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"I will give to you my car if you will not draw a circle that is at the same time a square" is a A. Valid obligation B. Void obligation C. Alternative obligation D. Facultative obligation

13th month pay is a mandatory salary bonus equivalent to an employee's ____ month salary, which must be given not later than December 24 every year. a. One b. Two c. Three d. Six

A Corp. and B Corp. agreed to a business combination. In the agreement, A. Corp. will absorb all the assets and liabilities of B Corp. and the latter will cease to exist. The business combination entered into is a: A. Merger B. Consolidation C. Reorganization D. Quasi-reorganization

A contract of sale between husband and wife entered into after a judicial separation of properties has been decreed is: A. Valid B. Unenforceable C. Void D. Voidable

A cooperative may be dissolved if it has not commenced business and its operation within __ years after the issuance of its certificate of registration. A. 2 B. 3 C. 4 D. 5

A copy of the resolution authorizing the dissolution of the cooperative where no creditors are affected shall be certified to by a majority of the board of directors and countersigned by the: A. Board secretary B. President C. Chairman D. General assembly

A covered person is obligated to keep records for how many years? A. 5 B. 4 C. 3 D. 2

A covered person is obligated to report covered and/or suspicious transactions to AMLC within how many days from occurrence? A. 5 working days B. 5 calendar days C. 7 working days D. 7 calendar days

A female employee who has paid at least three (3) monthly contributions in the twelve-month period immediately preceding the semester of her birth to the SSS, shall be paid a daily maternity benefit equivalent to one hundred percent (100%) of her average salary credit for sixty (60) days or _____ days in case of caesarean delivery subject to conditions. a. 78 b. 87 c. 90 d. 120

A freeze order may be extended for a period not exceeding: A. 6 months B. 3 months C. 1 month D. 1 year

A potestative suspensive condition solely dependent upon the will of __________ will make the obligation void. A. The debtor B. The creditor C. Both the debtor and creditor D. Either the debtor or the creditor

A rehabilitation proceeding may be converted into liquidation if there is no rehabilitation plan is confirmed within a period of _____ from the filing of the petition: A. 1 year B. 18 months C. 2 years D. 30 months

A security clause contained in a Collective Bargaining Agreement: A. Is not covered by the Philippine Competition Act B. Is covered by the Philippine Competition Act C. Will be covered by the Philippine Competition Act if it requires employees to join the union D. Will be covered by the Philippine Competition Act if it prohibits the employees to join the union

A single-purpose cooperative may transform into a multi-purpose cooperative and may create subsidiaries only after at least: A. 2 years of operation B. 2 years from registration C. 2 years from cooperation D. 5 years from registration

A, B, C, D and E are directors of REALTY CORP., Z wanted to sell his property with a fair market value of P100M for P90M. Z offered the property first to A, who acquired it for P90M and eventually sold the same for P100M. In this case, A. A can keep the profits provided the sale is ratified by the stockholders. B. A can keep the profits because it was offered to him and not to REALTY CORP. C. The sale is not subject to ratification and A may be required to remit the profits to REALTY CORP D. None of the above

A, B, C, D and E is organizing a corporation whose Authorized Capital Stock is P64,000. How much is the minimum paid-up capital requirement under the Revised Corporation Code for the corporation to incorporate? A. P0 B. P4,000 C. P5,000 D. P16,000

AMLC may conduct an examination of bank accounts without a court order in cases involving: A. Kidnapping for ransom B. Drug possession C. Plunder D. Robbery and extortion

Actions arising from insurance contracts prescribe in __ years. a. Two b. Five c. Ten d. Twenty

All actual remuneration for employment, including the mandated cost-of-living allowance, as well as the cash value of any remuneration paid in any medium other than cash except that part of the remuneration received during the month in excess of the maximum salary credit as provided in this Act. a. Compensation b. Monthly salary credit c. Both A & B d. None of the above

All cases on money laundering shall be within the jurisdiction of: A. Regional Trial Courts (RTC) B. Court of Appeals (CA) C. Sandiganbayan (SB) D. Court of Tax Appeals (CTA)

An action for damages in case of copyright infringement must be filed within __ years. A. 4 B. 3 C. 2 D. 1

An insurance contract is a ready-made form of contract, which the other party may accept or reject, but which the latter cannot modify. a. Contract of adhesion b. Personal c. Voluntary d. Synallagmatic

An obligation is a juridical necessity to give, to do or not to do. This definition primarily describes: A. Civil Obligation B. Moral Obligation C. Natural Obligation D. All of the choices

Any female employee, regardless of age and civil status shall be entitled to a special leave of ____ months with full pay based on her gross monthly compensation subject to existing laws, rules, and regulations due to surgery caused by gynecological disorders a. 2 b. 3 c. 5 d. 6

Any registered cooperative may resolve to merge or consolidate with another cooperative by a resolution approved by a vote of __ of all the members with voting rights. A. ¾ B. 2/3 C. ½ D. ¼

CDA shall periodically assess the required paid-up share capital and may increase every __ years. A. 5 B. 4 C. 3 D. 2

Compensation is not proper in all of the following cases, except: A. Deposit on the part of the depositor B. Bail as to the bailee C. Support as to the one obliged to give support D. Civil liability arising from a penal offense

D bought from C a motorcycle and the same was subjected to a chattel mortgage. The terms of payment of the sale required D to pay P10,000 as down payment and the balance of P50,000 is payable at the end of the year. D was not able to pay the balance. C foreclosed the mortgage on the motorcycle and at the auction, it was sold for P10,000 only. Which of the following is correct? A. C can still collect from D the deficiency of P40,000. B. C has the option to cancel the sale and obtain possession of the motorcycle. C. The sale is subject to the rules under Recto Law. D. It was improper to foreclose the chattel mortgage since the installments paid already covered half of the total price

D is indebted to C for P1,000,000. X, a third party to the obligation, paid P500,000, or half of the obligation of D. Later on, D became insolvent and only had P500,000 in remaining assets. Who shall be entitled to the remaining P500,000? A. C B. X C. Both, equally D. Either at the choice of D

D is indebted to C for P10,000 payable on November 30, 2020. To secure the obligation, D negotiated a negotiable promissory note payable to him (D) for the amount of P15,000 due on October 30, 2020. On October 30, 2020, and C collected on the promissory note and applied the P10,000 to the obligation of D to him. Who would be entitled to the excess P5,000? A. D B. C C. Both, equally D. Neither

First Statement: A registrant's right over a mark may be questioned by a person who has a better right including persons with internationally known marks. Second Statement: Registration of a mark is not important to keep the goodwill that identifies in the mind of the public the goods he manufactures or deals in. A. Both statements are true. B. Only first statement is true. C. Only second statement is true. D. None of the statements is true.

First Statement: Compulsory license should be granted to any person who has shown his capability to exploit the invention. Second Statement: The compulsory license will only be granted after the petitioner has made efforts to obtain authorization from the patent owner on reasonable commercial terms and conditions but such efforts have not been successful within a reasonable period of time. A. Both statements are true. B. Only the first statement is true. C Only the second statement is true. D. None of the statements is true.

First Statement: Creditors not affected by the suspension order may refrain from attending the creditors' meeting and voting in a suspension of payments proceedings. Second Statement: If they should join in the voting they shall be bound in the same manner as are other creditors. A. Both statements are correct B. Both statements are incorrect C. Only the first statement is correct D. Only the second statement is correct

First Statement: DPA applies to the processing of all types of personal information and to any natural and juridical person involved in personal information processing including those personal information controllers and processors who, although not found or established in the Philippines, use equipment that are located in the Philippines, or those who maintain an office, branch or agency in the Philippines, except when DPA is not applicable, subject to the requirements of extraterritorial application. Second Statement: The Data Privacy Act is applicable to Information about any individual who is or was an officer or employee of a government institution that relates to the position or functions of the individual. a. Only the first statement is true. b. Only the second statement is true. c. Both of the statements are true. d. None of the statements is true.

First Statement: The Data Privacy Act did not amend or repeal the provisions of RA 53, which affords the publishers, editors or duly accredited reporters of any newspaper, magazine or periodical of general circulation protection from being compelled to reveal the source of any news report or information appearing in said publication which was related in any confidence to such publisher, editor, or reporter. Second Statement: The Data Privacy Act applies to an act done or practice engaged within the Philippines by an entity only and does not apply to those done and engaged outside of the Philippines. a. Only the first statement is true. b. Only the second statement is true. c. Both of the statements are true. d. None of the statements is true.

First statement: If the thing pledged is not sold at the public auction, a second one with the same formalities shall be held. Second statement: If at the second auction there is still no sale, the creditor may appropriate the thing pledged. A. Both statements are correct B. Both statements are incorrect C. Only the first statement is correct D. Only the second statement is correct

For a right to be a valid subject matter, it must be: A. Transmissible B. Intransmissible C. Encumbered D. Levied upon

For voluntary or involuntary liquidation to be commenced the debts of the debtor must be: A. At least P500,000 B. More than P500,000 C. At least P1,000,000 D. More than P1,000,000

Gem, Mondy and Maddie formed a general partnership with the following contributions to the common fund: Gem, P20,000; Mondy, P40,000; Maddie, P60,000. There was agreement on the division of profits and apportionment of losses proportionate to their capital contributions. After some years of business operations, the assets of the partnership dwindled to P30,000, so the partners agreed to stop their business. The partnership is indebted to Sansa for a loan of P120,000. Under the circumstances, how much can Sansa collect from the partners? A. Gem, P15,000; Mondy, P30,000; Maddie, P45,000 B. Gem, P20,000; Mondy, P40,000; Maddie, P60,000 C. Gem, P30,000; Mondy, P30,000; Maddie, P30,000 D. Gem, P40,000; Mondy, P40,000; Maddie, P40,000

Good faith is a valid defense in: A. Estafa by postdating or issuing a worthless check B. BP Blg 22 C. Both Estafa and BP Blg 22 D. Neither Estafa nor BP Blg 22

He is the person whose loss is the occasion for the payment of the insurance proceeds by the insurer. He must have the capacity to enter into a contract and he must not be a public enemy. a. Insured b. Assured c. Beneficiary d. Insurer

How are rights in a mark required? A. Registration with IPO B. Actual use C. Prior use D. Reservation with IPO

How is rescission different from resolution? A. In rescission, the action may be instituted not only by a party to the contract but even by third persons; whereas in resolution, the action may be instituted only by a party to the contract. B. In rescission, the only ground is failure of one of the parties to comply with what is incumbent upon him; whereas in resolution, several grounds are lesion, fraud and others expressly specified by law. C. In rescission, the law expressly declares that courts shall have the discretionary power to grant an extension for performance provided that there is a just cause; whereas in resolution, the court has no power to grant an extension of time for the performance of the obligation so long as there is ground for resolution. D. In rescission, only reciprocal contracts may be rescinded; whereas in resolution, any contract, whether unilateral or reciprocal may be resolved.

How many back-up copy/ies of a computer program can be made without committing copyright infringement? A. 1 B. 2 C. 3 D. 5

If the partnership is a general partnership, the order of payment is as follows, those owing to: (1) creditors other than partners, (2) partners other than for capital and profits, (3) partners in respect of capital, and (4) partners in respect of profits. A. 1, 2, 3, 4 B. 1, 2, 4, 3 C. 1, 3, 2, 4 D. 1, 3, 4, 2

If the partnership is a limited partnership, the order of payment is as follows, those to: (1) creditors, in the order of priority as provided by law, except those to limited partners on account of their contributions, and to general partners, (2) limited partners in respect to their share of the profits and other compensation by way of income on their contributions, (3) limited partners in respect to the capital of their contributions, (4) general partners other than for capital and profits, (5) general partners in respect to profits, and (6) general partners in respect to capital. A. 1, 2, 3, 4, 5, 6 B. 1, 2, 3, 4, 6, 5 C. 1, 2, 4, 3, 5, 6 D. 1, 2, 3, 5, 4, 6

If two or more persons have made the invention separately and independently of each other the right to the patent shall belong to the person who: A. First filed an application for such invention B. First started with the invention C. First finished the invention D. Has the greatest use for the public

In an offer to sell, parties failed to agree on the size of the land to be sold. Is there a meeting of the minds of the parties that would perfect a contract? A. There is no consent that would perfect a contract as there is no agreement on the exact area to be sold. B. There is consent because the land is still identified. C. There is consent because there is agreement to sell and to buy. D. The information given is insufficient to answer the question.

