j CPA Review Schoo! of the Philippines \ | Regulatory Framework for Dusigess Tronseetions | | | reweck Handowt One \ nm accede morale ee SSaaeh e meee te els Sunes nea a ea || tim rina soem i Beneficiaries | ‘A. Edvcation Cooperative Cooperative \ Research Cooperative | \ operative duly recognized by the Cooperative Development Authority, formed and shanaged prinsinally rother registered cooperative which i called the guardian cooperstive r e shall refer to a ‘be ninots and is afilatel A. Laboratory Cooperative BL Youth Cooperative | © Training Cooperative D._ Research Cooperative \ 3. Which ofthe following fs NOT a purpose of a cooperative? ‘A. Toencourage thift and savings mobilization among the members B. To generate funds and extend credit to the members for productive and provisent purpeses © Tohoourage among members systemic production ant marketing DB. Topic fig tea gato members } Ts hoacieg bereits C4. Which ofthe following is NOT a function of a Federation of Cooperatives? A. To carry on any cooperative enterprise authorized under Cooperative Code of the Philippines that complements augments, or supplements but does not conflict, complete with, nor supplant the business or economic activities of its member cooperatives B, To render services designed to encourage simplicity, efficiene men sand to facilitate the imalementation of their bookkeeping, accounting, and other systems ed ; procedures To rise funds through tmembership fees, dues and comtibutons, donation, and s Sources whether private or government D. To pring, publish, and eiroulate any newspaper or other publication in the intrest of enterprises and to coordinate and facilitate the activitics of its meniber cooperatives a E_ To coordinate and facilitate the setivites of ts member cooperatives and economy in the conduct of the business offs sidies from local and foreign ts member cooperatives and B_— 5. Which ofthe following i: NOT a purpose of Cooperative Unions? A. To acquire, analyze, and disseminate, econorai, statistical, and other information relating to its members and to all {ypes of cooperatives within its area of operation B. Tocary on, encourage, and assist educational and advisory work relating to its member cooperatives | C. To sponsor studies in the economic, legal, financial, social énd other phases of cooperation, and publish the resus ‘thereof and to represent its member organization D. To promote the knowledge of cooperative principles and practices and to develop the cooperative movement in their respective jurisdictions E_ To advise the appropriate authoritics on al) questions relating to cooperatives , prospective cooperative? © 7. What is the voting requirement for registration or formation of an_slectrie cooperative with Cooperative Development Authority? | ‘A. Atleast 20% of ll members in good standing B. Atleast 25% ofall members in good standing ©. Atleast 5% of all members in good standing D. At least 10% of all members in good standing © % Unless there provided in the by-laws of the Eloceie Cooperative, what isthe quonm necessary for holding a valid bey) of the general assembly in an Electric Cooperative? ‘Atleast 25% ofall the members entitled (0 vous 2) Able ale of ak op inoe ee eR EN ©. At least3%% of all the members entitled to vote 1D. Atleast 3/4 ofall the members entitled to vote Page 1 of 16 (PW-01)Cooperatives? 9. Whos reponi for he sei saon siestonseting and pats-omulaen activities oft \ Gener ase B. Bead otReyents ©. Board ot Trustees | D, Bord of Diectrs 0) 10. When shat be bytnus of Compe be submited othe Cooperative Develapmen: Autry 1 te Sb aes eae iasace by Cooperaive Development Auhory of Cerf of Registration Wit 20 dar fom the ssane by Cooperative Development Authority of Create of Reparation Eine 10a Roa nuance by Coaperative Develpmect Authority of Cerin of Regaratcn BL Attn sue tne of abmisron of ance of Cooperation to Cooperve Development Awerty A 11. What isthe required vote forte amendment of ails of ooperation oc bs-law of. cogperativs? ‘A. Atleast 2/3 ofall members with voting rights 1B. Atleast 1/3 ofall memibers with voting rahts At Tease majority of all mernbers with Voting eights D. At lease % of all members with voting rights B12 What the pscripive period provided by lew fr Cooperative Dsvelpment Autor o decide the smendment of articles of cooperation or by-laws submited by an existing cooperative? ‘A. Within a period of 60 cays onginat B, With. period of 30 days Within «period of20 days D. Within patio of 10 days {D 13. Which positon ina cooperative is flowed to beheld by a member of Board of Directors of a Cooperative? ‘A. President B. General manager ©. Controller D._ Vice Chairperson 14. Wish oe lowing eNO ground for ison of comprative by ean? 2 Iaolvency ofthe cooperative Bi. Prosi operon othe cooperative G. Violtion ofthe cooperate’ y-ims 1. Vibltionofany le ores and regulations | D 15. Which of the following is a NOT ground for suspension or revocation of certification of a cooperative by Cooperative fier doe notice and owing? rar tamed th eqaed number