Could you please help me with these so I can compare my choices to yours? Thank you.

1. Dina bought a car from Jai and delivered a check in payment of the same. Has Dina paid the obligation? Why?

A. No, not yet. The deliver/ of promissory notes payable to order, or bills of exchange or other mercantile documents shall produce the effect of payment only when they have been cashed, or when through the fault of the creditor they have been impaired.

B. Yes, because a check is a valid legal tender of payment.

C. It depends. If the check is a manager's check or cashier's check it will produce the effect of payment. If it's an ordinary check, no payment.

D. Yes, because a check is as good as cash.

2. PS, who was abroad, phoned his brother, A, authorizing him to sell PS's parcel of land in Pasay. PS sent the title to A by courier service. Acting for his brother, A executed a notarized deed of absolute sale of the land to B after receiving payment. What is the status of the sale?

A. Valid, since a notarized deed of absolute sale covered the transaction and full payment was made.

B. Void, since PS should have authorized agent A in writing to sell the land.

C. Valid, since A was truly his brother as PS's agent and entrusted with the title needed to effect the sale.

D. Valid, since the buyer could file an action to compel PS to execute a deed of sale.

3. In a true pacto de retro sale, the title and ownership of the property sold are immediately vested in the vendee a retro subject only to the resolutory condition of repurchase by the vendor a retro within the stipulated period. This is known as

A. equitable mortgage.

B. conventional redemption.

C. legal redemption.

D. equity of redemption.

4. The liability of the partners, including industrial partners for partnership contracts entered into in its name and for its account, when all partnership assets have been exhausted is

A. Pro-rata.

B. Joint.

C. Solidary.

D. Voluntary.

5. In relation to the rule of mutual agency of the partners, in a partnership which of the following is not correct?

A. Partnership is liable to every partner for amounts disbursed on behalf of the partnership, plus interest, from the time the expenses are made.

B. Unless otherwise agreed upon, all partners shall be considered agents and whatever any one of them may PERFORM alone binds the partnership.

C. Anyone of the partners may make important alterations on the immovable property of the partnership.

D. Admission or representation made by a partner concerning partnership affairs is evidence against the partnership.

6. When is solidary liability in partnership provided for by law?

A. If there is a tortuous act committed by a partner causing damage to third person

B. If it was the partnership that misapplied or misappropriated the money or property

C. If money was received by the agent of the partnership acting within the scope of his authority, but the same was misapplied or misappropriated.

D. All of the above

7. A, B, and C formed a limited partnership. They named their partnership AB&C. In 2011, the firm incurred an indebtedness of P5M. A suit was filed for the recovery of debt. Which of the following statements is correct.

A. No partnership was constituted because the word "limited" was omitted in the partnership name

B. B and C as limited partners are liable only up to the extent of their contributions

C. All are liable as general partners

D. A, B and C are not liable because there was a defect in the formation of their partnership.

8. If a partnership has a capital of more than P3,000 and it is not registered, what is the status of the contract?

A. Void

B. Voidable

C. It does not invalidate the same as among the partners so long as the contract has the essential requisites

D. Unenforceable

9. Book Enterprises, Ltd. Is a partnership engaged in the book store business, with L, I, B, R, O as partners. L is the only limited partner contributing P200,000. I contributed her services by managing the firm, while B, R, O contributed P50,000, P100,000 and P150,000, respectively. The partners have a stipulation that O shall not be liable for obligations of the partnership because of the goodwill she brought to the business. Who among the partners may creditors go against for their separate property after the partnership assets have been exhausted?

A. All of the partners

B. B and R only

C. I, B, and R only.

D. All of the partners, except L.

10. Without the written consent or ratification by all the limited partners, a general partner or all the general partners, have no authority to perform any of the following acts, except to:

A. Admit a person as a general partner

B. Continue the business with partnership property on the death, retirement, insanity, civil interdiction or insolvency of a general partner.

C. Admit a person as a limited partner.

D. Continue the business with partnership property on the death, retirement, insanity, civil interdiction or insolvency of a limited partner.

