Statement I: Instructions contemplate only private rules of guidance to the agent and are independent and distinct from the agent's authority. Statement II: The liability of the agent for either fraud or negligence shall be judged according to whether the agency was or was not for compensation. * Only Statement l is true. Only Statement II is true. Both statements are true. Both statements are false. Multiple Choice 8 Is the adjoining owner of the property of B which is rural and Is less than 1 hectare. If B sold his property to X, until when can S repurchase the property from X? * 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 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 If, there being a conict 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 S and B entered into a pacto de retro sale but no period for redemption was stipulated. Until when can 3 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 X gave to Y a Special Power of Attorney to sell Y's land. The authority of X is: * Express Implied Apparent! ostensible By operation of law R sold T's pair of shoes without T's authority but with T's knowledge and without his opposition before the sale. Which is legally correct? * There is agency formed by estoppel. There is no agency. There is express agency. 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 Who is bound when an agent acts without authority and is given subsequent ratication by the principal for such action? * Agent Principal Both agent and principal The third person dealing with the agent 8 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 8 and B entered into an absolute sale of a parcel of land. Until when can S repurchase the land? * 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 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 The following are characteristics of an agency. EXCEPT: * Principal Fiduciary Unilateral if for compensation Representative relation Statement I: Assignment of credits is unilateral, gratuitous and innominate. Statement II: The consent of the debtor to the assignment of credit is not required. * Only Statement l is true. Only Statement II is true. Both statements are true. Both statements are false. Statement I: A special power of attorney is revoked by a general one granted to another agent. Statement II: If the agent has been empowered to borrow money, he may himself be the lender. * Only Statement | is true. Only Statement II is true. Both statements are true. Both statements are false. What is the remedy if the contract purports to be a pacto de retro sale when In fact It is an equitable mortgage? (A) reformation (B) rescission (0) specic performance (D) damages * Reformation Rescission Specific performance Damages A and B have adjacent urban lands. B offers to sell his land to 0. who is yet to decide whether or not to accept it. A offers to buy the land from B instead. This is a case of: * Equitable mortgage Pre-emption Conventional redemption Legal redemption Other: I If in the immediately preceding question, C did not give notice of the assignment to D, but D has actual knowledge of the assignment. If D pays 0, Is the payment valid as to A? * Yes No A, being the agent of B and acting under B's authority, was able to sell B's cellphone In A's own name. Which Is legally correct? * A is liable for the sale. B is a disclosed principal. Both of the above choices Neither of the above choices 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 Anything of material value or usefulness that is owned by a person or company. or claims to sums which are owing: * Credit Debt Right Liability 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 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. 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. 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 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 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 Jose owns a sari-sari store. One day, while drinking milk tea. Jose fainted and bumped his head on the oor. He was rushed to the hospital and was In comatose for one month. While he was In a coma. Wally managed the sari-sari store. Is there a contract of agency? * Yes, there is a contract of agency. No, there is no contract of agency. It is a stipulation giving power to the creditor to automatically appropriate the thing given as security. if the principal obligation is not fullled, 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 Statement I: An assignment of a credit, right or action produces no effect as against third person unless it appears in a pubiic instrument. Statement II: The assignment of a credit excludes all the accessory ghts, such as a guaranty, mortgage, pledge or preference. * Only Statement l is true. Only Statement II is true. Both statements are true. Both statements are false. Statement I: While services may be the object in a contract. this excludes contracts of sale. Statement II: An assignment of a credit, right or action produces no effect as against third person unless it appears in a public instrument. * Only Statement | is true. Only Statement II is true. Both statements are true. Both statements are false. Statement I: The power to compromise does not include the power to submit to arbitration. Statement II: The power to sell includes the power to mortgage. Statement III: The power to mortgage includes the power to enter into a 2nd mortgage. * Only Statement | is true. Only Statement II is true. Only Statement III is true. Both statements are false. Both statements are true. Statement I: If an agent acts in his name, the principal shall have a right of action against the persons with whom the agent has contracted. Statement ll: Should there be a stipulation that the agent shall advance the necessary funds, he shall be bound to do so even if the principal is insolvent. * Only Statement | is true. Only Statement II is true. Both statements are true. Both statements are false. A. B. and C are co-owners of a parcel of land. In a pacto de retro sale of the property to X : * A may exercise redemption of the entire property C may exercise redemption of 2/3 of the property B may exercise redemption of 1f3 of the property X can be compelled to accept partial redemption 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 Anton was allowed by his father to use the latter's land and to make improvements on it. He was also authorized to get prots from the improvements he made. One day. Anton bought certain materials needed for the improvement. Is the father liable for the payment of the materials purchased? * Yes, there is a contract of agency. No, there is no contract of agency. Is there a right of legal redemption in sales of credit in litigation? * Yes, absolutely. Yes, except as against a co-owner, creditor or possessor of the tenement. No, this right is not available. 