of meres in a nopertve Having one cooperative’ cela of rstaton by aud Willa ure to operate on a Sooperaive basis Existence for a legal purpose Rae ee dep otc by tbe CDA, ofthe provision ofthe Cooperative Code ors own by-laws {B16 estab compo of eglar ments who ae eile ovis nde teaser of oopectian and by-laws and shal be tie fend shall exercise such powers sare satod in this Code, i the ariles of monet and inthe bylaws of he coopera. "A. Board of Directors B. General Assembly C. Board of Trustees D. Executive Commitee fotlowing decisions in cooportve require 2 vote of members ened to wot, EXCEPT The: 1 17 toe Removal of oie of cooperative {B. Amendment of articles of cooperation ofa cooperative = fp E. Ratification of disloyalty commited by a dretor ofa cooperative D, Morger or consolidation ofa cooperative orderofa competent coutt afer due notice and Boos> '§ for P1,200,000 payable by # downpayment ‘of P600,000 and the balance in 12 equal eam Se gon ances ce sve ct) B ad ly installments. The chattel mortgage ‘the car was foreclosed but the auction sale resulted into a naa mert Lavy, wat themed of Sto recover she deficiency” Atcotew FB for P100,000.19, Whi of he folowing statement is RALSE? 4. Aetna emon ean td ha SNe Ire contracts are gambling and against public polis | 6 er is an offer to acquire at least 15% x Aer fer san oer egies 19% fy cam oy ey secu ied epeaton ym 20, Ht refers tothe restructuring of eorporate capital where the outitanding shares are called in and replaced by a accompanied by a corresponding tedikt i npr by a comerponingrdition in thera oe sa val BL Stock splitup Stock splitdown D_ Stock trading 21, Which ofthe following is TRUE OR FALSE? Tnatemative obliga, ic oes ony oe dives tae abi he hie mayb es 11, Thallerative obligation, there is only one obligation, but there sa subtiute, while in facultative obligation here ae many obligations. = Foctatre E mi, Tears ig, sleioe s ngsnedty te ines of yy te eins ue pene hilton the obligation is extinguished bythe fulslmert of he principal obigation when there frst yet A. Fals¢, False, True ons “ ah B True The, Fue Tre, Fal, True D. False Tre, True 22. On January 1, 2000, Vendor Ins. sold a specific car to Buyer Inc. with payment to be made after two months, The paris fureed that Vendor ine, shall deliver the car to Deposiary Ine. in behalf of Buyer Inc, Depositary Ine, has the cblization to fpserve the said car ust Buyer Inc, obtains the same. On January 2, 2000, Vendor Inc actually delivered the car to Deponitary ins. On January 3, 2000, he ear was destroyed by a stom while it was in Deposiary’s posession, Who stall suffer the seth pert dep "A. Buyer inc. because itis already the owner atthe time of loss, Depositary Ine. even it exercised ordinary diligence to prevent or ricimize the loss during the storm, C__ Vendor inc. because actual possession has rot yet been given to Buyer Ine. | , Vendor Inc because non-payment of the price will result to ron-transfer of ownership to Buyer Tre 73, 30% of the company want to elect 2 dieetors, while 70% ofthe company watt to elect 5 difeciors Assuming the corporation sr ih ahace anc the owners of 70% ied to elect all the $ director, How many willbe elected for the maindy Stokholders (70% of the company) and ftom the minority stookholders (20% ofthe company room the majority stockholders and I fromthe minoriy stockholders YOO | = ager \ BL 3 fom the majority stockholders and 2 ftom the minority soekholders, \ 3 om the majority stockholders and none from the minority stockholders \ D. 2 trom the majrity stockholders and 3 fram majority stockholders 24, On January 1, 2001, M issued an delivered an order negiblepromissy ne with the amoun: in P10,000. P altofed Oa arn note into P100 000 generally indorsed and delivered the nate to A who subseauenly genes indorsed ae tal the note to B, 2 bolder in de course, Which of oe following sisements is CORRECT? “A. Tho instrument is pot negotiable because of the material alteration | Se encneetcct 100,000 from M hecause material alteration may not be setup against aoder imu courses | BB cas collect P10,000 fom M and he may go after P or A for the balance of P90,000 1D, Bean only go after P or A but not from M. state. 25, itis a corporation both in fact and in aw. es Juridica! personality is ot subject tothe direct aack A. De jure corporation Gr Defueta corporation C__Ostensible corporation o* corporation by estoppel D. Corporation by preserption 26. Ws comorsion in Se! bt po nln. juical personaly issues orc atack by the stat hough special} scion of quo warranto proceedings | ‘A. De jure corporation BB. De facto corporation ‘C._ Ostensible corporation or corporation by estoppel 1D. Corporation by prescription 27, Which may be contributed by a limited partner? ‘5 Money ander eonery Pe 8. Money andor srvees Prope anor srvies 1 Sennaes only28 ABC Lint Putersip ae formed by A snd B a general panes and C as nod pane. ABC Limited Partesip Py became bankrupt xd ope libiltesoparmership ees amcor PSUS ceo ‘A. A,B and C are liable o the partnership