D in this case? a. Application of payment b. Consignation c. Dacion en pago d. Cession
B
100. The prospective cooperative has authorized capital stock of P100,000 with actual total subscription of P40,000. What is the minimum paid up capital for the application of the prospective cooperative to be approved by CDA? a. P6,250 b. P25,000 c. P15,000 d. P10,000
C
16.What is the prescriptive period available to the buyer to file the necessary civil action in case there is redhibitory defect in an animal he had purchased? a. Within six (6) months from the date of delivery of animal b. Within three (3) days from the date of delivery of animal c. Within forty (40) days from the date of delivery of animal d. Within one (1) year from the date of delivery of animal
C
28.Which of the following may not be contributed by a pure limited partner? a. Intangible asset b. Money c. Service d. Property, plant and equipment
C
34.Which of the following cooperative acts only requires at least 2/3 of the members with voting right present in a meeting with quorum? a. Merger or consolidation of two or more cooperatives b. Ratification of voidable contract involving self-dealing director of cooperative c. Amendment of articles of cooperation of cooperative d. Division of one cooperatives to two or more cooperatives
C
41.A, B and C are partners in ABC Partnership which is engaged in repair of laptops. A, the managing partner of ABC Partnership, received a laptop from a customer and deposited the laptop in the partnership's safety deposit box. B, surreptitiously stole the said laptop with a value of P30,000. Assuming the partnership became bankrupt, how much may the owner of the laptop recover from the separate assets of partner A, B and C, respectively assuming all of them are personally solvent? a. P10,000 and P10,000 and P10,000 b. P15,000 and P15,000 and P0 c. P30,000 or P30,000 or P30,000 d. P0 and P30,000 and P0
C
43.A, B and C are equal co-owners of a 300 SQM lot. On January 1, 2023, A pacto de retro sold his 1/3 interest in the land to D. On January 2, 2023, B also pacto de retro sold his 1/3 interest in the land to D. On January 3, 2023, C also pacto de retro sold his 1/3 interest in the land to D. Which of the following statements is correct? a. D may compel A, B and C to come to an agreement for the repurchase of the whole property. b. A cannot repurchase his 1/3 interest in the property without D's approval. c. B can repurchase his 1/3 interest in the property despite objection by D. d. C can repurchase the whole property despite the objection by D.
C
44.M issued a promissory note to P which states "I promise to pay P3,000 to P." The consideration for the issuance of the note is an authentic watch. Afterwards, P indorsed and delivered the note to H. If M becomes insolvent, may H collect the amount of the note from P? a. Yes provided notice of dishonor is given by H to P. b. No in all cases. c. No because the assignor of credit does not generally warrant the solvency of debtor of credit. d. Yes in all cases.
C
55.ABC Ltd. Partnership was established for operation of a coffee shop and was organized by partners A, B, C, D, E, F and G. A, B, E and F are general partners while C, D and G are limited partners. F is an industrial partner. E was exempted from liability to third persons by agreement of the partners. D was appointed as the managing partner of the limited partnership. If the partnership became bankrupt, who will ultimately shoulder the unpaid obligations of the limited partnership to creditors after reimbursement among the partners? a. A, B and E only b. A, B, E and F only c. A and B only d. A, B, C and D only
C
61.If mistake, fraud, inequitable conduct, or accident has prevented a meeting of the minds of the parties, what is the proper legal remedy available to the injured party? a. Action for reformation of instrument b. Action for rescission of contract c. Action for annulment of contract d. Action for declaration of nullity of contract
C
72.Which of the following is not a valid ground for involuntary dissolution of a cooperative by order of a competent court after due notice and hearing? a. Violation of any law, regulation or provisions of its bylaws b. Insolvency of the cooperative c. In-operation for a continuous period of at least 5 (five) years d. None of the above
C
73.Upon the winding up of the cooperative affairs, any asset distributable to any creditor, shareholder or member who is unknown or cannot be found shall be given to the a. Local government unit where the cooperative operates b. Republic of the Philippines c. Federation or union to which the cooperative is affiliated with d. Cooperative Development Authority
C
76.There are fifteen sits in the board of directors of ABC Cooperative. Three sits are vacant due to death, resignation and disqualification. How may the three vacant sits be filled up? a. By the general assembly in a regular or special meeting called for the purpose b. By the vote of at least a majority of the remaining directors c. Either a or b d. Neither a nor b
C
82.In the absence of agreement among the partners, when does the juridical personality of the partnership commence? a. On the date of issuance by SEC of certificate of registration under its official seal. b. On the date of receipt by the partnership of certification of registration from SEC c. On the date of execution by the partners of articles of co-partnership d. On the date of submission by the partner of articles of co-partnership to SEC
C
85.In which of the following cases will the debtor in an obligation with a period not lose the benefit of the period? a. When the debtor attempts to abscond b. When the debtor does not furnish to the creditor the guaranties or securities which he has promised c. When through fortuitous event, the guaranties or securities were impaired. d. When after the obligation has been contracted, the debtor becomes insolvent.