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 Ava owes Connor P10.000. Connor assigns his credit right to Bree for a consideration with notice to Ava. Which is NOT true? * Connor is the assignor Bree is the assignee Ava's new creditor is Bree Connor warrants Ava's solvency to Bree In the assignment of his credit to A. what warranties does C make to A? * That D will pay his debt That D's debt is valid and existing Both of the above choices Neither of the above choices 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 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 D owes C P1 00.00, 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 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 A assigns his hereditary rights to B. What warranty does A give to B? * That he will inherit properties. That he is a legitimate heir. Both of the above choices Neither of the above choices 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. 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. 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 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. Ana gave Ben P1D,000. Ben used the money as down payment to obtain equipment necessary for Ben's business from Cris. If Ben fails to pay the balance. can Cris recover from Ana? * Yes, there is a contract of agency- No, there is no contract of agency. 8 sold to B his land with right to repurchase. Before he could exercise his right, he died. leaving behind X 8: Y as his only heirs. May X and Y exercise S's right to repurchase? * Yes No Statement I: Preemption is exercised after the saie against the vendee. Statement Ii: Mere trespass In fact does not give rise to the application of the doctrine of eviction. * Only Statement I is true. Only Statement II is true. Both statements are true. Both statements are false. Statement I: A special power of attorney Is an instrument in writing by which one person appoints another as his agent and confers upon him all authority to act on his behalf. Statement II: In both agency by estoppel and implied agency. there is intention to create an agency and the agent acquires all rights and liabilities of a duly appointed agent. * Only Statement I is true. Only Statement II is true. Both statements are true. Both statements are false. Statement I: Every stipulation exempting the agent from the obligation to render an account is void. Statement II: All acts of the sub-agent appointed against the prohibition of the prl ncipal is void. * Only Statement | is true. Only Statement II is true. Both statements are true. Both statements are false. Statement I: The Doctrine of Agency by Necessity states that by virtue of the existence of an emergency, the authority of an agent is correspondingly enlarged in order to cope with the exigencies or necessities of the moment. Statement II: An agent must be armed with a special power of attorney if he waives an obligation gratuitously. * Only Statement I is true. Only Statement II is true. Both statements are true. Both statements are false. Statement I: Debtofs consent is required before credit is assigned. Statement II: A gratuitous assignment is in the nature of a donation. * Only Statement | is true. Only Statement II is true. Both statements are true. Both statements are false. Statement I: When a sale of a piece of land or any interest therein is through an agent, the authority of the latter shall be in writing. otherwise the sale shall be unenforceable. Statement II: Agency is presumed to be gratuitous unless there is proof to the contrary. * Only Statement I Is true. Only Statement II is true. Both statements are true. Both statements are false. Statement I: In case of doubt, a contract purporting to be a sale with right of repurchase is construed as an assignment of rights. Statement II: The creditors of the vendor cannot make use of the right of redemption against the vendee until after exhausting the property of the vendor. * Only Statement | is true. Only Statement II is true. Both statements are true. Both statements are false. Statement I: Commission del credere is the compensation of a factor agent. Statement II: An agent acting with authority and in his principal's name may be liable if he personally bound himself as to such act or transaction. * Only Statement | is true. Only Statement II is true. Both statements are true. Both statements are false. Statement |: Personal acts can be done through an agent because the general rule is that what a man may do in person, he may do thru another. Statement ll: Between persons who are present, the acceptance of the agency may also be implied if the principal delivers his power of attorney to the agent and the latter receives it without any objection * Only Statement | is true. Only Statement II is true. Both statements are true. Both statements are false. 8 sold to 8 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 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) rescissibie * valid void voidable rescissible 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 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 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 The following statements are true In a pacto de retro sale except: * The vendee a retro becomes the owner of the property subject of the sale. The vendee a retro can sell or mortgage the property to a third person. The vendee a retro can only sell or mortgage the property only after the expiration of the period of redemption. The vendee a retro is subrogated to the vendor's rights and actions. Which is NOT a formality required by the Bulk Sales Law? * demanding and giving of a list of creditors publication of said list giving of actual or constructive notice to such creditors by record or otherwise making of an inventory