creditors inthe amount of P10,000 cach but © naxy ask for reimbursement of Pha ech fom And B \ 3. And athe ony pesos lite the parerhip credo inthe amount of 5000 each. & Theptrerslp crestor ay collet P5000 fences Ao D. The pacers rediors rn collet 73,000 Hoc eer A or B or ) 2% Which is NOT an ese! equi of contrac of tate! martxe ois valid? ‘A. The meigagor mut be the abun owas of te pon property orgseed and must have fie disposal of he exh Personal property mortgage! [B. There must be a secured valid principal obligstion and in case ofits non-payment, the personal property mortgaged _, Tay be sold in public suction in satisfaction of the secured obligation, C. The chattel mortgage must be propery re a! D. The deed of chattel mortgage must be accompanied by Fy 30. whieh conract are oid a nti? Those Wich aerate simulated.» Thove whos cause, cject, purpose is eonzay tol, moral, god customs, public oder or publi policy“ Those whose objets tts he commer omen Those which anterpate mpowile sevice” SZ) Those whose consent oa contacting purty i itted ~e @])_ Tove whows caso or objet dl pt es theme of he ras ‘AU, TV na Vt only B. Lith 1v, and von © 1M Wend ony BL tt, V,Y.and Vi oly 31. A wrote @ check to B who indorsed the eck to C, neck bounced when C encashed it. Who is criminally liable under Fr Aspaea hab wtp te nn ee aed ae yon woue sank Fl 32. Wht is the dentin ofthe terminus deposier ‘A. It means the amount duc to any Donafise depositor for legitimate deposits in an insured bank as of the date of closure but not to exceed Five hundred thousand pesos (?500,000.00) B. It means the amount due to any bonafide depositor fr illegitimate deposits in an insured bask as of the date of clogure but not to exceed Five hincred thousans pesos (PS00,000.00), © It means the amount due to any bonafide depositor for legitimate deposits in an insured bank as of the date of closure but not exceed one millon thousend pesos (P1,000,000.00) D. It means the amount due to any bonafie depositor for illegitimate deposits in an insured bank as of the date of losure but not to exceed one million pesos (P,000,000.00, © 33. What is the quantitative threshold fora covered transaction in a asing? ‘A, Amount exceeding P500,000 per day B. Amount exceeding P1,000,000 per day C. Amount exceeding P5,000,000 per day D. Amount exceeding P50,000 per day 4, N isa dormant partner in ABC partnership that sells home appliances. He bas not made his presence felt for 20 years. N purchased 20 wheelbarows for ABC parte:ship to sll. A, the manazing partner became furious with what N dic becase Is hard 0 sll wheelbarows. What remedy does A ave regarding te contact enered by N? dra. patter "A ean just lore the contract entered ty N because its unenforeeabla. ‘A has no remedy because the contract entered by N is perfectly valid ‘Aan ask for declaration of nulity ofthe contact ‘Aan ask for annulment ofthe contre Copp i ive right granted fora produc, processor an improvement of «product or process which is new inventive and Oe ee ae 6) ea carte tum cen Com mang ug or ngac roca ee invention during the 20-Yeor life ofthis intellectal propery, ‘A. Patent A B. Trademarks ©. Copyright 1B, Tradename sh a ee cies13g, 11s protection option, whic ieeshold regived fer wander po on process, improvement ot pa of the saat te neces glee ks seven D) yeah of protection trom the die of Hllng, wine pow Teast, ena apse ee | a POH of renee teat We B Villy model oe i \\ \ \\ 971 any compesion of Tires Ge lors oF ey i | 3% 4. my gamonkion of sox salar or ky tv imeionl farm, wheter ont cca she \ | aire vty five () ey Rom he ne fie apc hab ach es see G) soreritve prods of Oe (3) see cach, 9 png ee ena NB Feed me ‘A Patent } i v & Utity mode Ce dst esa D. Maden 58 wehbe otowing este abet adanak snuton nde nlc Proper Law B. Pole Pilsen for Beer © Stargr Circle D. Heat } 39. D was anewly admited partner ivesting P4,000 in ABC parcnership. A, B, aul C each contributed 710,000 each. ARF Be admission, ARC partnership borrowed 40,000 ftom E, Their operations became not profitable and they decided to liquidate their lsbility to E, How much can D get reimbursement from A,B, and C respectively? A. 265.705 each B. SOD each -kayy wele acteurs © P300 cach D. P200 each ‘a check to 8, B used the said chock to pay bis obligation to C. C did not encesh it for several yeas. Eventually, the 40. A woo 10 enk went bankzups and died. Hows he obligation of B Ar Preston B._impoctbity of Perfomance ©. Cartesness Da Itasca! exnauished. [Py 41. What is the required vote for the increase of authorized capital sick of a corporation? wh AT eset majority vote of Board of Directors and opgroval by at lest 2/3 vote of stockholders and compliance bf minimum 25% subseription and tinimam 25% of paid up B. At least 24 of Board of Diroctors and approval by at least 2/3 vote of s 25% subseription and minimum 25% of past up C. Atleast 22 vote of seockholders and compliance of minimum 25% subscription and minimum 25% of paid up D, Atleast majority vote of Board of Directors tockholders and compliance of minimum Q) 42, Which of tne following is NOT 2 requisite of holder Cu couse? ‘A, He took the instrament complete and regulac upon its face. 2 He Became ihe holder of the instrument before it iy overdue and without note thar it had been previoully dishonored if such was the fae, C. He fook the instrument in good faith and for value. DL He hes no knowledge of any fact which would impair the validity ofthe instrument or render ity 113 Ia whlch ofthe following casei he holies deemed bea holier in due course? 