In any proceedings involving an electronic signature, it shall be presumed that (a) The electronic signature is the signature of the person to whom it correlates; and (b) The electronic signature was affixed by that person with the intention of signing or approving the electronic document even if the person relying on the electronically signed electronic document knows or has noticed of defects in or unreliability of the signature or reliance on the electronic signature is not reasonable under the circumstances. A. (a) only B. (b) only C. Both (a) and (b) D. Neither (a) and (b)

In case of commissioned work, who owns the copyright? A. Creator, unless there is a contrary agreement B. Creator, notwithstanding a contrary agreement C. Person commissioning the work D. Employer

In case of electric cooperatives, the quorum required in a meeting of the GA is: A. 5% of all members entitled to vote B. 10% of all members entitled to vote C. 15% of all members entitled to vote D. 20% of all members entitled to vote

In case of employee's work during the course of employment and it does not result from the regular functions or duties, who owns the copyright? A. Employee B. Employer C. Publisher D. Heirs and assigns

In case of employee's work during the course of employment and it results from the regular functions or duties, who owns the copyright? A. Employer B. Employee C. Publisher D. Heirs and assigns

In case of joint creation, who owns the copyright? A. Co-authors B. Main author C. State D. The heirs and assigns

In case of privacy breach, who is mandated to notify the National Privacy Commission? a. Personal information controller b. Personal information processor c. President d. Independent auditor

In case of pseudonymous and anonymous works and the author is indisputably unknown, who shall be presumed to be the representative of the author? A. Publisher B. Distributor C. Heirs and assigns D. Employer

In case of voluntary dissolution where creditors are affected, the petition for dissolution shall be filed with: A. Cooperative Development Authority B. Securities and Exchange Commission C. Regional Trial Court D. Municipal Trial Court

In order for a depositor or investor to waive the secrecy of his deposits and/or investments, his waiver must be: A. In writing B. Made orally or in writing C. Communicated as soon as possible to the bank manager D. Made orally only

In redhibitory actions based on the faults or defects of animals, the period is __ days. A. 40 B. 45 C. 30 D. 15

In the Philippines, which theory on perfection of contracts is followed? A. Cognition Theory B. Reception Theory C. Expedition Theory D. Manifestation Theory

In the examination of the technical components: A. A Pass/Fail criterion is used B. The bids are ranked from highest to lowest C. The bids are ranked from lowest to highest D. Any of the choices

It is a cooperative which is engaged in medical and dental care, hospitalization, transportation, insurance, housing, labor, electric light and power, communication, professional and other services. A. Service B. Health C. Labor D. Professional

It is a cooperative which is organized by marginal farmers majority of which are agrarian reform beneficiaries. A. Agrarian Reform B. Agricultural C. Farmers D. Advocacy

It is a cooperative which is organized for the primary purpose of engaging in savings and credit services and other financial services. A. Financial services B. Credit C. Cooperative bank D. Lending

It is a cooperative which is organized to own, operate and manage water systems for the provision and distribution of potable water for its members and their households. A. Water service B. Aquatic C. Utility D. Resource

It is a remedy granted by law to the contracting parties, and even to third persons, to secure the reparation of damages caused to them by a contract, even if the same should be valid, by means of the restoration of things to their condition prior to the celebration of the contract. A. Rescission B. Annulment C. Reformation D. Declaratory relief

It is committed when there is piracy or substantial reproduction. A. Copyright Infringement B. Trademark Infringement C. Patent Infringement D. Unfair Competition

It is concerned with employer-employee relationship, termination of employment and the rights and duties of both parties in union formation. a. Labor relations b. Labor standards c. Both A & B d. None of the above

It is the housing loan program which offers flexible housing loans to private employees a. Pag-IBIG Fund b. GSIS c. SSS d. Phil-Health

It is when an employee performs activities that are necessary or desirable to the business of the employer. a. Regular employment b. Casual employment c. Seasonal employment d. Fixed term employment

It is when an otherwise prudent purchaser is induced to purchase one product in the belief that he is purchasing another, in which case the defendant's goods are then bought as the plaintiff's and its poor quality reflects badly on the plaintiff's reputation. A. Confusion of goods B. Confusion of business C. Merger of goods D. Merger of business

It provides that a generic or descriptive mark may later acquire the characteristic of distinctiveness and can later be registered if it acquires a meaning which is different from its ordinary connotation. A. Doctrine of Secondary Meaning B. Doctrine of Primary Meaning C. Doctrine of Tertiary Meaning D. Doctrine of Second Meaning

It provides that a mark cannot be registered if it is identical with, or confusingly similar to, or constitutes a translation of a mark considered well-known which is registered in the Philippines with respect to goods or services which are not similar to those with respect to which registration is applied for, provided that use of the mark in relation to those goods or services would indicate a connection between those goods or services, and the owner of the registered mark, provided further, that the interests of the owner of the registered mark are likely to be damaged by such use. A. Theory of Dilution B. Theory of Confusion C. Theory of Similarity D. Theory of Connection

It refers to a delivery of rights, credits or incorporeal property, made by placing titles of ownership in the hands of the buyer and allowing buyer to make use of rights. A. Quasi-tradition B. Traditio longa manu C. Traditio brevi manu D. Traditio symbolica

It refers to a delivery where the seller continues in possession but under a different title other than ownership. A. Traditio constitutum possessorium B. Traditio longa manu C. Traditio brevi manu D. Traditio symbolica

It refers to a partnership which comprises all that the partners may acquire by their industry or work during the existence of the partnership. A. Universal partnership of profits B. Particular partnership of profits C. Partnership of all present property D. Partnership of all present profits

It refers to a secret code which secures and defends sensitive information that cross over public channels into a form decipherable only with a matching electronic key. A. Electronic key B. Electronic data message C. Electronic signature D. Electronic document

It refers to a work which has been created by 2 or more natural persons at the initiative and under the direction of another with the understanding that it will be disclosed by the latter under his own name and that contributing natural persons will not be identified. A. Collective work B. Joint work C. Work of applied art D. Joint product

It refers to an agreement that dominion is reserved in favor of the seller until the full payment of purchase price. A. Pactum reservati dominii B. Pactum sun servanda C. Pactum commissorium D. Pactum leonina

It refers to an artistic creation with utilitarian functions or incorporated in a useful article, whether made by hand or produced on an industrial scale. A. Work of applied art B. Joint work C. Collective work D. Joint product

It refers to having regard to prior art, it is not obvious to a person skilled in the art at the time of the filing date or priority date of the application claiming the invention. A. Inventive step B. Industrial applicability C. Novelty D. Originality

It refers to importation of drugs and medicines by a government agency or by any private third party. A. Parallel importation B. Illegal smuggling C. Technical smuggling D. Complex importation

It refers to partners who can be held liable for partnership obligations even to the extent of their private property. A. General B. Limited C. Capitalist D. Industrial

It refers to partners who represent themselves, or consent to another or others representing them to anyone as partners either in an existing partnership or in one that is fictitious or apparent. A. Partners by estoppel B. Secret C. Ostensible D. Managing

It refers to partners whose connection with the partnership is not known. A. Secret B. Ostensible C. Managing D. Silent

It refers to the essential equality of the contracting parties whereby the contract must bind both of them. A. Mutuality B. Obligatory force C. Autonomy D. Relativity

It refers to the principle that once a contract is perfected, it shall be of obligatory force upon both of the contracting parties. A. Obligatory force B. Autonomy C. Mutuality D. Relativity

It refers to use of a copyrighted work for criticism, comment, news reporting, teaching including multiple copies for classroom use, scholarship, research, and similar purposes which is not an infringement of copyright. A. Fair Use B. Good Use C. Use in Good Faith D. Justified Use

Jean and John are partners in a certain business, Jean being the managing partner. Ruth owes Jean P50,000 and the partnership P100,000, and both credits are demandable. Ruth pays Jean P30,000 and Jean issues a receipt in her name. How much is Jean entitled to apply to her credit? A. P10,000 B. P20,000 C. P30,000 D. Nothing

Mr. X invested his property in exchange for shares in ABC Corporation. Later on, the same property mortgaged as security for the loan of ABC Corporation from M Bank. For failure to pay, the mortgage was foreclosed and proceeds were less than the amount of the outstanding balance of the loan which M Bank sought from Mr. X contending that the property was invested by him. Mr. X cannot be made liable under which principle: A. Corporate Entity Theory B. Piercing the Veil of Corporate Entity C. Limited Liability Principle D. All of the above

No additional compensation other than per diems shall be paid to a director of a cooperative during __ of existence of any cooperative. A. First year B. First 2 years C. First 3 years D. First 5 years

No member of primary cooperative other than the cooperative itself shall own or hold more than __ of the share capital of the cooperative. A. 10% B. 15% C. 20% D. 25%

No member shall transfer his shares or interest in the cooperative or any part thereof unless he has held such share capital contribution or interest for not less than: A. One year B. 2 years C. 3 years D. 5 years

On June 30, 2021, D promised to give C a car on December 31, 2021. However, before the arrival of the period, the car deteriorated without D's fault. In this case, A. C will suffer the impairment on the car B. C will suffer the impairment of the car but may demand from D reimbursement for necessary repairs C. D will be obliged to bring the car back to the intended condition D. D will no longer be obliged to deliver the car

On March 1, 2019, Donald, through a text message, offered to sell his land to Hillary for P10,000. Hillary accepted Donald's offer by sending an email to Donald on March 2, 2019, which Donald was able to read on March 3, 2019. On March 4, 2019, wondering if Donald received her email, Hillary sent a text message to Donald signifying once again her acceptance of Donald's offer, to which Donald immediately replied, "K". Is there an enforceable contract of sale? A. Yes, because the offer and the acceptance in electronic form satisfy the requirement that a sale of land be in writing. B. Yes, because a contract of sale of land is enforceable whether executed in writing or not. C. No, the offer and the acceptance were not reduced into writing. D. No, there was no valid contract at all.

Only for purposes of prompt and intelligent decision-making, the GA may by a __ vote of all its members with voting rights, delegate some of its powers to a smaller body of the cooperative. A. ¾ B. 2/3 C. ½ D. ¼

Paternity Leave refers to the _____ days with pay leave granted to a married male employee for the purpose of allowing the husband to help and assist his wife during childbirth, recovery, and nurture of the infant. A married male employee may be able to avail of this leave for the first four (4) deliveries or miscarriage of his legitimate spouse with whom he is cohabiting. a. 7 b. 14 c. 20 d. 30

Payment made by a third party who has an interest in the fulfillment of an obligation, will: A. Entitle him to full reimbursement of whatever amount he has paid B. Entitle him to reimbursement to the extent the debtor was benefited C. Entitle him to no reimbursement D. Make the payment as a donation

Prohibited Acts on Labeling generally does not apply to wholesalers or retail distributors of consumer products. Choose which one is not an exception to this rule: A. If they are not engaged in the packaging or labeling of consumer products B. If they prescribe the means in which the consumer products are packaged or labeled C. If they have knowledge, but refuse to disclose the source of the mislabeled or mispackaged products. D. All of the choices are exceptions to the rule

Recordings made in schools, universities, or educational institutions of a work included in a broadcast for the use of such institutions do not constitute copyright infringement if said recordings are deleted within: A. A reasonable period B. 5 days from date of recording C. 15 days from date of recording D. 30 days from date of recording

Rosh, Juju and Anna formed a partnership under the where Rosh's participation is 40%; Juju, 40%; and Anna, 20%. Rosh and Juju would supply the entire capital. Anna would contribute her management expertise and be manager for the first 5 years without compensation. They also agreed that Anna shall not liable for losses. Unfortunately, the partnership became bankrupt. What is the status of the agreement exempting Anna from losses? A. Valid B. Void C. Voidable D. Unenforceable

Suspicious transactions refer to transactions with covered institutions, regardless of the amount involved, where any of the following circumstances exist: A. No underlying legal or trade obligation, purpose or economic justification B. Client is properly identified C. Amount involved commensurate with client's business or financial capacity D. Based on all known circumstances, it may be perceived that client's transaction is not structured in order to avoid being subject of reporting requirements

The 50-year duration of copyright for anonymous or pseudonymous works commences from: A. January 1 following the date of publication B. January 1 following the date of distribution C. January 1 following the date of registration D. The moment of creation

The Court should act on the petition to freeze within how many hours from filing thereof? A. 24 B. 36 C. 48 D. 72

The Electronic Commerce Act applies to any kind of data message and electronic document used in the context of __ activities to include __ dealings, transactions, arrangements, agreements, contracts, and exchanges and storage of information. A. Commercial and non-commercial; domestic and international B. Only commercial; domestic and international C. Only commercial; only domestic D. Commercial and non-commercial; only domestic

The __ penalty in the scale of penalties respectively provided for the preceding offenses shall be imposed when the personal information of at least __ persons is harmed, affected or involved as the result of the punishable actions. a. Maximum; 100 b. Maximum; 1,000 c. Minimum; 100 d. Minimum; 1,000

The contract of insurance is one of perfect good faith, not for the insured alone, but equally so for the insurer. a. Uberrimae fides contract b. Contract of indemnity c. Risk distributing device d. Aleatory

The debtor's proposed agreement in a suspension of payments proceeding in order to be approved would require: I. 2/3 of the creditors voting II. Claims of the majority vote amount to at least 3/5 of the total liabilities A. I and II B. I or II C. I only D. II only

The duration of copyright for an anonymous or a pseudonymous work is until the end of 50 years following the date of its first: A. Publication B. Creation C. Registration D. Distribution

The duration of copyright for joint creation is during the life of the last surviving author and for 50 years after the death of the __ surviving author. A. Last B. First C. Second D. Heirs of the last

The duration of copyright for published photographic works is: A. 50 years from the publication of the work B. 25 years from the publication of the work C. 50 years from the creation of the work D. 25 years from the creation of the work

The following are qualifications of a director, except: A. They must own at least 1% share. B. They meet all the qualifications under the by-laws C. They do not possess any of the disqualifications under the Corporation Code. D. None of the choices is an exception

The following does not apply to an OPC, except: A. Articles of Incorporation B. By-Laws C. Authorized Capital Stock D. Minutes of the Meetings of BOD

The kinds of membership in a cooperative are: A. Regular and associate B. Regular and special C. Ordinary and extra-ordinary D. Class A and Class B

The registrant shall file a declaration of actual use of the mark with evidence to that effect within __ years from the filing date of the application otherwise it may be cancelled. A. 3 B. 4 C. 5 D. 6

There is infringement of patent under this test if one makes, uses, or sells an item that contains all the elements of the patent claim. A. Literal Infringement B. Doctrine of Equivalents C. Exactness Rule D. Addition Rule

Under the PDIC Law, a joint account held by a juridical person or entity jointly with a natural person shall be presumed to belong to the: A. Juridical person B. Natural person C. Both the juridical and natural persons D. One who first files the claim

Under the Revised Corporation Code, any asset distributable to any creditor or stockholders or members who is unknown or cannot be found shall be escheated in favor of: A. The national government B. The city or municipality where the asset is located C. A charitable institution designated by the corporation D. The other stockholders

Under this principle, when the defect of a void contract consists in the illegality of the cause or object of the contract, and both of the parties are at fault, the law refuses them every remedy and leaves them where they are. A. In pari delicto B. Contra bonos mores C. Caso fortuito D. Res ipsa loquitur

What are the remedies available in case there is copyright infringement? A. Injunction, action for damages, and criminal case B. Injunction only C. Action for damages only D. Criminal case only

What is a delegable power of the GA? A. To approve contracts entered into by the cooperative B. To determine and approve amendments to the articles of cooperation C. To elect or appoint the members of the board of directors and remove them for cause D. To approve developmental plans of the cooperative

What is an example of a natural element of a contract? A. Warranty against eviction B. Form C. Consent D. Consideration

What is the effect of the death, civil interdiction, insanity, or insolvency of the either the offeror or offeree before acceptance is conveyed? A. The offer becomes ineffective. B. The offer is still effective. C. As against the offeror only, the offer becomes ineffective. D. As against the offeree only, the offer becomes ineffective.

