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Business Law and Taxation
BUSINESS LAW AND TAXATION
OBLIGATIONS AND CONTRACTS
1.
Which of the following is not correct? a.
A solidary creditor can assign his right even without the consent of the other creditors b.
Remission of the debt by any of the solidary creditors shall extinguish the obligation c.
If two or more solidary debtors offer to pay, the creditor may choose which offer to accept d.
The debtor may pay any of the solidary creditors but if any demand has been made by one of them, payment should be made to him 2.
A borrowed Php 200,000 from solidary creditors B and C. On due date, B sent a letter to A demanding payment of the loan directly to him, but before A could comply, C went to A to collect and so A paid C. Did A make a valid payment? a.
Yes, because the debtor may pay any of the solidary creditors b.
No, because payment should be made to B c.
Yes, because any of the solidary creditors may demand payment of the whole obligation d.
No, because A should have split the payment because both creditors demanded payment. 3.
Which of the following is correct? a.
The effect of a conditional obligation to give, once the condition has been fulfilled, shall retroact to the day of the constitution of the obligation b.
If the obligation is unilateral, the fruits and interest during the pendency of the condition shall be deemed to have been mutually compensated c.
If the obligation imposes reciprocal prestations upon the parties, the debtor shall appropriate the fruits and interests received, unless from the nature and circumstances of the obligation it should be inferred that the intention was different d.
In an obligation to do and not to do, the parties shall determine, in each case the retroactive effect of the condition that has been complied with 4.
A owes B P100,000 which is already due and demandable. Later, through violence and
intimidation, A forced B to sign a promissory note which reads “I promise to pay A P150,000 on April 10, 2012. Sgd. B”. On April 10, 2012, how much can A collect from B?
a.
P50,000 b.
P100,000 c.
P150,000 d.
- P0 5.
A, B and C are solidary debtors sharing at 1:2:3 of solidary creditors W and Y sharing at 1:2. The obligation is P12,000. If B is a minor and C is insolvent and W condones the obligation of A without the consent of Y, how much can W collect from A? a.
P8,000 b.
- P6,000 c.
- P2,000 d.
- P0 6.
To be valid and enforceable, the following contracts should be in writing, except: a. Contract to pay interest on loan b. Contract of donation of real property
- Contract giving authority to an agent to sell a piece of land d. Contract made in consideration of marriage
Page 2 7.
A, minor, sold the ring of his brother without authority. The ring has a fair market value of P1M and selling price was P600,000. The contract is a. Rescissible b. Voidable c. Unenforceable d. Void 8.
Which of the following is not correct in an obligation to give a specific thing? a.
To preserve or take care of the thing due b.
To deliver the thing itself c.
To deliver the fruits of the thing d.
To deliver the accessions and accessories 9.
A is obliged to give B his specific car on December 31, 2010. There was no delivery and on January 4, 2011 the garage of the car collapsed due to heavy rains and strong winds of Typhoon Pining, and the car was totally destroyed. Is A still liable? a.
No, even if A was in default, he could plead impossibility of performance b.
Yes, because the contract is perfected c.
No, because there was no demand by B to deliver the car d.
Yes, the obligation to deliver the car is changed to pay the equivalent value because B is in legal delay 10.
A owes B P10,000. Later A paid B P7,000 leaving a balance of P3,000. C, a suitor of A and intending to surprise A, paid B the sum of P10,000 thinking that A still owed B that amount. C did this without knowledge of A. Which is correct? a. C can recover P10,000 from A b. C cannot recover anything from A c. C can recover P10,000 from B d. C can recover P3,000 from A 11.
A owes B P10,000. With the consent of A and B, C pays B P5,000. Now B and C are the creditors of A to the amount of P5,000 each. Suppose, A has only P5,000. Which is correct? a. B should be preferred b. C should be preferred c. B and C should be paid pro-rata d. A may choose whom to pay 12.
A is the guardian of B, a minor. B sold his land in writing to C valued at P1M for P.7M. The sale is a.
Rescissible b.
Voidable c.
Unenforceable d.
Void 13. G was appointed as guardian of M, the latter being 17 years old. Later, without authority
from G, M sold G’s watch in writing to B
valued at P100,000 for P70,000. Suffering lesion by more than ¼ of the value, the contract is a. Rescissible b. Voidable c. Unenforceable d. Void
Page 3 14. Which of the following is enforceable? a. Oral sale of immovable property for a price of P400 b. Oral sale of immovable property for a price of P10,000 c. Oral contract of loan for P1,000 d. Oral agreement made in consideration of marriage 15.
A obtained an interest free loan of P50,000 from B evidenced by a promissory note payable six months after date. At maturity A called B by phone to ask for an extension of one month and offer to pay 20% interest on the loan. Enticed by the 20% interest, B agreed to the extension of maturity. Which is correct? a.
The interest is a demandable interest by virtue of an agreement b.
The interest is unenforceable c.
The loan is valid but the interest is void d.
The loan and interest are both demandable 16. A is the listed owner of 10,000 shares with par value of P100/share in ABC Corporation.
ABC sued A for the payment of A’s indebtedness of P1M. A contends that such debt must be
compensated by his shares of stocks with the plaintiff corporation. The contention of A is a.
Valid due to legal compensation b.
Valid by virtue of judicial compensation c.
Untenable since he is not a creditor of the corporation d.
Automatically extinguished if the fair market value of the shares is P1M
ANSWER 1. A 5. B 9. C 13. C 2. B 6. B 10. D 14. C 3. A 7. C 11. A 15. C 4. A 8. C 12. B 16. C