'A.. The holder acquired the insirument through the indorsement of ono oft B. The holder acquired the instrument at ooontime on its maturity date, ©. The holder accepted the instrument from the paye2 under a strong, two payees: 4 reliable warning of tbe latter's swindlibg D. None of the above nay be sot up against any type of bolder? able instrument th 544, Which ofthe following is areal de ‘A. Went of authority of ageat B. Fraud in inducement Absence oF failure of consideration 1D. Acquisition of instrument by force, duress fear or by unlawful means notin due course that may be set up against a holde ina negotiable instrume 45. Which of the following is personal dete but not against a holder in due cour ‘A. Fraud in factum B._Illegality of consideration © Forgery D. Minority Page 5 of 16 (PW-03)46 wtih ote towiog ess rms! prsertment provement or pagmerk of anerti erciat be mao? "A. To the drawer, where he made a stop payment order to the dravwee-bunk. ia Poin rawer, where he wither a pen the dre bank Be a pe amen ua de acca for Ws esomodlon D. None ofthe above. ceepiance mandatory fo onder 1o charge the drawer and E47. Im which of the fifowing bills of exch ooatindorsers who are secondarily ae to the bil? “A Bill payable after sight ills payable on demand © Bills payable ara fixed date Bi its payable at fined period after date fp +8 10 meta foe me ae pdt and) cary Dg rama he Tadeo ey the Bureas of 2g mts fe insane they are vontusingiy amie. One product bears the trademark "Axis Candy” while the other “What test shall be applied to determine if there is trademark, Jroduct uses the tedemark "Yummy Axis Candy.” {nffingement? 3 ‘2 Dominancy test B Holistic test f Enabling test c D. Best made test Wo ' 49, Two mast for the sume product (oy sauce) ae Bring examined by the Trader Pennines SSeS if they ae a ee rns of fhe maauacre ae apparel ieent ms priced onthe boliom pas fae Hea Har and almost identical. What test shall be applied 9 . However, the label desis, colors, print styles an sles ae very simi determine if there i trademark infringement? ‘A. Dominancy test B. Holistic tst CC. Bnabling test D. Best mode test |B 50. Which ofthe following statements relative to a bank conservator snd eng reeves fs FALS "A. Both take charge ofthe assets and liabiites ofthe sublee: bank. BL Both have the power to rehabiltateorliguidae the corporate if of the subject bank ey CC. Both need not be officers or employees of the BS?. y D. None ofthe shove, terest income fiom his .£P100,000 and receives annual int into without need of @ ployee may be inquired () 6. Which of the following statements is FALSE regarding payment of insured deposit by PDIC? ‘A. Payment may be made in cash or through making available to each depositor a trans® bankin an amount equal to insured deposit of such depositor. 1¢ claim for insured deposit should be settled within six (6) months from the date of fi \ Fequitements are met but the claim must be fled within twenty-four (24) months after bank takeover. \ C. ‘The six-month period shall not apply ifthe documents of the claimact are incomplete or ifthe validity ofthe clifa requires the resolution of issues of facts and law by another ofSce, body ot agency, independently or in coordination with PDIC. i | D. The depositor of the olosed insured bank has twelve (12) mons Geom date of bank akeover 10 fle his depot \ insurance cain apes | fe) ere rae a. ate sare ame A Imprisonment of mo stati (30) days but not more than one (1) yen, Fine of not less han but no m or Both iiprsonment and Foe athe deat of to cout B. Imprisonment of not ess than twenty 20) dvs but not mote then two (2) yeas; or Fine of nt less than bus noe more than double the amount ofthe check which fine shall in no case enceed Three Hondied Tosca ponte (300,900; or Bot Inprsonment and Fine the csertion ote co ©. Iiprisonment of notes than ten 40) days bu not mae han six (6) months; or Fie of nt less than but not mote than double the amoust of the chock which fine stall no ease exceed One Hundred Thom Pesos (F100 0004 o Both Imprisonment and Fie athe dscreion of te cant DD. Imprisonment of not fss than sixty (60) days but not more than tree (3) yeas; ot Fine of not less then but not male te cu iain of ek whi al 0 ven! Pe ae Tonnes (Sy or Both Impetsonment and ines the iseretion ofthe cour © 6. What is the quantum of evidence necessary to prove the -Euilf of the accused for violation of Batas Pambansa Bilang 22 a.k.