What is the effect of waiver of warranty against eviction if the buyer has knowledge of risk of eviction and assumed its consequences? A. Seller is not liable. B. Waiver is null and void. C. Only limits the liability of the seller. D. Wipes out the warranty.

What is the effect of waiver of warranty against eviction if the seller is in bad faith? A. Waiver is null and void. B. Only limits the liability of the seller. C. Seller is not liable. D. Wipes out the warranty.

What seminar must be completed by a prospective member of a primary cooperative: A. Pre-Membership Education Seminar B. Pre-Membership Election Seminar C. Post-Membership Education Seminar D. Post-Membership Enrichment Seminar

When a material is sent by a writer or an artist to a periodical or newspaper publisher, who owns the copyright over the material? A. Still the writer or the artist B. The writer/artist and the publisher, jointly C. The publisher D. No more copyright due to publication

When can an industrial partner engage in business for himself? A. When the partnership expressly permits him to do so. B. When the partnership impliedly permits him to do so. C. When the industrial partner still has available time to engage in another business. D. When the industrial partner engages in another business with one of the capitalist partners.

When do rights over copyrights conferred? A. From the moment of creation B. Upon publication C. Upon registration with IPO D. Upon registration with National Library

When is an electronic data message or electronic document considered received if it was sent to an information system of the addressee that is not the designated information system? A. As agreed by the parties B. At the time when the electronic data message or electronic document enters the designated information system C. At the time when the electronic data message or electronic document is retrieved by the addressee D. At the time when the electronic data message or electronic document enters an information system of the addressee

When is an instrument not capable of reformation? A. Simple donations inter vivos wherein no condition is imposed B. When a mutual mistake of the parties causes the failure of the instrument to disclose their real agreement. C. If one party was mistaken and the other acted fraudulently or inequitably in such a way that the instrument does not show their true intention. D. When one party was mistaken and the other knew or believed that the instrument did not state their real agreement, but concealed the fact from the former.

When should an action for rescission be filed? A. Within 4 years B. Within 5 years C. Within 6 years D. Within 10 years

Where is the place of dispatch of electronic data messages or electronic documents if the originator has more than one place of business and there is an underlying transaction? A. Place which has the closest relationship to the underlying transaction B. Principal place of business C. Habitual residence D. Place where the server is located

Where the price of the thing sold cannot be determined and the thing has been delivered to and appropriated by the buyer, how much does the buyer have to pay? A. Reasonable price B. Price given by the seller C. Price given by the buyer D. Nothing

Which committees whose members are elected by the GA of a cooperative? A. Audit and election B. Audit and ethics C. Ethics and election D. Mediation and conciliation

Which government agency is empowered to promulgate rules and regulations for the implementation of the Electronic Commerce Act? A. Department of Trade and Industry (DTI) B. Department of Transportation and Communication (DOTC) C. Department of Information and Communications Technology (DICT) D. Supreme Court (SC)

Which of the following is an incorrect element in order to be found guilty of violating BP Blg. 22? A. The accused is the issuer of the check B. The accused had knowledge of the insufficiency of funds C. The check was dishonored for insufficiency of funds D. None of the choices is incorrect

Which of the following is false? A. The creditor can use the thing pledged, even without the authority of the owner. B. If the pledgee uses the thing pledged without authority, the owner may ask that it be judicially or extrajudicially deposited. C. When the preservation of the thing pledged requires its use, it must be used by the creditor but only for that purpose. D. If the creditor is deceived on the substance or quality of the thing pledged, he may either claim another thing in its stead, or demand immediate payment of the principal obligation.

Which professionals are not required to report covered and/or suspicious transactions if the relevant information was obtained in circumstances where they are subject to professional secrecy or legal professional privilege? A. Lawyers and accountants B. Lawyers only C. Accountants only D. All professionals are required

Who authorizes which to raise a revolving capital of the cooperative? A. General assembly; board of directors B. Board of directors; general assembly C. Board of directors; executive committee D. General assembly; executive committee

Who must ensure implementation of personal information principles set out in the Data Privacy Act? a. Personal information controller b. Personal information processor c. Privacy Commissioner d. Deputy Privacy Commissioner

X, of age, entered into a contract with Y, a minor. X knew and the contract specifically stated the age of Y. May X successfully demand annulment of the contract? A. No, the party who has capacity cannot allege the incapacity of the party with whom he contracted. B. No, the annulment will prejudice the interests of the minor. C. Yes, since Y is a minor, the contract is voidable. D. Yes, as long as Y joins X in asking for annulment.

A Deputy Privacy Commissioner shall enjoy the benefits, privileges, and emoluments equivalent to the rank of: a. Secretary b. Undersecretary c. Assistant Secretary

A contract entered into by an incapacitated person is: A. Void B. Voidable C. Valid D. Unenforceable

A contract entered into by and between two deaf-mutes is: A. Void B. Valid C. Voidable D. Unenforceable

A contract of sale with conditions and warranties shall be governed primarily by: A. The Consumer Protection Act B. The Civil Code C. The Recto Law D. The Law on Personal Relations

A cooperative duly registered shall have: A. Comprehensive liability B. Limited liability C. Absolute liability D. General liability

A cooperative may register for a term not exceeding how many years? A. 100 B. 50 C. 25 D. 20

A funeral grant equivalent to ________ shall be paid, in cash or in kind, to help defray the cost of funeral expenses upon the death of a member, including permanently totally disabled member or retiree. a. P10,000 b. P12,000 c. P15,000 d. P20,000

A guardian cannot acquire even at a public auction, either in person or through the mediation of another which property? A. Property whose administration or sale may have been entrusted to them, unless the consent of the principal has been given B. Property of his ward C. Property of the estate under administration D. Property of the government, its political subdivisions or GOCCs entrusted to him

A judge, justice, prosecuting attorney, or clerk of court cannot acquire even at a public auction, either in person or through the mediation of another which property? A. Property of the government, its political subdivisions or GOCCs entrusted to him B. Property in custodia legis C. Property of his ward D. Property whose administration or sale may have been entrusted to them, unless the consent of the principal has been given

A pledged his diamond ring to secure his debt to B amounting to P20,000. A was not able to pay the said debt. Which of the following is incorrect if B sold the ring at a public auction? A. If the ring sold for P25,000, B would be entitled to the excess if there is stipulation to that effect B. If the ring sold for P18,000, B would be entitled to the deficiency if there is stipulation to that effect C. Whether or not the ring was sold for more or less than the amount of the loan, the loan shall be extinguished. D. None of the above.

A, B, C, D and E are members of the Board of Directors. A retired and D died. In this case, who shall fill-up the vacancy? A. Stockholders in a meeting called for the purpose, regardless if the directors still have a quorum B. A, B and C, since they still constitute a quorum C. A, B and C, regardless if they still constitute a quorum D. Stockholders in a meeting called for the purpose since the directors no longer have a quorum

Acts of money laundering committed by public officers, and private persons in conspiracy with such public officers shall be within the jurisdiction of: A. Regional Trial Courts (RTC) B. Sandiganbayan (SB) C. Court of Appeals (CA) D. Court of Tax Appeals (CTA)

All applications for registration shall be finally disposed of by the CDA within a period of 60 days from the filing thereof, otherwise the application is: A. Deemed denied B. Deemed approved C. Considered pending until final resolution D. Returned to the applicant

An employee performing work between 10:00 PM and 6:00 AM must be paid a night shift premium of not less than ____ of their regular wage for each hour of work performed. a. 5% b. 10% c. 15% d. 20%

Any person who performs services for an employer in which either or both mental or physical efforts are used and who receives compensation for such services. a. Employer b. Employee c. Dependents d. Both A & B

Any person, natural or juridical, domestic or foreign, who carries on in the Philippines any trade, business, industry, undertaking, or activity of any kind and uses the services of another person who is under his orders as regards the employment. a. Employee b. Employer c. Worker d. None of the above

As a general rule, ____ of the outstanding capital stock is required to constitute a quorum; and majority of _____________ is the voting requirement. A. Majority; outstanding capital stock B. Majority; those present C. 2/3; outstanding capital stock D. 2/3; those present

Coverage in the SSS shall be compulsory upon all employees including kasambahays or domestic workers not over ___ years of age and their employers a. 50 b. 60 c. 70 d. 80

D bought a pack of gum from a convenience store which costs P18. He paid P20 to the cashier, but the cashier gave him P5 as change. What juridical relation is created between D and the cashier? A. Contract B. Quasi-Contract C. Delict D. Quasi-Delict

Dissolution is caused when a specific thing, which had promised to contribute to the partnership, perishes A. Upon the delivery B. Before the delivery C. After the delivery D. After the partnership acquires ownership thereof

Employees have a right to a weekly rest period of not less than 24 consecutive hours after every ___ consecutive normal workdays a. 5 b. 6 c. 7 d. 10

First Statement: Information shall be denied legal effect, validity or enforceability solely on the grounds that it is in the data message purporting to give rise to such legal effect, or that it is merely referred to in that electronic data message. Second Statement: For evidentiary purposes, an electronic document shall be the functional equivalent of a written document under existing laws. A. Only the first statement is true. B. Only the second statement is true. C. Both of the statements are true. D. None of the statements is true.

First statement: As a rule, the pledgee has a right to deposit the thing pledged to a third person unless there is stipulation to the contrary. Second statement: Any agent or employee of the pledgee dealing with the thing pledge is solely responsible for any damage caused by him. A. Both statements are true B. Both statements are false C. Only the first statement is true D. Only the second statement is true

For the first 5 years of operation after registration of the cooperative, the amount distributed to the reserve fund shall not be less than __ of the net surplus. A. 75% B. 50% C. 25% D. 35%

If the merger will have a transaction value of P10B, failure to notify the Philippine Competition can subject them to a fine of: A. P50M to P250M B. P100M to P500M C. P200M to P1B D. P400M to P2B

If the offender is a corporation, partnership or any juridical person, the penalty shall be imposed upon the __. a. Directors b. Responsible officers c. Incorporators d. Stockholders/Partners

If the winding up or liquidation of partnership affairs is judicial, who has the right or duty to wind up or liquidate partnership affairs? A. Partner or legal representative or assignee designated by the partners B. Partner or legal representative or assignee designated by the court C. Managing partner D. Notary public

If there is agreement only with respect to the profits, how shall the losses be distributed? A. Same proportion as their share in the capital B. Same proportion as their share in the profits C. Partners shall meet and determine the shares. D. No loss shall be distributed.

In a facultative obligation, the loss of the _________ object _______ substitution extinguishes the obligation: A. Principal; after B. Principal; before C. Substitute; before D. None of the choices is correct

In case of ambiguity in the provisions of the Consumer Protection Act and its IRR, the rule of construction to be followed shall be: A. The greatest reciprocity of interest B. The best interest of the consumer C. The best interest of the seller D. The least transmission of rights

In property insurance, the proceeds must be paid within ___ days after proof of loss is received by the insurer and ascertainment of the loss or damage is made. a. 10 b. 30 c. 50 d. 100

In the case of primary cooperatives, regular meetings of the board of directors shall be held: A. At least once a week B. At least once a month C. At least twice a month D. At least once a year

Insured deposit means the net amount due to any depositor for deposits in an insured bank but should not exceed: A. P1,000,000 B. P500,000 C. P250,000 D. P300,000

It is a cooperative that promotes and undertakes savings and lending services among its members. A. Consumers B. Credit C. Lending D. Finance

It is a cooperative which is organized for the primary purpose of undertaking power generations, utilizing renewable energy sources, including hybrid systems, acquisition and operation of subtransmission or distribution to its household members. A. Energy B. Electric C. Utility D. Light

It is a cooperative which promotes and advocates cooperativism. A. Social B. Advocacy C. Promotional D. NGO

It is an agreement whereby one who undertakes, for a consideration, to indemnify another against loss, damage, or liability arising from an unknown or contingent event. a. Contract of sale b. Contract of insurance c. Contract of pledge d. Contract of guaranty

It is when an employee performs work that is usually not necessary or primarily related to the employer's business. a. Regular employment b. Casual employment c. Seasonal employment d. Fixed term employment

It refers to any information whether recorded in a material form or not, from which the identity of an individual is apparent or can be reasonably and directly ascertained by the entity holding the information, or when put together with other information would directly and certainly identify an individual. a Data subject b Personal information c Privileged information d Sensitive personal information

It refers to the principle that the contracting parties are free to enter into a contract and to establish such stipulations, clauses, terms, and conditions as they may deem convenient. A. Obligatory force B. Autonomy C. Mutuality D. Relativity

It stands as the law governing employment practices and labor relations in the Philippines. It prescribes the rules for hiring and termination of private employees and the conditions of work. a. Civil Code of the Philippines b. Labor Code of the Philippines c. NIRC d. Revised Penal Code

Jean and John are partners in a certain business, Jean being the managing partner. Ruth owes Jean P50,000 (more onerous) and the partnership P100,000, and both credits are demandable. Ruth pays Jean P30,000 and Jean issues a receipt in the partnership's name. How much should Jean apply to the partnership's credit? A. Nothing B. P30,000 C. P20,000 D. P10,000

Jean and John are partners in a certain business, Jean being the managing partner. Ruth owes Jean P50,000 and the partnership P100,000, and both credits are demandable. Ruth pays Jean P30,000 and Jean issues a receipt in the partnership's name. How much should Jean apply to the partnership's credit? A. Nothing B. P30,000 C. P20,000 D. P10,000

Lorenzo de Medici issued a check to Cesare Borgia drawn against Florence Bank. When the date on the check arrived, Cesare presented the check for payment. To his surprise, Florence Bank dishonored the check since a Stop Payment Order was issued therefor at the request of Lorenzo. In this case, A. Lorenzo may not be prosecuted for violating BP Blg. 22 because he is not the drawer thereof. B. Lorenzo may be prosecuted for violating BP Blg. 22 if the check would have been dishonored for insufficiency of funds if there was no Stop Payment Order. C. Lorenzo may not be prosecuted for violating BP Blg. 22 even if there were insufficiency of funds since there was a Stop Payment Order. D. Lorenzo may be prosecuted for violating BP Blg. 22 whether the check would have been dishonored by insufficiency of funds or not since the check was already dishonored because of the Stop Payment Order.