11. If a partnership composed of six (6) partners is formed as a Limited Partnership

A. All the partners must be limited partners

B. Three must be limited partners and three must be general partners

C. Five must be limited partners while one must be a general partner

D. It is enough that there is at least one limited partner and (or) at least one general partner.

12. Which of the following rights of a general partner is/are also the rights of a limited partner?

A. Right to inspect and copy partnership books at a reasonable hour.

B. Right to have on demand true and full information of all things affecting the partnership.

C. Right to have dissolution and winding up by decree of court.

D. All of the above.

13. Which of the following rights is a limited partner entitled to?

A. Grant a loan to the partnership.

B. Transact business with the partnership.

C. Either (a) or (b) or both (a) and (b)

D. Neither (a) nor (b) because a limited partner is prohibited from any business dealing with the partnership except as regards the return of his contribution or the payment of compensation to him by way of income.

14. If there are several limited partners, which of the following may be agreed upon by the members of the partnership?

A. Priority of one or some of the limited partners over the other limited partners as to the return of their contributions.

B. Priority of one or some of the limited partners over the other limited partners as to their compensation by way of income.

C. Either (a) or (b), or both of (a) and (b), or any other priority.

D. None of the foregoing since any agreement as to any priority is void because the limited partners must have equal rights and privileges.

15. What is the effect of failure to substantially comply with the requisites established under Article 1844 (signing under oath of certificate of limited partnership and filing with the SEC)?

A. The legal personality of the limited partnership is not affected.

B. No partnership is formed.

C. The partnership is deemed a general partnership since the purpose of such requirement is to protect the public.

D. The limited partners are liable only to the extent of their capital contribution as to third persons dealing with the partnership.

16. A limited partner is not liable as a general partner to creditors who extend credit to the partnership without knowledge that he is not a general partner

A. If a limited partner knowingly allows his surname to be included in the firm name

B. The limited partner's surname is included in the firm name without any indication that it belongs to a limited partner and it is not a surname of a general partner

C. Before his admission as a limited partner, the business of the firm had been carried on under a name which included his surname.

D. None of the foregoing.

17. What is not an act of strict dominion that may be done by general partners even without the consent or ratification of all the limited partners?

A. Being in attendance during meetings of the general partners.

B. Doing any act which would make it impossible to carry on the ordinary business of the partnership.

C. Possessing partnership property, or assigning their rights in specific partnership property for other than partnership purpose

D. Admit a person as a limited partner

18. G, L and M are partners in Sunrise Motor Trading Co., Ltd. With G as general , L as limited partner, and M as general-limited partner. The firm is engaged in the trading of used cars. M bought on credit in behalf of the partnership a certain car for P200,000 from T. Which statement is not true.

A. The partnership is bound because M as a general-limited partner can perform acts of administration.

B. If the partnership has assets of only P140,000, T can go after such assets, and proceed against G and M at P30,000 each for the balance of P60,000.

C. After their payment to T, M can go after G to recover the amount of P30,000 that he paid because among the three partners.

D. M is a special kind of limited partner who can be held liable even for his separate properties.

19. Triple G Company, Ltd. Is composed of G1, G2 and G3 as general partners, and L as limited partner. The firm owes C, a third person, P60,000, and L, P30,000. Which is not a true statement?

A. If the firm owns a certain lot, L cannot receive or hold such lot by way of mortgage, to secure his claim against the partnership.

B. If the firm owns a certain lot, L can receive or hold such lot by way of mortgage, to secure his claim against the partnership.

C. If the firm has assets of P70,000. L cannot receive any payment for his claim of P30,000 either from the firm or from any of the three general partners because the firm's remaining assets would only be P40,000, which amount is not sufficient to pay the firm's debt to C in the amount of P60,000.

D. If the firm owes C P60,000 and has assets of P70,000 including a receivable from L in the amount of P30,000, L cannot obtain a release from his liability to the prejudice of C since the firm's remaining assets would only be P40,000.