@. Bouncing Check Law? ’ Prpondernce of Bidence | 3, Proof beyond reasonable doubt C. Prima fie evidenee or probable cause D. Clear and eonvineing evidence C8 Wate quam of evden rsd tu pen of le inl ae fx voto of Bate Fabs Bang 22 Sie Bou Check Law? ih derance of Evidence a Proof! ‘beyond reasonable doubt rma fie evidence or probable causea Laundering Council (AMLC), what is the maximum Pons’ © ns by coveted persons lo AMLC? the gecurrence ofthe transaction Securrence of the transaction ‘occurrence ofthe transaction B. Succession | | Ce Makin: donations in dof any pots! party | | D. Exablishment of retirement ans oer benef plans fo its directors, tutes, offers and employees | 7 wie REMOVED om sdolguet nbs? | et et ove gb Reto dvs | & Seas Dy. Naber zerD | [D 78 Inwhich ofthe following cass is appraisal right NOT available? Cap cSC) "A. Any amendmen tothe aries of incorporation that changes or retrcs the rights of any stockholder or class of | shares, { 1B. Merger or consolidation, Investment of funds in another corporation or business fora purpose other than its primary purpose ._ Expiration of corporate tern ; | 979. Which ofthe following may be orgs ds a close comoration? ( 1c QME-BSP > | ‘A. Mining companies B. Oil companies C. Banks D,_ None ofthe above 80. 1tis a contract, whereby 0 person binds Himself to render some service or 10 do something in representation or in beball of | another, wih the consent end authority ofthe later. | ‘A. Contract ofagency t B. Contract of partnership Contract of sales D. Contract of pledge \ 81, Indicate whether the following ae considered expres powers of corporation: I: To give donation in aid of politcal party o- candidate or for purposes of partisan political activity. | 1. Te exablsh pension, reivement, and other pans forthe benefit of ts directors, ste, officers and employees, => Bb ime False and True © False and False dT ws Fae £2, Innoshing fs sated nthe corporate by laws or inthe subseripion agreement, what isthe inlretrate on subscribed shares? a 6 gal Ra A wr © a 2% ber ATTY-004 to B, a resident of Tagtis 1 time of constitution of the abligatioo, the Makati City, Where shall the carlbe “A, a resident of Pasay City, has an obligation to deliver a Honda car with plate m City with a stipulation that the said car shall be delivered in Quezon City. AC th said car is located in Manila City, At the date of delivery, the said car is located in | delivered by A to B? a. Pasay City >. Makati City & Manila City Quezon City OsA, and C parser wil comet P100.009 eal cceren oer ce Oran reguere te cornet of percep Seo commen on 2 pecstaly. Th prt reso yarcneship tat the ric praonliy of were nee ee frie ery peeronality of p00. Whe tons of partertip, which prter i CIT Table to combo sation Are 1% a Df Seater swat we et fare ba unre 0 contre num of ony a file od aay a Pern tiny nr ord Samages om the ane bo should have ome sigtion Fe eas anton prep rh et and damages om he oii ema PO pyar scm for © Me hecomes a debtar tothe partnership forthe interest and damages for. & He becomes a debtor to the parmership forthe Interest and damages fTom the we eyment “oc exeits andthe rate allowed in jucerent? 7. What the legal rate of interes for loan or forbearance of money, sods oe POR Tate pede sata tite © oe & dee so secure ine uiiment of the oblizaion ts : wed the specific '88. A borrowed P1,000 ffom 8 as evidenced by « negotiable promissory not. In det 10 54 TO cay turn ‘Match 10 A: Which is CORRECT? ae = Gal cee flee clot B © Snbsosonrnststpeige bectncot Rod coment oft ed con Sri avec Netter contact ofan not contac otyisgean ere shed. \ due on June 30, will the legal 2016. te will beso 31, 2016. Whet 1 January 89. A is indebted in the amount of P100,000 to B, The obligation is perfected 2016 but B only demanded for payment on July l, 2016. A paid the oblis interest sar to accrue? January 1, 2016 b. June 30, 2016 & Jaly,2016 4 December 31, 2016 3,000 after B pointed « gun to S threatening to kill him. Wat is at ofthis voldable contract of sae! 90, S sold in writing a specific laptop to B ata seling price of the prescriptive period available fo $ to file an action for ansulm 6b teas en @ Voyeur ited parmer who has died or has assigned is interest inthe partnership 9}. He refers to a person admitted to all the rights of. ‘a. Assignee of limited parmer b, Successor of limited partner Heir of limited partner 4 Substituted limited partner “ - 92. Indicate whether the statement is true or false: ‘se, the innocent party shall not be bound to comply with his promise if he has 1 Where the illegal contract is criminal offe ven anything and if he had given, he may claim or recover for is return. $c ite he eg corract sn tain ons, ke innorent pry sy dems higaton to comply with his promise snd the return or recover what he has given without ‘a. True and True b. False and False True and False 4. False and True Page 10 of 16 (PW-01)jue demand fot past nd damage tom the writen exrauacal Gemand for 87. What i the eal ate of interes A br loa or frtesranc of money, a0ade or eet and the cate allowed in Judgment? 