BUSINESS LAWS AND REGULATIONS

I. MULTIPLE CHOICE:

3. The principle that will generally apply in case of loss of the object of the subject matter of the sale.

a. Nemo dat quod non habet

b. Res alicujus

c. Res Communes

d. Res perit domino

e. Res judicata

15. An amount advanced by the prospective buyer for the purpose of keeping the period of acceptance open for the prospective buyer up to the last day.

a. Arras

b. Option Money

c. Down payment

d. Consideration

1. A consideration which is separate and distinct from the purchase price.

a. Option Money

b. Earnest Money

c. Arras

d. None of the above

7. A contract where the consideration is partly in money and partly in another thing, wherein its nature shall be initially determined by considering the intention of the parties.

a. Partial sale

b. Conditional sale

c. Exchange

d. Donation

9. A characteristic of sale which provides that it is perfected by mere meeting of the minds of the parties over the object and the over the price.

a. Relativity

b. Mutuality

c. Consensuality

d. Obligatory

e. Independence

5. A public sale where items are sold to the highest bidder.

a. Bidding

b. Auction sale

c. Storage wars

d. None of the above

2. An unaccepted unilateral promise to buy or to sell.

a. Unperfected contract of sale

b. Politicsinaction

c. Policitation

d. Unilateral buy or sale

12. Goods which are to be manufactured or raised or acquired by the seller after perfection of the sale

a. Emption spei

b. Emptio rei speratae

c. Future goods

d. Commodities

10. A sale where its perfection depends upon the fulfillment of a contingency.

a. Absolute

b. Partial

c. Relative

d. Conditional

4. A contract of sale with a right to repurchase by the seller.

a. Pactum Commissorium

b. Pacto sunct servanda

c. Pacto de Retro

d. Repurchased sale

8. An outright sale without any condition imposed.

a. Sale

b. Conditional sale

c. Absolute Sale

d. None of the above

11. An object of sale which has been particularly designated and physically segregated out of a particular class

a. Absolute

b. Conditional

c. Specific

d. Generic

13. Condition the happening of which will extinguish the validity and effectivity of the sale.

a. Potestative

b. Suspensive

c. Resolutory

d. Executory

14. It refers to the gross inadequacy of the consideration.

a. Insufficient price

b. Liason

c. Lesson

d. Lesion

6. A contract which is completely fictitious or make-believe and the parties have no intention to be bound by the contract.

a. Inexistent contract

b. Fictitious contract

c. Absolutely simulated contract

d. Relatively simulated contract

II. MULTIPLE CHOICE (Part 2)

Choose whether the contract is VALID, RESCISSIBLE, VOIDABLE, UNENFORCEABLE or VOID/INEXISTENT

8. Sale of a House and Lot located in Petersville Subdivision in favor of a Korean Citizen.

a. Valid

b. Rescissible

c. Voidable

d. Unenforceable

e. Void/Inexistent

5. A sale by the husband of their common property without the consent of the wife.

a. Valid

b. Rescissible

c. Voidable

d. Unenforceable

e. Void/Inexistent

13. Sale of a residential condominium unit executed by Hankyung Hanhaus Incorporated - a Filipino Corporation - in favor of a Korean Citizen.

a. Valid

b. Rescissible

c. Voidable

d. Unenforceable

e. Void/Inexistent

2. A sale of an undivided portion of the Baguio Athletic Bowl.

a. Valid

b. Rescissible

c. Voidable

d. Unenforceable

e. Void/Inexistent

7. A sale by the husband in favor of his own wife an undivided portion of their common property.

a. Valid

b. Rescissible

c. Voidable

d. Unenforceable

e. Void/Inexistent

1. A verbal sale of a house and lot

a. Valid

b. Rescissible

c. Voidable

d. Unenforceable

e. Void/Inexistent

15. Sale of a real property executed by an inmate of the National Bilibid Prisons who was convicted with finality of the crime of rape with homicide in favor of another inmate who is likewise convicted with finality of the crime of robbery with homicide.

a. Valid

b. Rescissible

c. Voidable

d. Unenforceable

e. Void/Inexistent

14. Sale of a real property executed by an inmate of the National Bilibid Prisons who was convicted with finality of the crime of rape with homicide.

a. Valid

b. Rescissible

c. Voidable

d. Unenforceable

e. Void/Inexistent

10. Sale of the guardian of the property under guardianship for a price which is 50% more than the prevailing market price.

a. Valid

b. Rescissible

c. Voidable

d. Unenforceable

e. Void/Inexistent

3. An oral sale of a car worth P500,000.

a. Valid

b. Rescissible

c. Voidable

d. Unenforceable

e. Void/Inexistent

11. Sale by a minor of his own property in favor of his own guardian.

a. Valid

b. Rescissible

c. Voidable

d. Unenforceable

e. Void/Inexistent

9. Sale of the guardian of the property under guardianship for a price which is 50% less than the prevailing market price.

a. Valid

b. Rescissible

c. Voidable

d. Unenforceable

e. Void/Inexistent

12. Purchase made by an administrator of the property under his administration in a public auction sale where he has paid a valuable consideration thereof.

a. Valid

b. Rescissible

c. Voidable

d. Unenforceable

e. Void/Inexistent

4. A sale by the husband of the paraphernal property of the wife without her consent.

a. Valid

b. Rescissible

c. Voidable

d. Unenforceable

e. Void/Inexistent

6. A sale by the husband of his capital property to his own wife who then paid a valuable consideration thereof.

a. Valid

b. Rescissible

c. Voidable

d. Unenforceable

e. Void/Inexistent