20. Which is not a preferential right of one or some of limited partners?

A. Return of their contributions even if not mentioned in the certificate

B. Compensation by way of income

C. Preference in the payment of loans that limited partners have granted to the partnership

D. Return of their contributions even if stated in the certificate

21. When may a partner who was appointed as manager in the articles of partnership be removed?

A. May be removed at anytime

B. May be removed with just or lawful cause by majority of the partners

C. May be removed for just and lawful cause by a vote of partners representing controlling interest.

D. May be removed by order of the court.

22. It is a gratuitous loan of a thing, to be used for a certain time and for a certain purpose, and with the obligation to return the same thing after the time expires or the purpose accomplished.

a. Guaranty

b. Pledge

c. Commodatum

d. Mutuum

23. A contract by virtue of which one of the contracting parties delivers to the other money or any other consumable thing subject to the condition that the same amount of the same kind and quality be paid or returned.

a. Guaranty

b. Pledge

c. Commodatum

d. Mutuum

24. It is an accessory obligation whereby real property is offered as security for a debt or loan.

a. Real Estate Mortgage

b. Antichresis

c. Commodatum

d. Lease

25. It is an accessory obligation whereby personal property is offered as security for a debt.

a. Pledge

b. Chattel Mortgage

c. Pacto de Retro

d. Mutuum

26. The deposit of personal property by debtor with a creditor as security for payment of the debt.

a. Pledge

b. Chattel Mortgage

c. Pacto de Retro

d. Mutuum

27. A contract by virtue of which the creditor acquires the right to receive the fruits of an immovable of his debtor with the obligation to apply them to the payment of the interest, if owing, and thereafter to the principal of his credit.

a. Real Estate Mortgage

b. Antichresis

c. Commodatum

d. Lease

28. It is where the owner of the thing lends it gratuitously for use of the bailee for as long as the bailor or owner pleases, however the latter may demand for its return at will.

a. Real Estate Mortgage

b. Antichresis

c. Precarium

d. Commodatum

29. A contract by which the parties exchange goods or commodities for other goods.

a. Contract for a Piece of Work

b. Commdatum

c. Barter

d. None of the above

30. It is the right of an adjacent owner of a parcel of land to buy the adjoining property before it is offered for sale to others.

a. Legal Redemption

b. Conventional Redemption

c. Pre-emption

d. Condemnation

31. A contract of sale is perfected when:

a. There is an offer to buy and also an offer sale

b. There is an offer to sell and an acceptance

c. There is a unilateral promise to buy or to sell

d. None of the above

32. If the object of the sale is totally lost before the perfection of the contract of sale:

a. The seller bears the loss

b. The buyer bears the loss

c. Both buyer and seller proportionately bear the loss

d. None of the above

33. The object of the sale is deemed lost when:

a. If it goes out of the commerce of man

b. It is declared illegal

c. It is stolen and it is already beyond recovery

d. All of the above

34. An action instituted by the vendee against the vendor to nullify the sale due to some vice or defect of the object of sale which renders it unfit for the use intended is a:

a. Action for fraud

b. Redhibitory Action

c. Action Quanti Minores

d. None of the above

35. A Pacto de Retro Sale is deemed an Equitable Mortgage if:

a. The assessed price is unconscionably inadequate

b. The intent of the parties is only to use the thing as collateral

c. If there is a unilateral promise to sell

d. None of the above

36. A pacto de retro sale:

a. An absolute sale

b. A sale which gives the vendor the right to repurchase the object within a certain period of time.

c. A sale which is subject to the fulfilment of a condition

d. None of the above

37. A contract which is constituted from the moment a person receives a thing belonging to another with the obligation of safely keeping it and retuning the same.

a. Deposit

b. Commodatum

c. Antichresis

d. None of the above

38. Another term of a deposit constituted by virtue of a court order.

a.Necessary Deposit

b. Voluntary Deposit

c. Sequestration

d. Escrow

39. A petition to be filed in order to obtain possession of a chattel before its actual foreclosure.

a. Attachment

b. Escrow

c. Replevin

d. None of the above

40. A necessary deposit is:

a. Constituted in compliance with a legal obligation

b. On the occasion of a calamity

c. Constituted by guests in hotels or inns

d. All of the above