1. A rowed 7 00 tom a winced ys mgoihepromsory ot, ondrt secure the filet of tbe obiuation Apldecdund vere bt che nacht B We Se ot magi ofthe slstion 8 voluntary etme the abasic acho Winch CORRECT? cyte conc ofan extglabd Saye cones dee extushe. Se eer of toe a. ontract of pledge are extinguished. GE etter coma fon ar contact lege we exngusked feces on January 1, 2016 twill become due on June 30, 2016 et B aly demand or psa 2 08 December 31, 2016. When will the legal deme s a fawn 1216 8 west aly, 2016 & Decenacr 5 = Pen BE ting « spcitc opty 10 B a selling price of P3,000 ater 8 Be pcre peng vaio So lean acto for anit of this bk Ry Be bys @ 10 yea Dy Barats ie «yer the rights of limited parer who has ied. 3 asigmed his interest in the partnership. ah aad fee etic pone 4 Seemed led parce ~ Ftc tr was fe IW fh egal cow crininal oem, he innocect purty shall nt be bound to comp wit Deere in rane srr NY ANA Pini Wwe the east coer ct criminal offen, the ince party may demand the return of recovee wt Bren ries any ligation with is poise ii ce eae te Troean Troe : Falun Pulse © Trorand Fuse Fae a Troe Page 10 of 6 (PW-01)Per mete whoo ove in alt rts ts pratt of Carr Dae ca i rt et cars PSI M85, ny a, IT ih he promulgation of Cental Bank Cpr 40 on oi ints become i ot aly any interest rate that may enslave theif } oviding for ~ *OFFOWor OF lead to hen a ‘uncomschonshiy ey | 21. Stipuatope proving fr execsive, oxo 1 eft 0 hemontng tfoma have ese sao wwe | ms Mores or Contrary to morality oF yond ey shel sets np MY charge, | ‘a Tr, True, Tre soma. Poe or ale Bb Thue Fake, True | © Pals False, True 4. True, False, False \ Be dete te tcl nti ecg of PX ri ‘at ioe OF F 1,000,000. 8 went Sel wth ahs atte sani el ts ae Renmei ane a. Voidable coment? the said house end ote oe, nee ae b. Perfectly valid fame 2! ees +6. vacua IME stoma ete ha ee rnclpelcbllstion Bocas (dus, A did not pay dastiieraeee ere aud Jot as security fx hilt \ wpb wigs ec eine age terete on Wn cougar b bubsoalie aos ecmna maestro y 4 C. © Bimy Brecon the chat! magne tees Aeneas ee los | ‘over the real property but foreclosure shou be made under the procedure ofreal cara of HE hatel mortgage 4 Shanske toe ar aa naa ee feet mar chattel mortgage is null and void. chattels. Thus, the contract of 96. X,¥, Zar soldarily lable to A, B,C, solidary creditors i the amount of P2,700. A condoned ite ee ‘of X who aocepted the renunciation. The condonation is without the consent of B an: SCOR Gor ‘2 The entre obligation is extinguished. a Which CORBETT $b. Only P900 obligation i extinguished. © Only P300 obligation is extinguished. d. Acannot condone the obligation without the permission of B and C. j wo tan 97-A, B and C are porners in ABC Partnership. Laer, they sell their ABC Partrershp business to D withthe agreement dh D shall assume all the liabilities ofthe partcership to thi persons. However, the third persons have na bat Salas ie Ps ipto thie! pe hit peroos have no knowage ofthe so ‘2 The liabilities of ABC Partnership to third persons are extinguished. \ 1) ® Third party creditors may only ask from: D tor payraeat of ABC Parnership’s obligations ¢. The ereditors of ABC Parmership are no longer creditors of Partner A, Partner B and Partner \ 4. Partncr A, Partner B and Partner C remain tobe liable tothe creditors of ABC Parinership in addition to D's ibility to these creditors. _ 98. A and B are partners in AB Partnership operating a laundry business. While in the course of his duty as the managing te of the laundry business, B used a polo-shirt that one of his customers ovmed. While using the said polo-shirt witost Imes of Parmer A, food droped onthe plo leering fn Upon demand ofthe utr damage alc iat C _ & Parner B only because he used the polo-shi without he consent of A. b. Partner B and AB Partnership only, solidarity ©. Partner A, Partner B and AB Partnership, solidarity 4 AB Partnership then Partner A and Partner B, subsidiarilly 99. A, B and C are partners in ABC Paynshop Partnership. A customer borrowed P10,000 from ABC Partnership and then pledged his specific watch as collateral. A obtained from the storage cabinet of the Pawnshop the said pledged watch without the knowledge of B and C and used it in a party. During the party, the suid pledged watch was stolen by @ thief from A. U demand of the customer for damages, who shall be liable? i | ‘a. Partner A only because he used the wateh without the knowledge of Partner B and Partner C Cb. Parner A and ABC Partnership ony, solidaely ©. Partner A, Partner B, Partner C and ABC Partnership, solidarily 4, ABC Partnership then Partner A, Partner B and Partner C, subsidiaraly. i 1 birthday party of C who was a fun of D. Du fo mumerous 100, professional singer, agra to sng fra foe of 20,000 the bithday party of € whe une s GE Sg Coimitinents, could not go fo the birthday party oF . So he seat ‘Soter tan Dvo sng t's With party, and informed © tha te ater needed so pay oly P1000, Which lt CORRECT? a 'D may validly assign his obligation to sing because the reduced fee was advantageous 10 C b. D may validly assign | ‘obligation to sing because X could perform the