On May 31, 2021, D promised to give C P10,000 after the latter passes the LECPA. C passed the LECPA and took oath as a CPA on October 31, 2021. In this case, the prescriptive period to enforce the obligation will: A. Be reckoned from May 31, 2021 B. Be reckoned from October 31, 2021 C. Be reckoned from when C makes a demand D. Not begin to run since the condition was fulfilled

Service Firms shall guarantee workmanship and replacement of spare parts for a period: A. Not less than 60 days B. Not less than 90 days C. Not less than 60 days nor more than 90 days D. Not less than 90 days nor more than 120 days

Should a transaction be determined to be both a covered transaction and a suspicious transaction, the covered institution shall be required to report the same as a: A. Covered transaction B. Suspicious transaction C. Both a suspicious and covered transaction D. At the election of the covered institution

The amount allocated to the optional, land and building and any other necessary fund of the cooperative shall not be more than __ of the net surplus. A. 10% B. 7% C. 15% D. 20%

The defense of due diligence in the selection and supervision of employees may used against: I. Vicarious liability of an employer arising from quasi-delict II. Subsidiary liability of an employer arising from delict A. I and II B. I only C. II only D. Neither I nor II

The existence of a corporation sole begins from: A. The time the parties came to an agreement to form a corporation and contribute money or property. B. Filing of the verified articles of incorporation. C. Issuance of a certificate of registration. D. First day of the year following the filing of the Articles of Incorporation

The following are essential to a contract of pledge and mortgage, except: A. That they be constituted to secure the fulfillment of a principal obligation. B. That the pledgor or mortgagor be the absolute owner of the thing pledged at the time the obligation to deliver the same arises. C. That the persons constituting the pledge or mortgage have the free disposal of their property, and in the absence thereof, that they be legally authorized for the purpose. D. None of the above.

The incapacity of minors, demented persons, imbeciles, deaf and dumb, prodigals and civil interdictees in entering into contracts of sale is: A. Relative B. Absolute C. Partial D. Total

The indication of the possible irritants in the label as an additional labeling requirement under the Consumer Protection Act applies to: A. Foods B. Cosmetics C. Drugs D. All of the choices

The insured is entitled to recover only the amount of total loss sustained, and the burden is upon him to prove the amount of such loss. a. Uberrimae fides contract b. Contract of indemnity c. Risk distributing device d. Aleatory

The place of meetings of members in a non-stock corporation: A. Anywhere B. Anywhere in the Philippines C. The principal office D. The city or municipality where the principal office is located

The prescription period to file an accion redhibitoria or accion quanti minoris is __ months from the date of delivery to the vendee. A. 1 B. 6 C. 9 D. 12

The procurement process from the opening of bids up to the award of contract generally shall not exceed: A. 1 month B. 3 months C. 6 months D. 12 months

The sale of the thing subject of a legal pledge shall be done only after a demand is made for the amount for which it is retained. The public auction shall take place within _______ after such demand. A. 30 days B. One month C. 60 days D. 6 months

The share capital of a primary cooperative shall a par value fixed to any figure not more than: A. P500 B. P1,000 C. P5,000 D. P10,000

The stage where the bidder with the Lowest Calculated Bid or the Highest Rated Bid undergoes verification and validation whether he passed all the requirements and conditions as specified in the Bidding Documents. A. Bid Evaluation B. Post Qualification C. Award of the Contract D. Posting of the Performance Bond

The term of office of the regular appointive members of the Commission shall be ___ years, which can be extended for another term. a. 2 b. 3 c. 5 d. 6

Under this theory, a contract is perfected from the moment the acceptance comes to the knowledge of the offeror. A. Reception Theory B. Cognition Theory C. Expedition Theory D. Manifestation Theory

What is term of the members of the board of directors of a cooperative? A. 1 B. 2 C. 3 D. 4

What is the effect of waiver of warranty against eviction if the buyer has no knowledge of a particular risk? A. Waiver is null and void. B. Only limits the liability of the seller. C. Seller is not liable. D. Wipes out the warranty.

What is/are the qualifications of a Privacy Commissioner? a. At least 36 years of age b. Of good moral character, unquestionable integrity, and known probity c. A recognized expert in the field of information technology only d. All of the above

What may be presumed to have been established by an affidavit given to the best of the deponent's knowledge? A. Admissibility of electronic evidence only B. Admissibility and presumption of integrity of electronic evidence C. Presumption of integrity of electronic evidence only D. None of the above

What will be the term of the nominee in case of temporary incapacity of the sole stockholder? A. Until declaration of the court of the sole stockholder's capacity to take over B. Upon self-determination of the sole stockholder that he regained capacity C. Until the legal heirs of the stockholder have been determined D. Once the heirs have designated one of them to take over management

When is an instrument not capable of reformation? A. When through the ignorance, lack of skill, negligence or bad faith on the part of the person drafting the instrument or of the clerk or typist, the instrument does not express the true intention of the parties. B. Wills C. If 2 parties agree upon the mortgage or pledge of real or personal property, but the instrument states that the property is sold absolutely, or with a right of repurchase. D. Where the real agreement is voidable.

When is processing of personal information lawful? a. When necessary to protect the life and health of the data subject or another person, even when the data subject is legally or physically able to express his or her consent prior to the processing b. When necessary for purposes of medical treatment, is carried out by a medical practitioner or a medical treatment institution, and an adequate level of protection of personal information is ensured c. When not necessary for the protection of lawful rights and interests of natural or legal persons in court proceedings, or the establishment, exercise or defense of legal claims, or when provided to government or public authority d. None of the above

When the offender or the person responsible for the offense under DPA is a public officer as defined in the Administrative Code of the Philippines in the exercise of his or her duties, an accessory penalty consisting in the disqualification to occupy public office for a term __ the term of criminal penalty imposed shall he applied. a. Same as b. Double c. Triple d. Quadruple

Where monthly pension is payable on account of death, permanent total disability or retirement, dependents' pension equivalent to _____ of the monthly pension or Two hundred fifty pesos (P250.00), whichever is higher. a. 5% b. 10% c. 15% d. 20%

Which among the following is not a non-life insurance contract? a. Marine b. Suretyship c. Fire d. Casualty

Which is incorrect? A product is deemed mislabeled if the label fails to state conspicuously: I. The word "danger" with a bright red or orange color with a black symbol on all h II. The word "warning" or "caution" on substances which are extremely flammable, corrosive or highly toxic III. The word "poison" for any hazardous substance which is defined as highly toxic A. I, II and III C. I and III only B. I and II only D. II and III only

Which of the following corporate officer position may be held by the same person? A. President and Secretary B. Treasurer and Secretary C. President and Treasurer D. None of the above

Which of the following grounds to deny pre-emptive right requires the approval of 2/3 of the outstanding capital stock? A. Shares to be issued in order to comply with the laws requiring stock offering or minimum stock ownership by the public B. Shares issued in good faith in exchange for property needed for corporate purposes C. In case the right is denied in the By-Laws D. None of the choice

Which of the following is false with regards preferred shares? A. Preferred share is a stock that gives the holder preference over the holder of common stocks with respect to the payment of dividends and/or with respect to distribution of capital upon liquidation. B. A preferred share can be issued without a par value provided it is not issued for less than P5. C. The preference must be stated in the Articles of Incorporation and the Certificate of Stock. D. None of the above.

Who appoints the officers of the National Privacy Commission? a. DICT Secretary b. President c. Executive Secretary d. DTI Secretary

Who approves any assignment of share capital contribution or interest? A. General assembly B. Board of directors C. Executive committee D. Membership committee

Who is preferred in case of double sale of personal property? A. Registrant in good faith B. Possessor in good faith C. Person with oldest title in good faith D. Buyer with higher price

Women employees who are victims as defined in Republic Act No. 9262 shall be entitled to a leave of up to ____ days with full pay. a. 5 b. 10 c. 20 d. 30

X went to Y to have his car repaired. Y failed to perform the obligation agreed upon. What is/are the remedy/ies of X? A. Specific Performance B. Substitute Performance C. Both A and B D. Neither A nor B

A Housing Cooperative is __ by its members. A. Co-owned only B. Controlled only C. Co-owned and controlled D. Supervised

A and B entered into a verbal contract whereby A agreed to sell to B his only parcel of land for P10,000 and B agreed to buy at the aforementioned price. B went to the bank, withdrew the same amount and returned to A for the consummation of the contract. A, however, had changed his mind and refused to go through with the sale. Will an action by B against A for specific performance prosper? A. No, A and B must seek to resolve the dispute first before going to the court. B. Yes, because B already withdrew the money from the bank. C. No, it is not evidenced by anything in writing properly signed by A. D. Yes, A has already agreed with B which made the agreement binding to both parties.

A contract entered into by a minor who misrepresents his age is: A. Void B. Valid C. Voidable D. Unenforceable

A contract of insurance is not compulsory, and the parties may incorporate such terms and conditions as they may deem convenient. This is allowed provided that they do not contravene any provision of law and are not against public policy. a. Contract of adhesion b. Personal c. Voluntary d. Synallagmatic

A corporation doing business in the Philippines without the requisite license: A. Can sue and be sued in Philippine courts B. Can sue but cannot be sued in Philippine courts C. Can be sued but cannot sue in Philippine courts D. Cannot sue and be sued in Philippine courts

A freeze order shall be effective immediately for a period not to exceed: A. 6 months B. 3 months C. 1 month D. 20 days

A, is a stockholder of Silvestre Corporation, who holds 10,000 shares thereof. A stockholders meeting was called to elect members of a 5-man Board. How many votes can A cast in favor of B if they employ cumulative voting? A. 10,000 votes B. 25,000 votes C. 50,000 votes D. 100,000 votes

All deposits of any bank are insured with the: A. BSP B. Insurance Commission C. PDIC D. Monetary Board

An act or practice may violate the Consumer Protection Act whether it occurs before, during or after the transaction. This applies to: A. Deceptive Sales Acts or Practices B. Unfair or Unconscionable Sales Act or Practices C. Both Deceptive Sales Acts or Practices and Unfair or Unconscionable Sales Act or Practices D. Neither Deceptive Sales Acts nor Unfair or Unconscionable Sales Act or Practices

An executor or administrator cannot acquire even at a public auction, either in person or through the mediation of another which property? A. Property of the government, its political subdivisions or GOCCs entrusted to him B. Property of his ward C. Property of the estate under administration D. Property whose administration or sale may have been entrusted to them, unless the consent of the principal has been given

An ultra vires act is an act or a transaction of a corporation which: A. Is considered illegal B. Is contrary to morals, public policy, good customs C. Not within the express, implied or incidental powers of the corporation D. All of the above

D is indebted to C for P100,000 payable on December 31, 2021. On September 30, 2021, C went to D's house and found that he is packing all his clothes and the house was already empty. It would show that D was already preparing to migrate to another country, never to return. Can C make a valid demand for payment on September 30, 2021? A. No, because an attempt on itself to abscond does not remove the debtor's right to make use of the period B. No, because the debt is not yet due C. Yes, because D is about to abscond D. Yes, because there're no longer properties which C can attach should he sue

Except as may be allowed through guidelines to be issued by the National Privacy Commission, no employee of the government shall have access to sensitive personal information on government property or through online facilities unless the employee has received a security clearance from the __ of the source agency. a. Personal information controller b. Personal information processor c. Head d. Lawyer

First Statement: A personal information controller may subcontract the processing of personal information. Second Statement: Personal information controllers may invoke the principle of privileged communication over privileged information that they lawfully control or process. a. Only the first statement is true. b. Only the second statement is true. c. Both of the statements are true. d. None of the statements is true.

First Statement: As a general rule, the partners are the agents of the partnership; hence, acts of the partners for the account of the partnership are binding not only on the partnership but also on the partners. Second Statement: Whatever acts the stockholders might execute for the account of the corporation, either individually or collectively, are not binding on the corporation. A. Only the first statement is true. B. Only the second statement is true. C. Both statements are true. D. None of the statements is true.

First Statement: If the offender under DPA is a juridical person, the court may suspend or revoke any of its rights under the DPA. Second Statement: If the offender under DPA is an alien, he or she shall, in addition to the penalties herein prescribed, be deported without further proceedings after serving the penalties prescribed. a. Only the first statement is true. b. Only the second statement is true. c. Both of the statements are true. d. None of the statements is true.

First Statement: If the partnership is general, it may be constituted in any form, except where immovable property or real rights are contributed to the common fund, in which case a public instrument, to which is attached an inventory of said property, signed by any of the partners, shall be necessary for validity. Second Statement: If the general partnership has a capital of P3,000 or more, it must appear in a public instrument, which shall be recorded in the office of the SEC. However, it is not necessary for its validity. A. Only the first statement is true. B. Only the second statement is true. C. Both statements are true. D. None of the statements is true.

First Statement: If the partnership is limited, it is required that the contracting parties, in addition to the formalities prescribed for the organization of a general partnership, shall execute a certificate of limited partnership which must be recorded in the office of the SEC. Second Statement: The formalities for a limited partnership must be complied with, otherwise, the partnership is not limited but general. A. Only the first statement is true. B. Only the second statement is true. C. Both statements are true. D. None of the statements is true.

First Statement: Sale is not a mode of acquiring ownership. Second Statement: Delivery is the operative mode that transfers ownership. A. Only the first statement is true. B. Only the second statement is true. C. Both statements are true. D. None of the statements is true.

First Statement: The court can decree a dissolution if the business of the partnership can only be carried on at a loss. Second Statement: The court can decree a dissolution if the circumstances render a dissolution equitable. A. Only first statement is true. B. Only second statement is true. C. Both statements are true. D. None of the statements is true.

First Statement: The interest of a limited partner is assignable. Second Statement: An assignee of a limited partner has the right to become a substituted limited partner if all the members consent thereto or if the assignor, being thereunto empowered by the certificate of limited partnership, gives the assignee that right. A. Only first statement is true. B. Only second statement is true. C. Both statements are true. D. None of the statements is true.

