LAW Flashcards
What is the possible maximum deposit insurance coverage if a depositor has several valid single accounts in a closed bank?
P500,000
Which among the following contracts is void?
A contract for the sale of a cow that is suffering from a contagious disease
It is a special form of payment where the debtor who is insolvent may cede or assign all his properties to his creditors to pay his debts.
Payment by Cession
Cardo, a 16-year-old senior high school student, punched Renato during Mrs. Serena’s class. The teacher was in the restroom when the incident happened. Renato suffered concussions and cuts in his nose. Who may be held liable?
Mrs. Serena acts with special parental authority, and the school authorities are under vicarious liability.
Dom sold a piece of land to Bea binding himself not to sell the same to another person. The following day, Dom sold the land to Carlos who immediately took possession in good faith. In this case, the proper remedy of Bea is to institute an action for:
Damages against Dom.
How are sales extinguished?
Compensation
Which of the following is correct when by-laws are adopted and filed after the incorporation?
Approved by the stockholders representing at least a majority of the outstanding capital stock.
Anna, the President of Maya Corporation (MC), was authorized by MC’s Board of Directors (BOD) to obtain a loan from Ibon Bank (IB) and to sign documents on behalf of the corporation. Anna personally negotiated for the loan and got it at very low interest rates. Upon maturity of the loan, MC was unable to pay. Which statement is the MOST accurate?
Anna cannot be personally liable for the obligation because the BOD authorized the loan.
In all prosecutions under BP Blg 22, the introduction in evidence of any unpaid and dishonored check, having the drawee’s refusal to pay stamped as dishonored, shall be prima facie evidence EXCEPT:
The drawer had maliciously intended to defraud others.
When can a corporation deny pre-emptive rights to stockholders?
When the article of incorporation so provides.
What will happen to the bank accounts that have been dormant for at least 10 years?
They may be reverted to the government (not sure pa)
Which of the following is one of the powers of the Anti-Money Laundering Council?
Implementation of the Anti-Money Laundering Act
In 20x1, Anton, who was 16 at the time, sold his land to Brent, who was of legal age, for P4 million, payable at P1 million per year starting 20x1. In 20x6, Anton wants to annul the contract on the ground of minority. Will his action prosper?
No, accepting the installment payments amounted to ratifying the sale
It is a right of the data subject wherein the data subject has a right to have knowledge whether personal data about him/her shall be, are being, or have been processed, including the existence of automated decision-making and profiling?
Right to be informed
M, a minor, owns a specific ring valued at P100,000. By means of fraud, G, M’s guardian, induced B, a minor, to buy the ring for P75,000, which B did, and G effected delivery to B. The contract is not in writing. Which is correct?
The contract is voidable, but G cannot ask for annulment of the contract.
Minnie has the following deposit accounts in a closed bank: Minnie, P350,000; Minnie and Perry, P600,000. What is the maximum deposit insurance coverage insofar as Minnie is concerned?
P600,000
A, B, C, and D are partners in AB and Company, contributing P20,000, P30,000, P50,000, and industry, respectively. Due to financial reverses, they decided to dissolve the partnership. At the time of dissolution, only P10,000 is left, but the partnership has an unpaid obligation to Y of P50,000, partner B of P30,000, and partner C of P20,000. Which is CORRECT if there is no profit and loss sharing agreement?
The partnership, A, B, C, and D, will pay Y Php 10,000 each
David Blaine pawned his magical ring at Villarica Pawnshop for P50,000. People notice he still wears the magical ring in his live street magic show. Which statement is CORRECT?
There is a prima facie presumption that the pledgee has returned the same.
During a strong typhoon, Prudence saves the horses of Monalisa, who is currently out of town. Prudence incurred expenses amounting to P50,000. This can be reimbursed because of:
Negotiorum gestio
A notarized document entitled “legal separation” executed by husband and wife, wherein they agreed that they separated mutually and voluntarily, that they renounced their rights and obligations, and that they authorized each other to remarry, renouncing any action to which they might be entitled and each promising not to be a witness against each other.
The contract is void since the agreement was contrary to customs.
At which of the following places is an electronic data or electronic document deemed to be received?
At the place where the addressee or receiver has its place of business
A crime whereby the proceeds of an “unlawful activity” are transacted, making them appear to have originated from legitimate sources.
Money laundering
On March 9, 2024, Boyet, a 12-year-old boy, went to a supermarket to buy groceries. At the cashier, he brought out a bag of P1.00 coins to pay his total bill of P1,950. The cashier clerk refused to accept his payment.
The cashier clerk may be compelled to accept P1.00 coins up to P2,000.
Howard, Ivan, and Jacob are joint debtors. They obliged themselves to deliver a specific dog (worth P9,000) to Peter and Quiroz, joint creditors. Assuming Howard is the only one who does not want to comply with the obligation, how much is the total amount that can be collected from him by the creditors?
P3,000 plus damages
The kind of currency that a debtor can legally compel a creditor to accept in payment of a debt in money when tendered by the debtor in the right amount.
Legal Tender
Which of the following is one of the essential elements of a contract of sale?
Consideration which is certain in money or its equivalent
Partners A, B, C, and D formed a partnership contributing the following:
A
Cash of P20,000
B
Cash of P30,000
C
Cash of P50,000
D
Industry
The partnership failed, so the partners decided to dissolve the partnership. At the time of liquidation, the unpaid obligation amounted to P100,000, distributed as follows:
To partnership creditor, Y
P50,000
To partner A
30,000
To partner B
20,000
Suppose the remaining cash amounting to P10,000 was given to Y as partial payment. Which of the following is correct?