obligation better than him, Ce ee ES gens se oe Steg De oer eee asa peated the fund given by ney eis Pen pan is ee a rar rae aa Band C are parner In AF ‘management. Parter A misBPP =a mana PO eA taut Farmar Parte ad Para pg § MTOMTS comb eruin ise trac Poort ae ti iy I Pesan able to hot § ae aries the on and ordered 9 customized cay TO meat delivery of the cake will 8 price of senses ress ee on te wi ust be titied Fst tobe enforce Bi Paco mato WG bea od Nig ps i a brie of Ps, covered by atte of tau ‘ he parties conceal their 1 whereby th 103. is «contac cone ht me car doo does a0 DTeUae aid perp oep aM Thu, he agree order oF pubic policy. STON I rein pee tt yn isto, public ; pore contrary o aw, morals, good ly simulated contrast om Fol Bf Rinhely slated contract PVs contact Rated contact Wenn on ee Bren te to aen decided 10 ive hs pergt 202000. Hover, Mate sts Alden te cantuy itt ce nude ert cana an Wt Be ot aaegaae" Mon fre Ty geo sate se Perfectly vali : : D & Voidane dapat motasined, © Unenforeeable Pvc a voia 105.4, B,C, D and Fare permers of ABCDE AUC armen Fky Fam, 8a neni mong maces ie Selatan of maneng Peres Al twit te conn ofthe ober vo aug mes One ae sid made raipot isl due to Indsies A alee ee racaas eed stee Gah wee ath Mowing) at Sof ofthe conic pce Howove en Pants Nc Paver ace wom gsliew Pere who wer AOL ‘om a business trip for the firm, could not be contacted due to poor communication signals. Which is CORRECT? a. Partner A and Partner B cannot decide by therselves because cnanaging partners must act with unanimity. & _& Parmer A and Partner B may desis by themselves since any further delay would reslt in mare losses 0 the fim, f Parner A and Partner B can decid se they const the jority of he manage pert. = The absence of partner C cannot be alleged soe the was a sition tat none of he managing parmersshllect AGES without the consent of he other. ithout 106-7he following parerships are required to be registred with Secures and Exchange Commission for convenience and to ‘rejudie thd persons, EXCEPL Bi eee etnp whe the partner’ total eonibution fat ost 3,00 in csh, personal prope ofa Property \ Db Partnership wherein the partners? contbation ineudes ner ovsbl oral propery ema ¢. Limited parmership ‘uta 4 Genctal partnership involving an indisialpartast ab a api eneerey ios legal ile 107. The following are the proper distinctions between RORY i Bie of Fone ey Vern econ se Oka eS ct eigen nee ee amen is ierevoeale fr the duration of Cris ane yt ee ies yrOxy le a voting © & Saco eben x has ae Basan wee agreement is not limited to a. yarticular meeting. oasis ae era vasera oe dA proxy votes in the econ stookholder while @tusiee can Vor and exerci igh inthe lamers presence inthe meeting through a p089 e. proxy mus vote in person while a musics may YO Petia be not £ A proxy ust be notarized while a ving as MTeemES - stow much my Xvi cts 00 A? 108.4, 16 yen old Band owed X P120,000iaty and sve ‘A. P40,000. 0D B, P80,000~8 8 C. P120,000 i D._Astothow much he was benefited |ex an mela propa dnt fen he a ea Copyright © Traename @ Pade of he a in an orgtealnot top vorowed #500 fm C In rd: 1 ee te fallen of D vorowe comer chien AU he at daw of moar sect Paseo nes gon oC Shae ore lan, D nnd C votstary eared tht the ei pia Senet PAT he pn PEP Wich BCORRECT? — ~dauim en Bag? al be aed aan tn. oe cpasrecment is pact cot teriien and reform ol cane Toe ee ribsaptop vas eosuied ty Cand the conas of omnia B 2 Ghneraip ofthe aptop was nequited by C by reason of pactum commis Coe ay apuedoy fae instar ee ete een ithe by didn en page yar te minum nombre Write Non ad 1a Wy fatto weeks rior othe meting sooitoder efi hs resular mesing? B. At least one week prior fo the meeting seeded f | a ® Eo Ioatireacmecae =e © Ales ony pro te merng | 11 at te eed vor delim sah died | etval hy a eet majority vote of the Doar of destors and ratification by stecthoers re ‘ripe oustanding capital tok, ty stocker representing east 32 Giepval ny socdciers representing et est 23 of the oustanding cept ook perreva ya est majonty vole ofthe board of directors and raeation by stockholders ‘tao ofthe oustanding capil stock 5 stockholders feresating at ept 1, efroval bya lest majority vote ofthe board of decors. | 1s what isthe requed vote for declaration of tok dividends? sn aly aes major ote of the Board of dest and racaton by sckbolerrepreseing atleast 25 ees casanting spit sock oe ous eprentng ten 5 ofthe stn 3 Armor ice monty vr ofthe bord a kes an aia by ‘mujorty ofthe outstanding capital stock: 1. Approval by at last majority Vote of the board of directors suatrefrsto the pe waiver of warranty’ against eviesion made bythe buyer without the knowledge of ier ofexiction ‘A. Waiver intoionada - whoool tage > ee 9 itl stock, stockholders representing at lout B. Waiver consent afe eo Sa 7 8 Waterers \ ‘orthe ver oblignia \ ‘eral ‘utual 115A pois for aie insane wit Sim Efe Company, During the medial xaonion sos USSD ther A ane a examination, Sun Life Company approved th Ife maura sppied by A Wai 7% remedy avaible ‘o Sun