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