Y can collect P10,000 from the separate property of D.
What is the status of selling a specific house for P1 million, payable in 10 annual installments when the land is delivered after three (3) years? At the time of perfection, the buyer had already paid P100,000 earnest money or down payment.
Perfectly valid
On April 1, 20X1, A and B entered into a contract of partnership to buy and sell textbooks, with the former as a capitalist partner and the latter as an industrial partner. It was agreed that A should contribute P100,000 to the common fund on May 2, 20X1. Upon the arrival of the designated date, A failed to deliver the promised contribution. As a result:
B can compel A to deliver his contribution with interest and damages without the necessity of demand.
Mickey has total assets worth P2,500,000 and total liabilities of P5,000,000. Under the Financial Rehabilitation and Insolvency Act (FRIA), what legal remedy shall Mickey avail to be discharged from his liabilities?
Petition for voluntary liquidation of insolvent individual debtor
Tito, Vic, Joey, and Wally are partners in Bulagaan Enterprises, a jewelry store, with Tito contributing P50,000.00; Vic, P20,000.00; and Joey, P30,000.00. Wally is an industrial partner and manages the partnership. Based on the preceding information, which of the following statements is FALSE?
Wally may engage in the buying and selling of rice without the consent of the other partners
A, B, C, and D are partners in AB and Company, contributing the following:
A
Cash of P20,000
B
Cash of P30,000
C
Cash of P50,000
D
Industry
Due to financial reverses, they decided to dissolve the partnership. At the time of dissolution, only P10,000 is left, but the obligation to Y – P50,000; to Partner B – P30,00; and Partner C – P20,000 remain unpaid. Which of the following is correct if no profit and loss sharing agreement exists?
The partnership, A, B, C, and D, will pay Y P10,000 each
If A sells his residential house and lot to D, can B foreclose the real estate mortgage?
Yes. B can foreclose the real estate mortgage. It is binding upon D as the mortgage is embodied in a public instrument.
The distribution of dividends from the capital and the acquisition of corporate shares without corporate unrestricted retained earnings is not allowed by law because of:
The trust fund doctrine
Elmo is obliged to give Bert a ring worth P5,000, a bracelet worth P4,500, or a watch worth P4,000. All the objects were lost due to Elmo’s fault in the order stated.
Elmo’s obligation is to pay the value of the watch plus damages.
A contract of sale between husband and wife is:
Valid when there is judicial separation of property.
Which of the following is one of the responsibilities and functions of the Bangko Sentral ng Pilipinas (BSP)?
Exercise supervision over the operations of banks
These are shares of stock that have been issued and fully paid for but subsequently reacquired by the issuing corporation through purchase, redemption, donation, or some other lawful means.
Treasury shares
Jun is obliged to pay P10,000 to Jon. Hero paid P8,000 pesos of Jun’s obligation without Jun’s knowledge. What is the right of Hero?
He may only recover insofar as the payment has been beneficial to Jun.
When an heir voluntarily pays a debt of the decedent exceeding the value of the property, he received by will or by the law of intestacy from the deceased’s estate:
The payment is valid and cannot be rescinded by the payer
An obligation where there is only one (1) prestation, but the debtor may give another prestation as a substitute.
Facultative Obligation
The Mega Bus Company picks up passengers along EDSA. Xian, the conductor, while on board the bus, drew his gun and randomly shot the passengers inside. As a result, Yeng, a passenger, was shot and died instantly. Is the Mega Bus Company liable for the death of Yeng?
Yes, because common carriers are liable for their employees’ negligence or willful act, even if they acted beyond the scope of their responsibility.
Mr. X personally owes P10,000 to Mr. A, the managing partner in charge of the collection of ABC Partnership. On the other hand, Mr. X owes P30,000 to the partnership. When both debts were due, Mr. X paid P8,000 to Mr. A, with the latter issuing a receipt under his name. How much of the P8,000 should go to Mr. A, if any?
P2,000
A, B, C, and D are partners in AB and Company. A parcel of land in the name of AB and Company was sold by A to Y, a third party, in the name of AB and Company without express authority. Which is CORRECT about the sale of the property?
AB and Company may recover the land if it is not engaged in selling the land.
Mr. Joe orally offered to sell his two-hectare rice land to Mr. Coy for P10 million. The offer was orally accepted. By agreement, the land was to be delivered (by executing a notarized deed of sale), and the price was to be paid exactly one month from their oral agreement. Which statement is CORRECT?
Mr. Joe may be compelled to execute a deed of absolute sale after payment of the price.
In those instances when the Court pierced the veil of corporate fiction of two (2) corporations, there was a concurrence of the following factors EXCEPT:
The second corporation is not validly created.
Jose wrote a letter to Wally, offering to sell a piece of land for P500,000. Jose gave Wally two (2) months to decide and pay the purchase price. Before the lapse of two (2) months, Jose wrote Wally that the price is now P700,000. Wally insisted on an acceptance for P500,000. He wants to compel Jose to execute a deed of sale for the original offer of P500,000. May Jose be compelled to honor the P500,000 offer?
No, because Wally did not accept the original offer.
What are watered stocks?
Stocks issued for consideration less than its par or issued value.
It is a kind of pledge that is created by the operation of law.
Legal
Whamos delivered his car to Khong as security for his loan of one (1) million and the Original Receipt and Certificate of Registration of the vehicle. What is the contract they entered?
Simple loan with Chattel Mortgage
