1 Which is an obligation of the agent who declines the agency?*

Observe the diligence of a good father of a family in the custody and preservation of the goods forwarded to him

Appoint an agent in his stead

Do. acts pursuant to the agency

None of the above choices

2 If two or more adjoining owners of rural lands desire to exercise the right of redemption at the same time, who shall be preferred?:*

the owner of the adjoining land of greater area

should both lands have the same area, the one who first requested the redemption

the owner whose intended use of the land in question appears best justified

3 It is a stipulation giving power to the creditor to automatically appropriate the thing given as security, if the principal obligation is not fulfilled, without any formality such as foreclosure proceeding. It is void and is what is avoided by reason of which a contract purporting to be a pacto de retro sale is construed as an equitable mortgage:*

Policitation

Attornment by bailee

Reformation

Caveat emptor

Pactum commissorium

4 D borrowed P1M from C. C assigned his credit to A. Does C need D's consent for the assignment to be valid?*

Yes

No

5 Who is bound when an agent acts without authority and is given subsequent ratification by the principal for such action?*

Agent

Principal

Both agent and principal

The third person dealing with the agent

6 P gave a general power of attorney to A for the latter to convey all of his cars. P later gave X a special power of attorney to sell P's Lamborghini. What is the effect of X's SPA on A's GPA?*

A's authority is totally revoked.

X may convey all of P's cars.

A may still sell P's Lamborghini.

All of the above choices.

None of the above choices.

7 Finn authorized Jake to sell his land but no written authority was given. Jake was able to sell the land to Princess Bubblegum. The sale by Jake is: (A) valid (B) voidable (C) void (D) rescissible*

valid

void

voidable

rescissible

8 Which is NOT true of a commission agent?*

He is responsible for the goods received by him in the terms and conditions and as described in the consignment

He is not liable if he makes a written statement of the damage and deterioration suffered by the goods

He must designate the merchandise respectively belonging to each principal

He may sell on credit

9 Which is an obligation of an agent who withdraws from the agency?*

Notify the principal

Indemnify the principal for damages suffered

Continue to act until the principal has had reasonable opportunity to take the necessary steps to meet the situation

All of the above

None of the above

10 If, there being a conflict between the agent's interests and those of the principal, the agent should prefer his own:*

the principal is liable for damages

the agent is liable for damages

the contract is void

the agency is fraudulent

11 P gave A a special power of attorney with an added stipulation exempting A from the obligation to render an account. Which is void?*

the contract of agency

the stipulation exempting A

both of the foregoing

neither of the first 2 choices

12 Should an agent lease any real property to another person, he must be armed with a special power of attorney if such lease is for:*

A year

Less than a year

More than a year

12 calendar months

13 S and B entered into a pacto de retro sale and they stipulated that Sharon can repurchase the property at any time she has the money. Until when can S repurchase the property?*

Within 4 years from the date of the contract

Within 10 years from the date of the contract

Within 30 days from final judgment

Within 30 days from notice in writing by the vendor

None of the above

14 If two or more adjoining owners of urban lands desire to exercise the right of redemption at the same time, who shall be preferred?:*

the owner of the adjoining land of greater area

should both lands have the same area, the one who first requested the redemption

the owner whose intended use of the land in question appears best justified

15 S and B entered into a pacto de retro sale but no period for redemption was stipulated. Until when can S repurchase the property?*

Within 4 years from the date of the contract

Within 10 years from the date of the contract

Within 30 days from final judgment

Within 30 days from notice in writing by the vendor

None of the above

16 Anna now manages her ice cream business entrusted to her agent, Olaf, and she deals directly with 3rd persons, The agency is extinguished by:*

Withdrawal

Implied revocation

Dissolution

Accomplishment of the purpose of the agency

17 Which is not a requisite for the exercise of the right of legal redemption of rural lands?*

The lands must be adjacent.

There is alienation.

The piece of rural land must exceed one hectare.

The rural land must not be separated by brooks, drains, ravines, roads and other apparent servitudes.

18 Which describes the prescriptive period for conventional redemption?*

It must be exercised within 1 year from registration of the sale

It must be exercised within 5 years from the conveyance by the widow or heir of the homestead owner

If with stipulation of the parties, same maximum period as with co-ownership

If without stipulation of the parties, within 4 years from the death of the vendee a retro

19 Which is NOT true of revocation?*

The principal may revoke the agency at will.

Revocation may be express or implied.

Revocation may be total or partial.

It is an act of the agent.

The agency is revoked if the principal directly manages the business entrusted to the agent, dealing directly with third persons.

20 S sold to B his land with right to repurchase. Before S could exercise his right, B died, leaving behind X & Y as his only heirs. S can exercise his right to repurchase:*

The whole property as against X or Y

The whole property as against X and Y

Either of the above choices

Neither of the above choices

21 If the principal dies, the agency remains in full force and effect:*

If it has been constituted in the common interest of the latter and of the agent

If it has been constituted in the interest of a third person who has accepted the stipulation in his favor

Both of the above choices

None of these choices

22 If an agent, acting beyond authority, makes misrepresentations, is the principal liable?*

Absolutely not.

Yes, at all times.

No, since the agent is in estoppel.

Yes, if the principal receives benefits from the misrepresentations.

23 An agency cannot be revoked:*

If a bilateral contract depends upon it

If it is the means of fulfilling an obligation already contracted

If a partner is appointed manager of a partnership in the contract of partnership and his removal from the management is unjustifiable

All of the above

None of the above

24 Which is NOT to be paid by the principal to the agent?*

advanced funds

indemnity for damages suffered due to agency

expenses stipulated to be paid by the agent

interest for amounts paid by the agent

25 Which is NOT a condition for the exercise of the right of pre-emption or redemption of urban lands?*

The urban land was bought merely for speculation.

The piece of land is so situated that it has a variety of purposes to choose from.

The one exercising the right is an adjacent owner.

The land is about to be resold, or that its resale has been perfected.

26 As to 3rd persons dealing with the agent in good faith, anything done by the agent, without knowledge of the death of the principal or of any other cause which extinguishes the agency, is:*

valid

void

voidable

rescissible

unenforceable

27 An agent must advance necessary funds:*

if there is a stipulation to do so

regardless of principal's insolvency

all of these

none of these

28 Which is NOT a cause of extinguishment of agency?*

Revocation

Withdrawal of the agent

Death, civil interdiction, insanity or insolvency of 3rd persons dealing with the principal or agent

Dissolution of the firm or corporation which entrusted or accepted the agency

29 D owes C P1,000.00, with G as guarantor. C assigns his credit to T with notice given to D. In case D fails to pay T, may T enforce the guaranty of G?*

Yes

No

30 If two persons contract separately with the agent and the principal with regard to the same thing and the two contracts are incompatible:*

the contract is void

the one of later date is preferred

the one of prior date is preferred

the agent is liable for damages

31 The following are characteristics of an agency, EXCEPT:*

Principal

Fiduciary

Unilateral if for compensation

Representative relation