First Statement: The lawful heirs and assigns of the data subject may invoke the rights of the data subject for, which he or she is an heir or assignee at any time after the death of the data subject or when the data subject is incapacitated or incapable of exercising the rights of the data subject. Second Statement: The rules on rights, its transmissibility, and portability are not applicable if the processed personal information are used only for the needs of scientific and statistical research and, on the basis of such, no activities are carried out and no decisions are taken regarding the data subject. a. Only the first statement is true. b. Only the second statement is true. c. Both of the statements are true. d. None of the statements is true.

First Statement: Under PD 957, no installment payment made by a buyer in a subdivision or condominium project for the lot or unit he contracted to buy shall be forfeited in favor of the owner or developer when the buyer, after due notice to the owner or developer, desists from further payment due to the failure of the owner or developer to develop the subdivision or condominium project according to the approved plans and within the time limit for complying with the same. Second Statement: The rights of buyer in the event of his failure to pay the installments due for reasons other than the failure of the owner or developer to develop the project shall be governed by RA 6552. A. Only the first statement is true. B. Only the second statement is true. C. Both statements are true. D. None of the statements is true.

First Statement: Where the requires that any action referred to contract of carriage of goods be carried out in writing or by using a paper document, that requirement is met if the action is carried out by using one or more electronic data messages or electronic documents. Second Statement: The "usual place of residence" in relation to a body corporate, means the place where it is incorporated or otherwise legally constituted. A. Only the first statement is true. B. Only the second statement is true. C. Both of the statements are true. D. None of the statements is true.

First statement: A statement in writing by the pledgee that he renounces or abandons the pledge extinguishes the pledge upon receipt of the pledgor of the thing pledged. Second statement: The acceptance by the pledgor or owner, or the return of the thing pledged is necessary to extinguish the pledge. A. Only the first statement is correct B. Only the second statement is correct C. Both statements are incorrect D. Both statements are correct

For a thing to be a valid subject matter, it has to be: A. Determinate or determinable, illicit and possible B. Determinate or determinable, illicit and impossible C. Determinate or determinable, licit and possible D. Indeterminate, licit and not impossible

How long is the term of a Privacy Commissioner? a. 1 year b. 2 years c. 3 years d. 5 years

If the principal obligation remains unsatisfied, the pledgee-creditor can have the pledge foreclosed. Who will conduct the foreclosure sale? A. Pledgee B. Judge C. Notary Public D. Sheriff

If there is mere inadequacy of the price, the contract is: A. Void B. Voidable C. Valid D. Unenforceable

If there is no agreement as to the distribution of profits and losses, how shall the losses be distributed to the industrial partner? A. In proportion to what he may have contributed to the common fund B. Just and equitable under the circumstances C. No liability D. Profits go to the reserve fund.

If there is no agreement on who will manage the partnership, it is vested in: A. The partner with highest contribution B. The partners with majority stake C. All of the partners D. The oldest partner

In case of members of secondary or tertiary cooperatives, they shall have __ basic vote/s and as many incentive votes but not to exceed __ vote/s. A. 5, 5 B. 5, 1 C. 1, 5 D. 1, 1

In entering into any contract that may involve accessing or requiring sensitive personal information from __, an agency shall require a contractor and its employees to register their personal information processing system with the National Privacy Commission in accordance with the DPA and to comply with the other provisions of the DPA including the immediately preceding section, in the same manner as agencies and government employees comply with such requirements. a. 100 or more individuals b. 500 or more individuals c. 1,000 or more individuals d. 5,000 or more individuals

In this type of contract, sale of the thing subject thereof during the pendency of the contract will result in criminal liability: A. Pledge B. Real Estate Mortgage C. Chattel Mortgage D. None of the choices

In this type of obligation, the acquisition of rights, as well as the extinguishment or loss of those already acquired shall depend upon the happening of the event which constitutes the condition. A. Pure obligation B. Alternative obligation C. Conditional obligation D. Obligation with a term

Is there any exception to the rule that a mistake of law cannot vitiate consent rendering the contract voidable? A. Mistake as to the object of the contract (error in re) B. Mistake as to person (error in persona) C. Mutual error as to the legal effect of an agreement when the real purpose of the parties is frustrated, may vitiate consent. D. There is no exception.

It is a contract where each of the parties acquires an equivalent of his prestation and such equivalent is pecuniarily appreciable and already determined from the moment of the celebration of the contract. A. Aleatory B. Nominate C. Commutative D. Innominate

It is a cooperative which combines 2 or more of the business activities of the different types of cooperatives A. Bi-purpose B. Tri-purpose C. Multipurpose D. Complex

It is a cooperative which is organized for the primary purpose of providing a wide range of financial services to cooperatives and their members. A. Financial B. Credit C. Cooperative bank D. Lending

It means that the object should be susceptible of appropriation and transmissible from one person to another. A. The object is real or possible. B. The object is licit. C. The object is within the commerce of men. D. The object is determinate, or at least, possible of determination, as to its kind.

It refers to a delivery where the seller points out to buyer the things which are transferred. A. Traditio constitutum possessorium B. Traditio brevi manu C. Traditio longa manu D. Traditio symbolica

It refers to an action to procure the return of a part of the purchase price paid by the vendee to the vendor by reason of such defect. A. Accion redhibitoria B. Accion pauliana C. Accion quanti minoris D. Accion quanti majoris

It refers to any and all forms of data which under the Rules of Court and other pertinent laws constitute privileged communication. a. Data subject b. Personal information c. Privileged information d. Sensitive personal information

It refers to any distinctive mark, characteristic and/or sound in electronic form, representing the identity of a person and attached to or logically associated with the electronic data message or electronic document A. Electronic key B. Electronic data message C. Electronic signature D. Electronic document

It refers to that moment when partnership affairs are wound up. A. Winding up B. Dissolution C. Termination D. Liquidation

It refers to the doctrine that "When the true intention of the parties to a perfected and valid contract are not expressed in the instrument purporting to embody their agreement, by reason of mistake, fraud, inequitable conduct or accident, one of the parties may ask for the reformation of the instrument so that such true intention may be expressed. A. Doctrine of interpretation of instruments B. Doctrine of resolution of instruments C. Doctrine of reformation of instruments D. Doctrine of expression of instruments

It refers to the principle that the contract takes effect only between the parties, their assigns and heirs. A. Obligatory force B. Autonomy C. Relativity D. Mutuality

It represents the interest and welfare of all types of cooperatives at the provincial, city, regional and national levels. A. Federation B. Managing cooperative C. Cooperative union D. Association

Jewelry dealer is a covered institution if it deals in precious metals, who as a business or trade in excess of: A. P10,000,000 B. P5,000,000 C. P1,000,000 D. P500,000

Knowledge of insufficiency of funds in BP Blg 22 would be presumed if the check was presented within __ days from the date of the check A. 30 B. 60 C. 90 D. 120

Mr. A subscribed to 10,000 shares of P1 par value for P10 per share. He was able to pay 50% of the subscription price. In this case, which of the following is not a right granted to Mr. A? A. He can receive dividends attributable to the whole 10,000 shares B. He has the right to vote equivalent to the 10,000 shares C. He can demand the issuance of certificate of stock for the 5,000 shares already paid D. None of the choices.

Mr. X is a Director of both XYZ Corporation and ABC Corporation. XYZ and ABC entered into a contract of sale, the contract between XYZ and ABC, is considered valid absent fraud and provided it is reasonable under the circumstances. But it is considered voidable if the shareholdings of Mr. X in the two corporations are: (ABC/XYZ) A. 25%/25% B. 5%/5% C. 25%/5% D. 3%/20%

Mr. X, as the president of ABC Corporation, signed the check in his official capacity. Later on, the check bounced due to insufficiency of funds and he is now being sued for violation of BP Blg. 22. Can Mr. X be made personally liable? A. Yes, because he acted in bad faith in allowing the issuance of a worthless check B. No, because he merely signed in his official capacity C. Yes, because he is made personally liable by law D. No, because of the corporate entity theory

Neal Caffrey issued a check to Peter Burke which induced the latter to deliver goods in exchange for the check. Peter presented the check 30 days from the date of the check and the same was dishonored due to insufficiency of funds. Assuming the notice requirement has already been complied with, Neal A. Can be guilty of violating the Anti-Bouncing Checks Law B. Can be guilty of Estafa for issuing a worthless check C. Can be guilty of violating both the Anti-Bouncing Checks Law and Estafa for issuing a worthless check D. Did not commit any crime

On application by or for a partner, the court shall decree a dissolution whenever: A. A partner becomes in any other way capable of performing his part of the partnership contract. B. A partner has been innocent of such conduct as tends to affect prejudicially the carrying on of the business. C. A partner has been declared insane in any judicial proceeding or is shown to be of unsound mind. D. A partner unwillfully or persistently commits breach of the partnership agreement, or otherwise so conducts himself in matter relating to the partnership business that it is not reasonably practicable to carry on the business in partnership with him.

Proceedings under the FRIA can be described as follows, except: A. In rem B. Summary C. Adversarial D. None of the choices is an exception

Requiring a customer to buy an x-ray machine together with the intended photocopying machine may be considered abuse of dominant position under which of the following categories of conduct provided under the Philippine Competition Act? A. Imposing barriers to entry or committing acts that prevent competitors from growing within the market in an anti-competitive manner except those that develop in the market as a result of or arising from a superior product or process, business acumen, or legal rights or laws B. Making a transaction subject to acceptance by the other parties of other obligations which, by their nature or according to commercial usage, have no connection with the transaction C. Making supply of particular goods or services dependent upon the purchase of other goods or services from the supplier which have no direct connection with the main goods or services to be supplied D. Directly or indirectly imposing unfairly low purchase prices for the goods or services of, among others, marginalized agricultural producers, fisherfolk, micro-, small-, medium-scale enterprises, and other marginalized service providers and producers

Ruth, Carlo, Maricel, and Dustin organized a general partnership, with Ruth and Carlo as industrial partners and Maricel, who contributed P30,000 to the common fund, and Dustin, who contributed P10,000 to the common fund as capitalist partners. Nobody was appointed managing partner. When the firm commenced business operations, the Ruth and Carlo appointed Olive as accountant of the firm. A year later, Ruth decided to dismiss Olive, but this was opposed by Carlo. How can the conflict between Ruth and Carlo be resolved in case of a tie? A. Majority of the partners will decide. B. Dustin and Maricel will decide. C. Maricel will decide. D. Ruth prevails.

The amount allocated to the community development fund of the cooperative shall not be more than __ of the net surplus. A. 7% B. 10% C. 3% D. 5%

The claim must be filed within how many years from the actual takeover by the receiver? A. 5 B. 3 C. 2 D. 1

The consumer may invoke his rights under the Lemon Law if, at any time within the Lemon Law rights period, there has been at least __ separate repair attempts and the same complaint and the nonconformity issue remains unresolved. A. 2 B. 3 C. 4 D. 5

The minimum number of natural persons required to organize a primary cooperative is: A. 5 B. 10 C. 15 D. 20

The minimum subscription of the authorized capital stock of a cooperative is: A. 10% of the ACS B. 15% of the ACS C. 25% of the ACS D. 30% of the ACS

The period given to make good the check in order to be exonerated of liability: (Estafa/BP Blg. 22) A. 3 days/3 banking days B. 5 days/3 banking days C. 3 days/5 banking days D. 5 days/5 banking days

The place of payment/performance, in an obligation to deliver a specific thing, where none is designated by the parties, will be A. The domicile of the debtor B. The domicile of the creditor C. The place where the thing might be at the moment the obligation was constituted D. The place where the thing might be at the time of performance

The proceeds of the insurance shall be paid by the PDIC to the depositor whenever: A. The depositor files the claim with supporting documents B. The insured bank submits the list of qualified depositors C. The insured bank is closed on account of insolvency D. The order from the BSP to pay is issued

The regular meetings of _____ are to be held monthly: A. Stockholders B. Members C. Board of Directors D. All of the choices

The retirement, death, disability, injury or sickness and maternity of the member a. Covered transaction b. Suspicious transaction c. Contingency d. None of the above

The right given to the mortgagor in the event of a judicial foreclosure to recover the thing: A. Right of redemption B. Right of pre-emption C. Equity of redemption D. Pre-emptive right

Under the Revised Corporation Code, a foreign corporation has power and capacity to do all of the following, except: A. Form joint ventures B. Adopt and use a corporate seal C. Give aid for political partisan activities D. Acquire properties in its own name

Under this theory, a contract is perfected from the moment the acceptance is declared or made. A. Expedition Theory B. Reception Theory C. Manifestation Theory D. Cognition Theory

Upon dissolution of a cooperative, what happens to the capital donated to said cooperative? A. It shall be divided among the members of the cooperative. B. It shall be returned to the donor. C. It is subject to escheat. D. It shall be donated to another cooperative with a similar purpose.

