91. D has three outstanding due and demandable obligations to three different persons. The first obligation amounted to P20,000 to ABC Partnership. The second obligation amounted to P30,000 to A, the managing partner of ABC Partnership. The third obligation amounted to P10,000 to B, a non-managing partner of ABC Partnership. D paid P6,000 to B who issued his personal receipt for the payment. How much payment shall be applied to the receivable of B? *

a. P6,000

b. P1,000

c. P1,500

d. P2,400

92. A, the managing partner of ABC Partnership, is indebted in the amount of P100,000 to D. At the time of maturity of the obligation, A failed to fulfill his obligation. This prompted D to send a demand letter for payment of the obligation but A still refused to pay the obligation. As a result, D filed an action for exact fulfillment against A. Which right of unpaid creditor is available to D? *

a. Levy the land and building of ABC Partnership for the satisfaction of the obligation.

b. Exercise the right of A as the managing partner of ABC Partnership through accion subrogatoria.

c. Attach partner A's interest in ABC Partnership.

d. Ask for the cancellation of the contract of ABC Partnership on the basis of accion pauliana.

93. D has three outstanding due and demandable obligations to C. The first debt is a mortgage payable amounting to P150,000 secured by real estate mortgage on D's land. The second debt is a loans payable amounting to P100,000 with 10% annual interest. The third debt is an accounts payable amounting to P250,000. D paid P250,000 to C and designated the payment to the third debt. How much payment shall be applied to the accounts payable? *

a. None

b. P250,000

c. P125,000

d. P150,000

94. D is indebted in the amount of P100,000 to C as evidenced by a written contract of loan. The contract provides for 6% interest per annum and 10% penalty in case of breach of contract. At the date of maturity of the loan, D defaulted. Which of the following statements is correct? *

a. C may only demand payment of the 6% interest in addition to the principal because the law presumes that the interest already covers the penalty.

b. C may only demand payment of the 10% penalty in addition to the principal because in obligation with penal clause, the penalty substitutes for the interest and damages.

c. C may demand payment of both 6% interest and 10% penalty in addition to the principal only if he can prove that D acted fraudulently.

d. C may validly demand payment of both 6% interest and 10% penalty in addition to the principal.

95. What is the nature of limited partner's interest in the partnership? *

a. Assignable

b. Intransmissible

c. Non-attachable

d. Waivable

96. On January 1, 2000, D borrowed P10,000 cash from C with maturity date on June 30, 2000. On July 1, 2000, C accepted D's cellphone with a book value of P6,000 and fair market value of P7,000 as payment for the obligation. Afterwards, C sold the cellphone for P9,000. Which of the following statements is correct? *

a. The obligation is extinguished by novation.

b. The obligation is extinguished but only up to the net proceeds of P9,000 only.

c. This special mode of payment is governed by Law on Sales.

d. C may still collect the deficiency of P3,000 from D.

97. Which of the following statements concerning the characteristics of different types of contract is correct? *

a. Contract of loan is a consensual contract because it is perfected by mere consent on the amount of consumable thing to be delivered.

b. Contract of particular partnership is a gratuitous contract because the cause is the liberality or generosity of the partners in making contribution to the common fund.

c. Contract of real estate mortgage is a principal contract because it is extinguished when the contract of loan is settled.

d. Contract of agency is a preparatory contract because it is a means by which other contracts may be entered into.

98. Which of the following statements concerning an obligation is correct? *

a. Indivisibility of an obligation implies solidarity.

b. When all the requisites of legal compensation are present, both debts to the concurrent amount are extinguished from the moment the parties obtain knowledge of the compensation.

c. The debtor of a thing may compel the creditor to receive a different prestation if the latter is of the same value or more valuable than that which is due.

d. Whenever a period is designated in an obligation, the law prima facie presumes that the period is for the benefit of both debtor and creditor.

99. Where shall the contract of chattel mortgage involving a car be registered in order for this contract to be valid? *

a. Chattel mortgage registry of the province where the mortgagee is domiciled.

b. Chattel mortgage registry of the province where the mortgagor is domiciled and Land Transportation Office.

c. Chattel mortgage registry of the province where the mortgagor is domiciled.

d. Chattel mortgage registry of the province where the mortgagee is domiciled and Land Transportation Office.

100. P orally authorized A to sell his land at a price of P100,000. A orally sold the land in P's name to B, an insane person, at a price of P20,000. Delivery and payment will happen after one month. What proper legal remedy is applicable to the injured party? *

a. Action for declaration of nullity

b. Action for annulment of contract

c. Action for rescission of contract

d. None because the contract is unenforceable