C
Which of the following is not an automatic ground for dissolution of general partnership? a. Death of a partner b. Insolvency of a partner c. Insanity of a partner d. Civil interdiction of a partner
C
78.Which cooperative registered with CDA is exempted from all taxes and fees imposed under NIRC and other tax laws? a. Cooperatives with accumulated reserves and undivided net savings of not more than Ten million pesos (P10,000,000.00) b. Cooperatives with accumulated reserves and divided net savings of more than Ten million pesos (P10,000,000.00) c. Cooperatives transacting business with both members and non-members d. Cooperatives which do not transact any business with non-members or the general public
D
88.They are damages imposed, by way of example or correction for the public good, in addition to the other damages. a. Nominal damages b. Moral damages c. Temperate damages d. Exemplary damages
D
90.A, B and C established AB Ltd. Partnership. Unfortunately, the partnership is not registered with SEC. A and B are general partners while C is a limited partner. A contributed cash while B contributed industry. In case of bankruptcy of the limited partnership, from whom may the creditors of the limited partnership collect the unpaid debts assuming all partners are personally solvent? a. A only b. A and B only c. A and C only d. A, B and C
D
93.Which of the following partnership acts may be validly done by the managing partner alone? a. Disposition of the goodwill of the business b. Renunciation of a claim of the partnership c. Assignment of the partnership property in trust for creditors or on the assignee's promise to pay the debts of the partnership d. Acquisition of supplies of partnership business at a volume discount
D
A and B borrowed P10,000 cash from C and issued a promissory note which states "We promise to pay P10,000 to C." In order to secure the obligation, A pledged and delivered his laptop worth P5,000 while B pledged and delivered his cellphone worth P5,000. At the maturity date of the obligation, A paid his share in the obligation to C worth P10,000. Which of the following statements is correct? a. A may demand the return of his laptop from C. b. B may demand the return of his cellphone from C. c. Either A may demand the return of his laptop from C or B may demand the return of his cellphone from C. d. Neither A may demand the return of his laptop from C nor B may demand the return of his cellphone from C.
D
H and W entered into a contract of marriage on June 27, 2015. After the marriage, H pointed a gun against W in order for W to sell his specific land to H which is classified as exclusive property. The agreement for the sale of land was entered orally. Delivery of land and payment of price will happen after one month from date of coerced oral agreement for the sale of land. The selling price of the land is P1,000,000 although its book value is P1,500,000 so W suffered a loss more than 1⁄4 the value of the thing sold. What is the status of the oral sale of piece of land from W to H? a. Rescissible contract b. Voidable contract c. Unenforceable contract d. Void contract
D
95.A, B, C and D are partners of ABCD Partnership. A and B are capitalist partners with capital contribution of P30,000 and P70,000, respectively. C and D are industrial partners and were both appointed as managing partners. C and D designated BDO as the partnership's depositary bank but was opposed by A and B. A and C designated BPI as another depositary bank of the partnership but was opposed by B and D. Who will be the depositary bank of ABCD Partnership? a. BDO only b. BPI only c. Both BDO and BPI d. Neither BDO nor BPI
A
14.Which partner is exempted from making additional capital contribution in order to save the partnership venture from imminent loss? a. Industrial partner b. Limited partner c. Both a and b d. Neither a nor b
A
29.Which of the following rights is not available to an unpaid seller? a. Right to buy back the property b. Right of stoppage in transitu c. Right to possessory lien d. Right to rescind the sale
A
31.D borrowed P3,000 cash from C and issued a promissory note in favor of C. Afterwards, D pledged and delivered his specific watch to C in order to secure his obligation. At the maturity date of the obligation, C voluntarily returned the watch to D. Which contract is extinguished by remission? a. Contract of pledge b. Contract of loan c. Both a and b d. Neither a nor b
A
36.Which of the following instances will not result to legal presumption that the contract of pacto de retro sale is an equitable mortgage? a. When the price of pacto de retro sale is inadequate. b. When the buyer retains for himself part of the purchase price. c. When the seller retains in his possession the property as lessee or otherwise. d. When the seller binds to pay the real property tax on the real property sold.