Upon the death of a member who has paid at least ______ monthly contributions prior to the semester of death, his primary beneficiaries shall be entitled to the monthly pension a. 12 b. 24 c. 36 d. 48

What are the requisites for issuance of freeze order? A. Application ex parte by AMLC only B. Determination of probable cause by CA only C. Application ex parte by AMLC and determination of probable cause by CA D. Application ex parte by AMLC and determination of probable cause by AMLC

Where is the place of receipt of electronic data messages or electronic documents if the addressee has no place of business? A. Place which has the closest relationship to the underlying transaction B. Principal place of business C. Habitual residence D. Place where the server is located

Which among the following is an element of an insurance contract? a. The insured is subject to a risk of loss upon the happening of the designated peril. b. The assumption of risk is part of a general scheme to distribute actual losses among a large group or substantial number or persons bearing similar risks. c. Both A and B d. None of the above

Which among the following is not a life insurance contract? a. Individual b. Group c. Marine d. Industrial

Which of the following is a proceeding which applies only to individual debtors and not to business organizations? A. Rehabilitation B. Pre-negotiated rehabilitation C. Suspension of Payments D. Liquidation

Which of the following is still a requirement that applies to incorporators under the Revised Corporation Code: A. Majority must be residents of the Philippines B. Must be natural persons C. Natural persons must be of legal age D. None of the choices

Who elects the members of the board of directors of a cooperative? A. Stockholders B. Shareholders C. General assembly D. Executive committee

Work performed beyond the normal working hours must be paid an additional compensation equivalent to an employee's regular wage plus at least _____ thereof. a. 10% b. 20% c. 25% d. 30%

X died, leaving the legal title to his land to his son A, while the usufruct was given to B. When B dies, A. His rights will be transmitted to his heirs by operation of law B. His rights will be inherited by the heirs because obligations are transmissible in general C. His rights will be merged with the legal title of A D. His rights will be inherited by the other heirs of X

A certificate of registration issued by the CDA under its official seal shall be __ evidence that the cooperative therein mentioned is duly registered. A. Disputable B. Presumptive C. Prima facie D. Conclusive

A contract entered into by and between two persons of who both insane is: A. Valid B. Void C. Voidable D. Unenforceable

A contract entered into by the cooperative with one or more of its directors, officers and committee members may be ratified by a __ vote of all members with voting rights, present and constituting a quorum in a meeting called for the purpose. A. ½ B. ½ + 1 C. 2/3 D. ¾

A contract of adhesion is generally: A. Void B. Voidable C. Unenforceable D. Valid

A cooperative organized by minors shall be considered a __ cooperative. A. Minor B. Youth C. Young D. Laboratory

A deed of sale where the stated consideration had not in fact been paid is: A. Valid B. Unenforceable C. Voidable D. Null and void

A, B, C, D, E, F, G, H, I are members of the Board of Directors. In the meeting to appoint corporate officers, only A, B, C, D and E are present. How many votes are required to elect corporate offices? A. 2 B. 3 C. 4 D. 5

All deposits of whatever nature with banks or banking institutions in the Philippines including investments in bonds issued by the Government of the Philippines, its political subdivisions and its instrumentalities, are considered __ and may not be examined, inquired or looked into by any person, government official, bureau or office. A. Totally confidential B. Generally confidential C. Definitely confidential D. Absolutely confidential

An elected officer of a cooperative may be removed by __ a vote of all members with voting rights, present and constituting a quorum in a meeting called for the purpose. A. ½ B. ½ + 1 C. 2/3 D. ¾

Arnie, husband of Marika, sold paraphernal property in her name without her consent. The sale is: A. Valid B. Void C. Voidable D. Unenforceable

Both the insured and insurer have reciprocal obligations of equal value to each other. a. Contract of adhesion b. Personal c. Voluntary d. Synallagmatic

Compulsory Notification of mergers will be applicable if the value of the transaction is: A. At least P100,000,000 B. More than P100,000,000 C. At least P1,000,000,000 D. More than P1,000,000,000

D is indebted to C for P100,000. The action to enforce the obligation has already prescribed. However, X, a suitor of D paid the same and D voluntarily reimbursed X. In this case, D can recover payment from: A. C B. X C. Both C and X D. Neither C nor X

D1 and D2, joint debtors, executed a contract of pledge in favor of C, delivering a diamond ring and a gold watch, as security for his loan amounting to P250,000. Without the debt being paid, C died leaving X and Y, his sole heirs; D1 eventually made a payment to X representing his share of the debt owed to C. Which of the following is true? A. X can partially release either of the things pledge since his share in the loan inherited from C has already been paid. B. D1 can ask for the proportionate extinguishment of the pledge since D1 and D2 are not solidary debtors. C. D1 can ask for the release of either the diamond ring or the gold watch by virtue of his payment of his share in the loan. D. D1 cannot ask for the release, and X is not authorized to return, any of the objects.

Employees who work beyond 8 hours on a holiday or rest day shall also be paid an additional compensation equivalent to the rate of the first 8 hours plus at least ____ thereof. a. 10% b. 20% c. 25% d. 30%

First Statement: A bidder may modify his bid even after the deadline for the receipt of bids. Second Statement: The modification shall be submitted in a sealed envelope duly identified as a modification of the original bid and stamped received by the BAC. A. Both statements are correct B. Both statements are incorrect C. Only the first statement is correct D. Only the second statement is correct

First Statement: A distributor of products covered by the Warranty provisions of the Consumer Act must report the sales made within 60 days from the date of purchase. Second Statement: Failure of the distributor to make the required report or send the form required by the manufacturer, producer, or importer shall relieve the latter of its liability under the warranty. A. Both statements are correct B. Both statements are incorrect C. Only the first statement is correct D. Only the second statement is correct

First Statement: An agreement between competitors that restricts competition as to price, or components thereof, or other terms of trade is prohibited only if they have the object or effect of substantially preventing, restricting or lessening competition. Second Statement: An agreement may not necessarily be deemed a violation of the Philippine Competition Act, if the transaction contributes to improving the production or distribution of goods and services or to promoting technical or economic progress, while allowing consumers a fair share of the resulting benefits. A. Both statements are correct B. Both statements are incorrect C. Only the first statement is correct D. Only the second statement is correct

In the procurement of Consultation Services, the bidder with the Highest Rated Bid shall be invited for negotiations. If negotiations fail, the second rank bidder shall be invited for negotiations. This process shall be repeated: A. Upto three times until the bid is awarded to the winning bidder B. Upto five times until the bid is awarded to the winning bidder C. Upto ten times until the bid is awarded to the winning bidder D. Until the bid is awarded to the winning bidder

It is a cooperative organized for the primary purpose of owning and operating licensed educational institutions. A. Training B. Vocational C. Academic D. Education

It is a cooperative the primary purpose of which is to procure and distribute commodities to members and non-members. A. Producers B. Credit C. Procurement D. Consumers

It is a type of employment that is not determined by the activities that employees are required to perform but by the commencement and termination of the employment contract. a. Regular employment b. Casual employment c. Seasonal employment d. Fixed term employment

It is an extraordinary and interim relief issued to prevent the dissipation, removal, or disposal of properties that are suspected to be the proceeds of, or related to, unlawful activities as defined in RA9160: A. Status quo ante order B. Temporary restraining order C. Writ of injunction D. Freeze order

It refers to information or the representation of information, data, figures, symbols or other modes of written expression, described or however represented, by which a right is established or an obligation extinguished, or by which a fact may be prove and affirmed, which is receive, recorded, transmitted, stored, processed, retrieved or produced electronically. A. Electronic key B. Electronic data message C. Electronic signature D. Electronic document

It refers to partners who contribute only their skill or industry to the common fund. A. Capitalist B. Managing C. Silent D. Industrial

It refers to partners who manage or administer partnership affairs. A. Silent B. Ostensible C. Secret D. Managing

It refers to the act or means by virtue of which efficacy is given to a contract which suffers from a vice of curable nullity. A. Resolution B. Prescription C. Annulment D. Ratification (or confirmation)

Mr. X was invited by his friends to invest in XYZ Corp., a newly organized firm where he was appointed president. He entered into a contract of sale with ABC Corp. to purchase equipment, in accordance with the primary purpose of the corporation. Later on, however, it was discovered that the Articles of Incorporation had not been filed by his friends. He hurriedly attended to the matter and when the SEC issued the Certificate of Registration, the corporation became bankrupt and Mr. X is now being sued by ABC Corp. in his personal capacity. In this case, A. Mr. X cannot be made liable since XYZ Corp. is considered a de facto corporation which has a separate personality. B. Mr. X cannot be made liable since the de facto status of the corporation has not been attacked by the State. C. Mr. X can be made liable upto his personal assets since he is the president of XYZ Corporation which is a corporation by estoppel. D. Mr. X can be made liable only upto his investment since he had no knowledge that the corporation was not validly incorporated.

On March 1, 2019, Alvin sent an email to Simon offering to sell his cellphone for P15,000. In the same email, Alvin wrote that Simon shall have 10 days from acknowledging the receipt of Alvin's email to decide whether to accept his offer or not. The required acknowledgment must be sent on or before March 5, 2019. Simon, without acknowledging Alvin's email, replied 5 days after, signifying his acceptance of Alvin's offer. Is there a contract perfected? A. Yes, because there is a meeting of the minds. B. Yes, because Simon accepted Alvin's offer before the expiration of the 10-day period. C. None, because Alvin is not in writing, hence an unacceptable offer. D. None, because Alvin's offer is ineffective since Simon failed to acknowledge Alvin's email.

On March 1, 2019, Donald, through a text message, offered to sell his land to Hillary for P10,000. Hillary accepted Donald's offer by sending an email to Donald on March 2, 2019, which Donald was able to read on March 3, 2019. On March 4, 2019, wondering if Donald received her email, Hillary sent a text message to Donald signifying once again her acceptance of Donald's offer, to which a recipient (Donald's wife) immediately replied, "Sorry, but Donald just died a few hours ago". Is there a perfected contract of sale? A. No, because Hillary's acceptance was not made in a text message. B. No, because Donald has already died and can no longer perform any contractual obligation. C. Yes, because the knowledge of Donald's wife of Hillary's acceptance through a text message on March 4, 2019 perfects the contract since she is a legal heir of Donald. D. Yes, because the email Hillary sent on March 2, 2019 signifying her acceptance was read by Donald on March 3, 2019.

On March 5, 1956, A wrote a letter to B offering him the lease of a building. On March 6, 1956, at 1:00PM, B sent a letter of acceptance which was received by A at 4:00PM that day. But at 2:00PM, A had already sent B a letter of withdrawal of the offer which was received by B at 5:00PM. When was the contract perfected? A. At 1:00PM B. At 4:00PM C. At 2:00PM D. The contract has not been perfected.

On the application of the purchaser of a partner's interest, dissolution is caused (1) at the termination of the specific term or particular undertaking, or (2) at any time if the partnership was a partnership at will when the interest was assigned or when the charging order was issued. A. 1 only B. 2 only C. None of them D. Both of them

Restitution for any aggrieved party under DPA shall be governed by the provisions of the __. a. Code of Commerce b. Data Privacy Act c. 1987 Philippine Constitution d. New Civil Code

Rosh, Juju and Anna formed a partnership under the where Rosh's participation is 40%; Juju, 40%; and Anna, 20%. Rosh and Juju would supply the entire capital. Anna would contribute her management expertise and be manager for the first 5 years without compensation. They also agreed that Anna shall not liable for losses. Unfortunately, the partnership became bankrupt. Who can remove Anna as manager? A. Rosh B. Juju C. None D. The partner/s with controlling interest

Suspension of Payments differ from Rehabilitation in that the latter: A. Applies only to individuals B. Filed only by the debtor C. Secured debtors are not affected D. Debtor's assets are less than the liabilities

The Commission may impose administrative fines of upto P100M for the first offense and P100M to P200M for the second offense for the investigations relative to the following, except: A. Anti-Competitive Agreements B. Abuse of Dominant Position C. Compulsory Notification on Mergers and Acquisitions D. None is an exception

The Government Procurement Act applies to the procurement of the following, except: A. Infrastructure projects B. Goods C. Consulting services D. None of the choices is an exception

The act of processing sensitive personal information for unauthorized purposes is punishable by: a. 1.5 to 5 years of imprisonment and fine 500,000 to 1,000,000 b. 2 to 7 years of imprisonment and fine 500,000 to 1,000,000 c. 1.5 to 5 years of imprisonment and fine500,000 to 2,000,000 d. 2 to 7 years of imprisonment and fine 500,000 to 2,000,000

The appraisal right of a stockholder may be exercised in the following actions of the corporation, except: A. In case of merger or consolidation. B. Sale of all or substantially all the assets of the corporation. C. Investment of funds in another corporation or business or for any other purpose other than the primary purpose. D. Amendments to the Articles of Incorporation to change the name of the corporation

The delegation of the power to amend the by-laws would require __ vote of the stockholders, while its revocation would require __ vote. A. Majority; Majority B. Majority; 2/3 C. 2/3; 2/3 D. 2/3; Majority

The dissolution of the partnership terminates all authority of the managing partner or of any partner, as the case may be, to act for the partnership, except (1) acts necessary to wind up partnership affairs, (2) acts necessary to complete transactions begun but not then finished, and (3) acts or transactions which would bind the partnership if dissolution had not taken place. A. 1 and 2 only B. 1 and 3 only C. 2 and 3 only D. All three

The drawer and issuer of the worthless check will not be liable under BP Blg. 22 if he pays the holder or makes arrangements for the payment in full by the drawee of the amount of the check within ___________ after receiving notice that such check has not been paid by the drawee: A. 3 calendar days B. 3 banking days C. 5 calendar days D. 5 banking days

The following are effects of dissolution, except: A. The corporate entity ceases to exist except for liquidation purposes. B. It can no longer enter into contracts for furthering its purpose C. It can no longer apply for a secondary franchise D. Existing contracts are deemed terminated

The following are implied condonations, except: A. Delivery of the promissory note to the debtor for the voluntary destruction B. Cancellation of the evidence of credit by the creditor with intent to renounce the right C. If the thing pledged, after delivery to the creditor-pledgee, is found in the possession of the debtor, or a third person who owns the thing D. None of the choices is an exception

The following are prohibited acts under the Philippine Competition Act, except: A. Anti-Competitive Agreements B. Abuse of Dominant Position C. Anti-Competitive Mergers D. None of the choices is an exception

The following constitute permissible pricing differentials and not abuse of dominant position, except: A. Socialized pricing for the less fortunate sector of the economy; B. Price differential which reasonably or approximately reflect differences in the cost of manufacture, sale, or delivery resulting from differing methods, technical conditions, or quantities in which the goods or services are sold or delivered to the buyers or sellers; C. Price differential or terms of sale offered in response to the competitive price of payments, services or changes in the facilities furnished by a competitor D. None is an exception

The following sales must be in writing to be enforceable: (1) sale of personal property at a price not less than P500, (2) sale of real property or an interest therein, and (3) sale of any property not to be performed within a year from the date thereof. A. 1 and 2 only B. 1 and 3 only C. 2 and 3 only D. All of three

The following, if incurred within 60 days prior to the filing of the petition, will not be covered by the suspension order issued by the court, except: A. Personal labor B. Maintenance C. Expense of last illness and funeral of the wife or children of the debtor D. Purchase of raw materials

The limitations upon the right of the contracting parties to establish such stipulations, clauses, terms, and conditions as they may deem convenient are: A. Law, morals, good customs, and public order only B. Law, morals, and good customs only C. Law, morals, and public order only D. Law, morals, good customs, public order, and public policy

The management of the partnership may be vested (1) in the articles of the partnership and/or (2) after the partnership had already been constituted. A. 1 only B. 2 only C. Neither of 2 D. Either of 2

The merger or consolidation is deemed effective starting: A. On the date the parties agreed to a consolidation or merger B. On the date the stockholders ratified the Board resolution for consolidation or merger C. Upon submission of the articles of merger or consolidation to the SEC D. Upon issuance of the certificate of merger or consolidation

The obligation of the insurer to pay the proceeds of the insurance arises only upon the happening of an event which is uncertain. It does not depend upon some contingent event. a. Uberrimae fides contract b. Contract of indemnity c. Risk distributing device d. Aleatory

The processing of personal information adheres to which principle/s? a. Transparency b. Legitimate purpose c. Proportionality d. All of the above

The remedies of an unpaid seller are (1) possessory lien, (2) stoppage in transitu, (3) resale, and (4) rescission. A. 1, 2, and 3 B. 1, 2, and 4 C. 1, 3, and 4 D. All of four

The stamp of the drawee written on the dishonored check, with the reason therefor, shall be prima facie evidence of the following, except: A. Making or issuance of the check B. Due presentment to the drawee for payment C. The dishonor of the check D. None of the choices is an exception

The vendee is liable for interest on the price (1) should it have been so stipulated, (2) should the thing sold and delivered produce fruits or income, and (3) should he be in default, from the time of judicial or extra-judicial demand for the payment of the price. A. 1 and 2 only B. 1 and 3 only C. 2 and 3 only D. All of three

This essential element of an obligation is the reason for the obligation's existence. The tie that binds the parties to the obligation: A. Active subject B. Passive subject C. Prestation D. Efficient Cause

To qualify as a foreign corporation, the consideration is A. Ownership of the shares of stock B. Appointment of a resident agent C. Agreement of the parties D. Under what country's law it was incorporated

Under Recto Law, if the seller chose to foreclose the chattel mortgage on the thing sold, __. A. The seller can still pursue the buyer for the deficiency. B. The seller can also seek for specific performance. C. The seller can also seek for rescission of the sale. D. There shall be no deficiency judgment.

