16. A leased his car to B at a monthly rental of P10,000 per month. The contract of lease allows B to exercise a bargain purchase option at the end of the lease term. If B decides to purchase the said car, what type of constructive delivery is present? *

a. Traditio clavium

b. Traditio longa manu

c. Traditio brevi manu

d. Traditio constitum possessorium

17. A obliged himself to deliver a specific laptop to B but a specific cellphone may be given as substitute. Who has the right of choice in this type of obligation? *

a. Always A

b. Always B

c. A in the absence of agreement to the contrary

d. B in the absence of agreement to the contrary

18. A has P10,000 written obligation to B which becomes due and demandable on December 31, 2001. It is already 2012 but A has not yet fulfilled his obligation. On January 1, 2013, C paid the P10,000 obligation of A to B. Which of the following statements is correct? *

a. C can judicially compel A to reimburse but only in so far as the payment is beneficial.

b. C can judicially recover the amount he has paid from B on the basis of the concept of unjust enrichment.

c. If A voluntarily reimburses C, the former can no longer recover it from the latter.

d. It is the civil obligation of A to reimburse C on the ground of equity and natural justice.

19. Which of the following modes of extinguishment of obligation is essentially gratuitous and requires acceptance by the obligor? *

a. Rescission

b. Remission

c. Compensation

d. Confusion

20. Which of the following obligations is not allowed to be legally compensated? *

a. Obligation arising from civil penalty in obligation with a penal clause

b. Obligation arising from contract of savings deposit with a bank

c. Obligation arising from contract of mutuum

d. Obligation arising from contract of commodatum

21. A, B and C wrote a promissory note which states: "We promise to pay P60,000 to D and E." D indorsed back the promissory note to B in exchange for P20,000 cash. How much obligation is extinguished? *

a. P30,000 by reason of compensation

b. P20,000 by reason of merger

c. P60,000 by reason of remission

d. P10,000 by reason of confusion

22. A delivered P10,000 cash to B as a contract of deposit which the latter thought to be a contract of loan. What is the proper legal remedy to the injured party? *

a. Action for declaration of nullity

b. Action for annulment of contract

c. Action for rescission of contract

d. Action for reformation of instrument

23. Which of the following has no right to inspect the books of the partnership? *

a. Secret partner

b. Limited partner

c. Nominal partner

d. Silent partner

24. Which of the following accessory contract is solemn contract? *

a. Contract of antichresis

b. Contract of pledge

c. Contract of real estate mortgage

d. Contract of guaranty

25. Which of the following stipulations concerning distribution of partnership's profit or loss is valid? *

a. Stipulation excluding an industrial partner in the share of net profit

b. Stipulation excluding a capitalist partner in the share of net loss

c. Stipulation excluding an industrial partner in the share of net loss

d. Stipulation excluding a capitalist partner in the share of net profit

26. A withdrew P10,000 from the bank but the bank's teller inadvertently gave P12,000. What is the prescriptive period available to the bank for filing an action to recover the excess P2,000 from A? *

a. 4 years

b. 6 years

c. 5 years

d. 10 years

27. A, B and C organized AB Limited Partnership with A and B admitted as general partners while C is admitted as limited partner. At the time of liquidation of the partnership, the total assets are reported at P100,000 with total liabilities to third persons totaling P130,000. How much may the partnership creditor collect from the separate assets of A if B is already personally insolvent? *

a. P30,000

b. P15,000

c. P10,000

d. None

28. In case of foreclosure of chattel mortgage used as security for the contract of loan, which of the following statements is correct? *

a. The mortgagor will be entitled to the excess despite the agreement to the contrary.

b. The mortgagee can never recover the deficiency despite the agreement for recovery.

c. The mortgagee is entitled to the excess if there is stipulation to that effect.

d. The mortgagor will not be liable for the deficiency in the absence of agreement to that effect.

29. In what type of delay will consignation be the proper legal remedy on the part of the injured party? *

a. Mora solvendi

b. Mora accipiendi

c. Mora obligori

d. Mora allundi

30. On January 1, 2001, A obliged to deliver a specific dog to B if the latter will pass the CPA board exam. The specific gave birth to a puppy on March 1, 2001. B passed the CPA board exam on October 1, 2001. Meanwhile, A sold and delivered the same dog to C on July 1, 2001. Which of the following statements is correct? *

a. B obtains real right over the specific dog on October 1, 2001.

b. B obtains personal right over the puppy on January 1, 2001.

c. C shall be entitled to the puppy.

d. C has better right against B over the specific dog.