A
40.A and B are existing partners of AB partnership with existing debts to third persons amounting to P6,000. Afterwards, C is admitted to AB Partnership without any stipulation as to the obligations of the partnership. Subsequently, the partnership became bankrupt and unpaid obligations to creditors of the partnership amounting to P15,000 remained including the P6,000 previous obligation of AB Partnership. How much may the unpaid creditors of the partnership collect from the separate assets of C assuming all partners are personally solvent? a. P3,000 b. P5,000 c. P2,000 d. P1,000
A
48.Unless the cause of the delay is attributable to the applicant, what is the legal implication of lapsing of a period of sixty (60) days from the date of submission of application for registration by a prospective cooperative with CDA without any action of CDA? a. The application is deemed approved. b. The cooperative must re-file an application for registration with CDA. c. The application is deemed denied. d. The applicant must appeal within 90 days from the office of the President upon the lapse of 60 days.
A
53.A, a minor, B, C, and D, wrote a promissory note which states "I promise to pay P40,000 to E." The share of A in the obligation matures on July 16, 2023. The share of B in the obligation matures also on July 16, 2023. The share of C in the obligation matures on July 17, 2023. The share of D in the obligation is subject to a suspensive condition if E passes the CPALE. E has not yet passed the CPALE. Assuming today is July 16, 2023, how much may E collect from B assuming D becomes insolvent? a. P10,000 b. P20,000 c. P30,000 d. P40,000
A
62.Which of the following contracts is not void ab initio? a. Those which are relatively simulated. b. Those whose cause or object did not exist at the time of the transaction. c. Those where the intention of the parties relative to the principal object of the contract cannot be ascertained. d. Those whose object is outside the commerce of men.
A
64.D has several matured obligations to C as follows: (a) Accounts Payable P100,000; (b) Notes Payable P50,000; (c) Loans Payable of P200,000 plus accrued interest payable of P20,000; (d) Mortgage Payable of P300,000 secured by real estate mortgage on D's house and lot. D paid P550,000 to C who voluntarily accepted the payment. D didn't not exercise his right of application of payment. How much payment will be applied to the note payable? a. P10,000 b. P20,000 c. P30,000 d. P50,000
A
69.It shall be the highest policy-making body of the cooperative and shall exercise such powers as are stated in the Cooperative Code, in the articles of cooperation and in the bylaws of the cooperative. a. General Assembly b. Executive Committee c. Board of Directors d. Audit Committee
A
84.In which of the following instances is the debtor fully exempted from liability in case there is fortuitous event? a. When the fortuitous event is the immediate, proximate and sole cause of the loss. b. When the loss occurred after the debtor incurred delay. c. When the debtor promised the same thing to two or more different persons. d. When there is contributory negligence on the part of debtor in the loss of the thing.
A
92.C orally lent and delivered P1,000 cash to D. The oral loan agreement provides for payment of 24% per annum. G orally guaranteed the obligation of D to C which the latter accepted. Which of the following agreements may become the subject matter of legal compulsion for execution of formality for mere convenience? a. Agreement of loan b. Agreement of loan and agreement to pay interest c. Agreement of loan and agreement of guaranty d. All agreements
A
94.A, B, C, D, E, F and G are partners in ABCDEFG Partnership in the capital interest ratio of 1:2:3:4:5:6:79. No one was appointed as managing partner. The partnership is selecting a major supplier for the business. A, B, C and D proposed SM. E and F want recommended Robinson. G opposed and wanted Ayala. Who will be the major supplier of the partnership business? a. SM b. Robinson c. Ayala d. None of the above
A