Under the revised corporation code, which of the following is a valid requirement for the validity of the annual stockholders' meeting? A. If there is no date fixed in the by-laws, it can be held on any date in April B. There must be notice 2 weeks prior to the meeting C. It must be held in the city where the principal office is located D. It must be called by the proper party

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. Government B. Trustee C. Any federation or union D. Federation or union to which the cooperative is affiliated with

Voting by proxy may be allowed by the bylaws of a cooperative other than a __ cooperative. A. Secondary B. Tertiary C. Federation D. Primary

What is the difference between a mistake of fact and a mistake of law? A. A mistake of law vitiates consent which renders a contract voidable; while a mistake of fact does not render a contract voidable. B. Both mistakes of fact and of law render a contract voidable. C. Both mistakes of fact and of law do not render a contract voidable. D. A mistake of fact vitiates consent which renders a contract voidable; while a mistake of law does not render a contract voidable.

What is the required quantum of evidence or proof necessary for criminal liability to attach? A. Preponderance of evidence B. Substantial evidence C. Prima facie evidence D. Proof beyond reasonable doubt

When is processing of personal information lawful? a. Data subject gave his or her consent b. When necessary or related to the fulfillment of a contract with the data subject or in order to take steps at the request of the data subject prior to entering into a contract c. When necessary for compliance with a legal obligation to which the personal information controller is subject d. All of the above

Where shall the action for reformation of instrument be instituted? A. Ordinary action for declaratory relief B. Ordinary action for reformation of instrument C. Ordinary action for quo warranto D. Special civil action for declaratory relief

Which among the following is an element of an insurance contract? a. The insured possesses insurable interest capable of pecuniary estimation b. The insurer assumes the risk of loss c. The insured pays a premium which is his ratable contribution to the general insurance fund d. All of the above

Which court can order the disclosure of bank deposits in cases where the money deposited or invested is the subject of litigation? A. Court of Appeals B. Regional Trial Court C. Supreme Court D. Any competent court

Who has the burden of proving the authenticity of an electronic data message or electronic document in any legal proceeding? A. The person who sent the electronic data message B. The person who signed the electronic document C. The person denying the authenticity of said electronic data message or electronic document D. The person seeking to introduce said electronic data message or electronic document

A cooperative may apply for extension of term but such extension cannot be made earlier than __ years prior to the original or subsequent expiry date/dates. A. 5 B. 4 C. 3 D. 2

Any registered cooperative may resolve to divide itself into 2 or more cooperatives by a resolution approved by a vote of __ of all the members with voting rights. A. ¾ B. 2/3 C. ½ D. ¼

Distinguish between a general partner and a limited partner. A. A general partner can be held personally liable for partnership obligations after all of the assets of the partnership have been exhausted, where a limited partner cannot be held liable. B. A general partner may not participate in the management of the partnership, whereas a limited partner may. C. A general partner may contribute money or other property only to the common fund, whereas a limited partner may contribute money, property, or industry. D. The name of a general partner may not appear in the firm name, whereas that of a limited partner may.

Employees dismissed from work due to business closure, reduction of costs or other reasons that are beyond their control should be granted separation pay equivalent to one (1) month salary or at least _____ month/s salary for every year of service in the company. a. 1 b. 2 c. 3 d. 5

Employees who have rendered at least one (1) year of service is entitled to a yearly service incentive of _____ days with pay. a. 5 b. 10 c. 15 d. 20

For purposes of exhibition, who owns the copyright over an audio-visual work? A. Producer B. Composer C. Author D. Director

How many renewals can be made on a trademark registration? A. Indefinite B. 10 of 10 years each C. 10 of 5 years each D. 5 of 10 years each

How many times can a periodical or newspaper publisher publish a material sent by a writer, a photographer, or an artist? A. Only once B. Twice C. Thrice D. Unlimited

If a person prohibited to enter into a contract, enters into a contract, such contract is: A. Void B. Valid C. Voidable D. Unenforceable

If parties enter into a contract with respect to things outside the commerce of men, the contract is: A. Void B. Voidable C. Valid D. Unenforceable

If the property regime between husband and wife is the regime of separation of property, a sale by one spouse to another is: A. Valid B. Unenforceable C. Void D. Voidable

It focuses on the similarity of the prevalent features of the competing trademarks which might cause confusion or deception, and thus infringement. A. Dominancy Test B. Holistic Test C. All Events Test D. Comparative Test

It is a cooperative that undertakes joint production whether agricultural or industrial. A. Producers B. Consumers C. Farmers D. Agro-industrial

It is a cooperative the members of which are natural persons. A. Primary B. Secondary C. Tertiary D. Natural

It is a cooperative whose members are engaged in the production of fresh milk which may be processed and/or marketed as dairy products. A. Dairy B. Farmer C. Poultry D. Agricultural

It is a stipulation in a contract, clearly and deliberately conferred by the contracting parties as a favor upon a third person, who must communicate his acceptance of the favor or benefit to the obligor before it could be revoked. A. Stipulation pour autrui B. Stipulation au pair C. Contract of adhesion D. Contra bonos mores

Regular reports required from cooperatives shall be filed within __ days from the end of the calendar year with the CDA. A. 120 B. 90 C. 60 D. 30

The amount allocated to the education and training fund of the cooperative shall not be more than __ of the net surplus. A. 10% B. 15% C. 20% D. 25%

The articles of cooperation and bylaws of the cooperative may be amended by __ vote of all members with voting rights. A. 2/3 B. 1/3 C. ½ D. ¼

The basic requirements of a trademark are: A. Visibility and distinctiveness B. Visibility and originality C. Originality and distinctiveness D. Visibility, distinctiveness and originality

The board of directors of a cooperative is composed of: A. Not less than 5 but not more than 15 B. Not less than 10 but not more than 15 C. Not less than 15 but not more than 20 D. Not less than 10 but not more than 20

The certificate of registration of a mark shall be __ evidence of the validity of the registration, the registrant's ownership of the mark, and the registrant's exclusive right to use the same. A. Prima facie B. Disputable C. Conclusive D. Iota of

The characteristics of a contract of sale are: (1) consensual, (2) bilateral, (3) onerous, (4) principal, and (5) nominate. A. All of the five B. 1, 2, 3, and 4 only C. 1, 2, 3, and 5 only D. 1, 3, 4, and 5 only

The importation of a copy of a work by an individual for his personal purposes shall be permitted without the authorization of the author of, or other owner of copyright if the copies form part of libraries and personal baggage belonging to persons or families arriving from foreign countries and are not intended for sale, provided that such copies do not exceed __ copies. A. 3 B. 4 C. 5 D. 6

The obligation to give support arises from: A. Law B. Contract C. Quasi-contract D. Moral conscience

These are elements of a contract which are derived from the nature of the contract and ordinarily accompany the same. A. Natural B. Essential C. Special D. Accidental

These refer to contested cases filed before the IPO. A. Inter Partes Cases C. Multi-party Cases B. Related Cases D. Multiple Cases

This concept comes into play when two or more inventions are claimed in a single application but are of such a nature that a single patent may not be issued for them. A. Concept of divisional applications B. Concept of multiple applications C. Concept of complex applications D. Concept of complicated applications

Under Maceda Law, if the buyer paid at least 2 years installment, he may pay the balance __ within a grace period of __ for every year of installment payment. A. Without interest; one month B. With interest; one month C. Without interest; two months D. With interest; two months

Under Maceda Law, if the buyer paid less than 2 years installment, the second grace period is __ days from notice of cancellation/demand for rescission. A. 30 B. 45 C. 60 D. 90

Under Maceda Law, if the seller cancels the sale and buyer paid at least 2 years installment, cancellation is effected __ days from notice and upon payment of cash surrender value. A. 30 B. 45 C. 60 D. 90

Under Recto Law, the seller may ask for the rescission of the sale if buyer has failed to pay __ or more installments. A. 2 B. 3 C. 4 D. 5

What are the two responsibilities of the Deputy Privacy Commissioners? a. Data Processing Systems and Policies and Planning b. Data Collection Systems and Policies and Planning c. Data Processing Systems and Finance d. Data Privacy Systems and Policies and Performance

What is an essential difference between a partnership and a corporation? A. A partnership is created by voluntary agreement of the partners, whereas a corporation is always created by some express legislative authority either in the form of a special law or of a general law. B. Stockholders are usually liable to corporation's creditors not only to the extent of their contribution but even with their own private property, whereas the partners, after they have paid for their contributions, are not subject to any further liability, unless otherwise provided by law. C. The third person to whom a stockholder has transferred his interest does not become a stockholder without the consent of all other stockholders, whereas the third person to whom a partner has transferred his interest becomes automatically a partner even without the consent of the other partners. D. The death or bankruptcy of a stockholder usually causes the dissolution of the corporation, whereas the death or bankruptcy of a partner does not result in such dissolution.

What is the order of preference of the following in case of double sale of real property: (1) registrant in good faith, (2) possessor in good faith, and (3) person with oldest title in good faith? A. I, II and III B. I, III and II C. III, II and I D. III, I and II

What is the period of prescription for an action for annulment of a voidable contract? A. 4 years B. 5 years C. 6 years D. 10 years

What is the required quorum during a meeting of the GA? A. At least 25% B. At least 30% C. At least 50% D. At least 50% plus 1

What is the status of an agreement whereby one or more partners shall not share in the profits and losses? A. Void B. Valid C. Voidable D. Unenforceable

When does the right of a partner to demand an accounting of the partnership business prescribes? A. 4 years upon the dissolution of the partnership when the final accounting is done. B. 4 years upon the dissolution of the partnership before the final accounting is done. C. 5 years upon the dissolution of the partnership when the final accounting is done. D. 5 years upon the dissolution of the partnership before the final accounting is done.

When is an electronic data message or electronic document considered dispatched? A. As agreed by the parties B. When it enters an information system outside the control of the originator or his agent C. When it enters an information system still within the control of the originator or his agent D. Never, since anything electronic cannot be dispatched

Who is presumed to be an ordinary practitioner aware of what was common general knowledge in the art at the relevant date? A. Person skilled in the art B. Expert C. Consultant D. Researcher

Who may inquire into the bank deposits and investment for the purpose of determining the net estate of a deceased depositor and investor? A. Commissioner of Internal Revenue B. Assistant Commissioner of Internal Revenue C. BIR Regional Director D. BIR Examiner

A void stipulation allowing the creditor to appropriate the things given by way of pledge or mortgage or dispose of them. A. Pactum leonine B. Pactum commissorium C. Pactum de non-aliendo D. Dacion en pago

All service charges collected by hotels, restaurants, and similar establishments shall be distributed at the rate of ____ for all covered employees and ____ for management. a. 80-20 b. 85-15 c. 70-30 d. 50-50

An associate who meets the minimum requirements of regular membership, continues to patronize the cooperative for __ years, and signifies his/her intention to remain a member shall be considered a regular member. A. 1 B. 2 C. 3 D. 4

An employee's normal hours at work must not exceed _____ hours a day. a. 6 b. 8 c. 10 d. 12

As to object, a partnership may be: A. General or limited B. Universal or particular C. Capitalist or industrial D. Managing or silent

If not so fixed, the annual regular meeting of the GA must be held within how many days after the close of each fiscal year? A. 30 B. 90 C. 60 D. 45

In case of cooperative bank, the quorum required in a meeting of the GA is: A. At least 25% B. ½ plus 1 C. 1/3 D. ¼

It refers to information generated, sent, received, or stored by optical or similar means. A. Electronic key B. Electronic data message C. Electronic signature D. Electronic document

It refers to that part of labor law which prescribes the minimum terms and conditions of employment which the employer is required to grant to its employees. a. Labor relations b. Labor standards c. Both A & B d. None of the above

Negotiated Procurement may be resorted to after how many failed biddings? A. One B. Two C. Three D. Five

The law presumes that the insurer considered the personal qualification of the insured in approving the insurance application. The insured cannot assign, before the happening of the loss, his rights under a property policy without the consent of the insurer. a. Contract of adhesion b. Personal c. Voluntary d. Synallagmatic

The power to freeze accounts is vested unto: A. AMLC B. Court of Appeals (CA) C. Court of Tax Appeals (CTA) D. Supreme Court (SC)

There is no secrecy of bank deposits if ordered by the __, the examination by law enforcement officers in terrorism cases. A. Regional Trial Court B. Court of Appeals C. Municipal Trial Court D. Supreme Court

This kind of term is one that is agreed upon by the parties: A. Legal term B. Voluntary term C. Term ex die D. Term in diem

This requires a prior permit from the Department of Trade and Industry before being conducted by sellers or business entities: A. Chain Distribution Plans B. Home Solicitation Sales C. Referral Sales D. All of the choices

Under Maceda Law, if the seller cancels the sale and the buyer paid at least 2 years installment, buyer is entitled to __ of what he has paid if after 5 years of installments, __ for every year but not to exceed __ of total payments made. A. 50%; 5%; 80% B. 50%; 5%; 90% C. 60%; 5%; 90% D. 60%; 5%; 80%

Who bears the risk of loss and deterioration of the thing sold before perfection? A. Buyer B. Seller C. Both the seller and buyer D. None

Who heads the National Privacy Commission? a. Privacy Chairman b. Privacy Commissioner c. Privacy President d. Privacy Head

Who serves as Chairman of the AMLC? A. SEC Chairman B. BSP Governor C. Insurance Commission Chairman D. DOF Secretary

A mode of extinguishing an obligation to the concurrent amount by which the parties are reciprocally the debtors and creditors of each other. A. Novation B. Confusion/Merger C. Compensation D. Condonation

A partial loss of the specific thing which is the object of the obligation, A. Will not affect the obligation B. Will extinguish the obligation once filed in court C. Will extinguish the obligation if the court finds the loss so important as to extinguish the obligation D. Will release the debtor from his obligation

A restriction as to transfer of shares in an ordinary stock corporation must be indicated in: I. Articles of Incorporation II. By-Laws III. Certificate of Stock A. I, II and III B. I and II C. I and III D. II and III

After Bid Evaluation, the next step in the Competitive Bidding Process will be: A. Invitation to Bid B. Pre-Bid Conference C. Post-Qualification D. Posting of the Performance Bond

Any merger or consolidation of cooperatives shall be effective upon: A. The filing of the articles of merger and consolidation with the CDA B. The election of the directors of the merged and consolidated cooperatives C. The issuance of the certificate of merger and consolidation by the CDA D. The date indicated in the articles of merger and consolidation

As a general rule, preferred shares do not give the holder the right to vote. However, they shall have the right to vote on the following, except: A. Amendment of the Articles of Incorporation B. Adoption and amendment of the by-laws C. Sale of all or substantially all of the inventories D. Increase or decrease of capital stock

Can a capitalist partner engage in a business similar to the kind of business in which the partnership is engaged? A. Yes, if he has extra available capital. B. Yes, if he brings with him another capitalist partner. C. No, unless there is a stipulation to the contrary. D. Never, as the prohibition is absolute.

Contracts executed between private persons and cooperatives prior to the registration of the cooperative shall be __ between the parties and upon registration of the cooperative. A. Void B. Voidable C. Valid D. Unenforceable

First Statement: As between the originator and the addressee of an electronic data message or electronic document, a declaration of will or other statement shall not be denied legal effect, validity or enforceability solely on the ground that it is in the form of an electronic data message. Second Statement: An electronic data message or electronic document is that of the originator if it was sent by the originator himself. A. Only the first statement is true. B. Only the second statement is true. C. Both of the statements are true. D. None of the statements is true.

First Statement: If earnest money is paid, there is already a sale perfected. Second Statement: If option money is paid, no sale is perfected yet. A. Only the first statement is true. B. Only the second statement is true. C. Both statements are true. D. None of the statements is true.

First Statement: Specifications for the Procurement of Goods shall be based on relevant characteristics and/or performance requirements. Second Statement: Reference to brand names shall be preferred. A. Both statements are correct B. Both statements are incorrect C. Only the first statement is correct D. Only the second statement is correct

First Statement: The National Privacy Commission shall ensure at all times the confidentiality of any personal information that comes to its knowledge and possession. Second Statement: The National Privacy Commission is attached to the Department of Information and Communications Technology (DICT). a. Only the first statement is true. b. Only the second statement is true. c. Both of the statements are true. d. None of the statements is true.

For the creditor/s to file an involuntary rehabilitation of a debtor, the required amount of debt/s the creditor/s should have would be: A. At least P1M B. At least 25% of the subscribed capital stock or partners' contribution C. At least P1M or At least 25% of the subscribed capital stock or partners' contribution, whichever is higher D. At least P1M or At least 25% of the subscribed capital stock or partners' contribution, whichever is lower

He is the third person designated by the insured to receive the proceeds. a. Insured b. Assured c. Beneficiary d. Insurer

In case the corporation has been continuously inoperative for a period of 5 years, under the Revised Corporation Code, it: A. Is automatically dissolved B. Provides for a ground to dissolve the corporation C. Will be placed under delinquent status by the SEC D. Shall no longer be allowed to operate

In contracts for Consulting Services, the Consultant may terminate its agreement with the Procuring Entity if the latter is in material breach of its obligations pursuant to the contract and has not remedied the same within ____ days following its receipt of the Consultant's notice specifying such breach. A. 30 calendar days B. 30 working days C. 60 calendar days D. 60 working days

In the violation of the Anti-Bouncing Checks Law, the accused must be: A. The issuer B. The drawer C. Both the issuer and drawer D. Either the issuer or the drawer

Notice in writing calling for a special meeting of the GA must be sent __ prior to the meeting to all members entitled to vote. A. 5 days B. 10 days C. One week D. One month

Ruth, Carlo, Maricel, and Dustin organized a general partnership, with Ruth and Carlo as industrial partners and Maricel, who contributed P30,000 to the common fund, and Dustin, who contributed P10,000 to the common fund as capitalist partners. Ruth and Carlo were both appointed managing partners without any specification of their respective duties. When the firm commenced business operations, the 2 appointed Olive as accountant of the firm. A year later, Ruth decided to dismiss Olive, but this was opposed by Carlo. How can the conflict between Ruth and Carlo be resolved? A. Dustin and Maricel will decide. B. Ruth and Carlo will decide. C. Maricel will decide. D. Ruth prevails.

Should the Office of the President fail to act on the appeal within the required period from the filing thereof, it shall mean: A. Remand of the application back to CDA B. Conditional approval awaiting final signature C. Approval of the application D. Denial of the application

Special meetings of the board of directors of a cooperative may be held at any time provided that written notices shall be given to all members of the board __ before the said meeting. A. 5 days B. 7 days C. At least one week D. One day

The AMLC can prescribe a different period for reporting covered and/or suspicious transactions to AMLC as long as it does not exceed: A. 10 working days B. 10 calendar days C. 15 working days D. 15 calendar days

The risk of economic loss is distributed among a large group of people bearing the same risk. a. Uberrimae fides contract b. Contract of indemnity c. Risk distributing device d. Aleatory

The secrecy of foreign currency deposits are not applicable (1) when there is written consent of depositor, (2) under Section 11 of the Anti-Money Laundering Act, and (3) under Sections 27 and 28 of the Human Security Act. A. 1 and 2 only B. 1 and 3 only C. All of three D. All of three

The total number of days that the Philippine Competition Commission will have to review a merger shall be a maximum of: A. 30 days B. 60 days C. 90 days D. 120 days

The vendee may suspend the payment of price (1) should he be disturbed in the possession or ownership of the thing sold and (2) should he have reasonable grounds to fear such disturbance by a vindicatory action or by a foreclosure of mortgage. A. 1 only B. 2 only C. Both of them D. None of them

There is no secrecy of bank deposits when the banks report to the Anti-Money Laundering Council the following transaction/s: A. Covered only B. Suspicious only C. Covered and/or suspicious D. None can be reported without violating the secrecy of bank deposits

This is awarded by courts to vindicate a right that has been violated when no other kinds of damages may be recovered. A. Actual damages B. Temperate damages C. Nominal damages D. Liquidated damages

This is civil negligence or one arising from quasi-delict. A. Culpa criminal B. Culpa contractual C. Culpa aquiliana D. None of the choices

This kind of cession of payment extinguishes all the obligations of the debtor: A. Conventional B. Voluntary C. Judicial D. All of the choices

This shall be construed to mean an arrangement or understanding with the bank for the payment of the subject check under BP Blg 22: A. Arrangement B. Contract C. Credit D. Loan

What capital is raised by the cooperative to strengthen its capital structure? A. Reserve capital B. Raising capital C. Revolving capital D. Retained capital

What distinguishes earnest money from option money? A. If there is earnest money, in case of non-payment, there can be an action for specific performance only; while if there is option money, an action for specific performance or for rescission can be filed by the injured party. B. The earnest money is a distinct consideration for an option contract; while the option money is part of the purchase price. C. If there is earnest money, title passes to the buyer upon delivery of the thing sold; while if there is option money, ownership is reserved to the seller and is not to pass until full payment. D. If there is earnest money, the would-be buyer is not required to buy; while if there is option money, the buyer is not bound to pay the balance.

What is the nature of an action for rescission? A. Primary B. Secondary C. Subsidiary D. Ordinary

When there is no managing partner, or even when there is, he dies, the right or duty to wind up or liquidate partnership affairs devolves upon the (1) partners who have not wrongfully dissolved the partnership, or (2) legal representative of the last surviving partner, not insolvent. A. 1 only C. Any of the two B. 2 only D. None of the two

A member who has paid at least ______ monthly contributions prior to the semester of retirement and who: (1) has reached the age of sixty (60) years and is already separated from employment or has ceased to be self-employed; or (2) has reached the age of sixty-five (65) years, shall be entitled for as long as he lives to the monthly pension. a. 30 b. 60 c. 90 d. 120

A mortgage or pledge may be constituted to secure all of the following, except: A. Voidable contract B. Unenforceable contract C. Natural obligation D. Void contract

A, B and C are indebted to X and Y for P120,000. How much can X collect from A? A. P120,000 B. P60,000 C. P40,000 D. P20,000

First Statement: The provisions of the Philippine Competition Act on abuse of dominant position may be interpreted as to prohibited obtaining a dominant position. Second Statement: Any conduct which contributes to improving production or distribution of goods or services within the relevant market, or promoting technical and economic progress while allowing consumers a fair share of the resulting benefit may not necessarily be considered an abuse of dominant position. A. Both statements are correct B. Both statements are incorrect C. Only the first statement is correct D. Only the second statement is correct

He is the person who assumes the risk of loss and undertakes for a consideration to indemnify the insured upon the happening of the designated peril. a. Insured b. Assured c. Beneficiary d. Insurer

If the parties really intended a donation or some other act or contract, the contract of sale is: A. Void B. Voidable C. Unenforceable D. Void

If there is no agreement as to the distribution of profits and losses, how are the profits distributed to the capitalist partner? A. Just and equitable under the circumstances B. No entitlement C. Profits go to the reserve fund. D. In proportion to what he may have contributed to the common fund

In order to be considered as a close corporation, the following are required to appear in the Articles of Incorporation, except: A. All the corporation's issued stock of all classes, exclusive of treasury shares, shall be held of record by not more than a specified number of persons, not exceeding twenty. B. All the issued stock of all classes shall be subject to one or more specified restrictions on transfer permitted by this Title. C. The corporation shall not list in any stock exchange or make any public offering of any of its stock of any class. D. None of the choices is an exception.

In the case of any request submitted to the head of an agency, such head of the agency shall approve or disapprove the request __ after the date of submission of the request. a. One calendar day b. Two calendar days c. One business day d. Two business days

In the creditors' meeting relative to a Suspension of Payments proceeding,t eh required quorum shall be: A. Majority of the number creditors B. 2/3 of the liabilities C. 3/4 of the liabilities D. 3/5 of the liabilities

The following limits the debtor's choice in application of payments, except: A. Creditor cannot be compelled to accept partial payment B. Debtor cannot apply payment to principal if interest has not been paid C. The debt must be liquidated D. When the period is constituted in favor of the debtor and the same has not yet arrived

The minimum paid-up share capital of a cooperative shall be 25% of the total subscription but not less than: A. 3,500 B. 5,000 C. 10,000 D. 15,000

Under the Revised Corporation Code, a corporation has: A. A maximum of 50 years of existence B. A maximum of 50 years of existence but renewable not earlier than 5 years prior to expiration of the term C. A maximum of 50 years of existence but renewable not earlier than 3 years prior to expiration of the term D. Perpetual existence

Which information is/are not covered by the Data Privacy Act? a. About an individual who is or was performing service under contract for a government institution that relates to the services performed b. Relating to any discretionary benefit of a financial nature such as the granting of a license or permit given by the government to an individual c. Processed for journalistic, artistic, literary or research purposes d. All of the above

Which information is/are not covered by the Data Privacy Act? a. Necessary in order to carry out the functions of public authority b. Necessary for banks and other financial institutions under the jurisdiction of the independent, central monetary authority or Bangko Sentral ng Pilipinas to comply with RA 9510, and RA 9160, as amended c. Originally collected from residents of foreign jurisdictions in accordance with the laws of those foreign jurisdictions, including any applicable data privacy laws, which is being processed in the Philippines d. All of the above

Which of the following business is allowed to incorporate as a close corporation? A. Banks and insurance companies B. Mining companies C. Educational institutions D. Hospitals

Which of the following is/are the functions of the National Privacy Commission? a. Ensure compliance of personal information controllers with the DPA b. Issue cease and desist orders, impose a temporary or permanent ban on the processing of personal information, upon finding that the processing will be detrimental to national security and public interest c. Compel or petition any entity, government agency or instrumentality to abide by its orders or take action on a matter affecting data privacy d. All of the above

X Co. has P10M Authorized Capital Stock divided into: (1) 5M shares at P1.00 par value; and (2) 1M no par value shares with issued value at P5.00. If A acquired 100,000 no par value shares at P4.00 and the same were issued. In this case, A. There is no issuance of watered stocks B. A and the directors of X Co. are solidarily liable for the P1.00 per share difference. C. Only A is liable for the P1.00 per share difference. D. Only the directors of X Co. is liable for the P1.00 per share difference

X, a minor, through negligence, inflicted damage upon another child. X's father was made liable by court to pay civil damages to the other child. The liability of X's father arises from: A. Contract B. Quasi-contract C. Delict D. Quasi-delict

ReSA B44 RFBT MCQ

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