Life Company upon discovery ofthe svbtruton? B __ A Fear ain fr damages beet Ai uit ofiaeetlHuador A 7 _ Cee arate oF comzact bese Ae gay of exstl feud Moai wasted Sin EEGs C. File an setion for declaration of mlty beeause ofthe want of consent D. File a econ for esision of contrast because iis intended to defraud esos time of delivery of the bag S 116. and agred in weting for the sto of ahentc Coach bag a 8 price 07 50000; At ia celivered a counterfeited replica bag. What isthe remedy availble to eV an action for damages because Sis gully of nckdental aul oF 60 DSSS. onset, {} B. File an action for annulment of contract because $ is guilty ' ‘of causal fraud | which vitiate . File ansetion for destaraton of malty because the subject mate esa D. File an action for reseission of contract because tis intended to defraud creditor. n Soper 117-On Sepember 12, 2048, § gold undee contract to sll a specie 5 tot ele sae ‘aun he ead cat to D under oornact of sale with dolvery bat wisost BSS paid the price to §, Which is CORRECT? Oe hie ‘A. Bas beie right over the ear than D because he Bas TS fg, BB has beter right over the ear because he isthe HSE BAYST Tai, ! CC. Therule on double sale will not apply because a . There is double sale upon payment of he pee PY al atk sane} 1180 Fetmuary 1, 2018, § sk! wer cote of eis pee or FA gain he ste Ind © unde acter ncuron) ng 1 B wer 2018, $d ee ce me he Ona aad eB ns nee Op So tn Ka Dah fe ot oe sen On Ma 2018 a A: 2 2018 Degreasers ene San hogy Bes annus he tte st buyer and fst pees 10 the Resist of Bhceashe ete fs ean in a in pon ge? 1 the Resi of Property Who tas beer nah Nether B nr Both 8 and D no, what is th requ vote fr vallty of management a cont vanes of interlocking director? tween managing corporation and mange’ corpora in the pe pay ut ry he oa of Appr og capil sick of macagag crtan tt aestn by soe eft chang cpl se feat Comsat ee ms oye ao x4 corporation. venking at Lens majority vote of the board of sanged rps alory of the oustanding capal stock on tx pu ot B pmol by a ae ae det nd rai i a antag capt eck Pea coasters peg a ma fae susan aa eo enh ean asp yen mo eo be a cee eee cae sacar toe ate oot ot REE ala mary fhe Apel by tes mln oft Bord tect and axon re oe eee ye ne iain cop eo mene crn sd ply nto of hn ceed sero reetigat ar rep othe sang ep soon be by emea oy ate major of i bo : Shani ete St notin soln en Oe ee corporation ant aperval by ar eas mney vote of te oat of reo an ony seen toting it 1 fe eg ra sk He 120. Se ‘maximum amount 10 be granted a5 compensation w board of dicetors of «_soeperatin in sash capes 8 sr oc often income of erp afr x of i cue i, © ethene toe tern ence aa caf ia Ee arteniety eer §,tovsofthentacome ofeorperaten betta fae area ees Ye eno Table for te ss of nts 121 Wi i the nt of ms neem et stipulation that «hte Kooper or Ton keeper belongings ‘A. Always void B, Valid ifposted © Valid if writin 1D. Voidable if orlly entered into 1p2.ARC Corporation x underesing iqldation, Mae went ABC Corprons er ee fen ee treet i ea fy 2 Ribs cese tae egrenie enter Mt ct an D. Itsball be escheated and forfeited In ffevor of the ety ormmunisipality where the land's —_ a may make anegtble ntrenetnn-zesoible? Je to any eolior land dis 123.Which ofthe following indorsere ‘A. Facultative indorsement BB Rela indore, Conditional indorse-ment 1D. Qualified indorsement te negeiable instrament, EXCEPT corse by cual SoS 128th folowing ae the warantes ofa Quali! a a eapcts walt PEAS OBE ‘That the instrument is genuine and in a ‘© That ll prior partes had capacity to contrat eek 4 That tbe side ane eee of his ieee aaa ‘ x pian es of eny cls in propton 1 tei a cx taponiion of stares of 125 Wrefers tothe natural ht of stoekholders to suaseribs 0 al SSS Cee ne iene bstorer ‘A. Appeal right BPeemptive right ‘ ‘ight oft esl leit of Set option ere fe ft wing se eal defense ina egorable instrament? & ‘incomplete ‘Fra tr induogo te oe EA of & Sg of alderation Page 34 of 16 (PW-01)127m Which oF the following corporate at 1 Corporate Acts pen Br tnrhar Comolidation of Corporate 8b 1» dseng vets Wing soccer 128 Wie of the owing combraion No 2 ‘Mining company a B, ducatoont son Of Siti corms D) Oheampeny Tallowed to sus no pa vl 129. Which of the following compbraions is NOT 2. Sock exchange nr a PB Resuan’ bisiness ©. Business process oitscurcin 1D. Manpower agency Z allowed tobe insorporated asx clos corporation In which ofthe following ing corporate aes are no red se \ he Flowing cofpart at oting prefered stocks NOT allowed to vote? B. Merger or consolidation of 3 1 of corporations C._Incurring or creating, bood indebtedaess D. Sale, pledze or mortgage ofall or substantially all the assets of the corporation 1DL.J aad F entered into» unideia pannersip al pent pcparty. At he time ter agree nd fout-dor apart 1° nherited ftom his father 3 yours earlier. E,on the other and, had a fishpone which ke acquired by dacion en pgo from R. During the frst year ofthe parinership, reuials collecied othe four-door apartment amounted to PAXD,000, wile fish barvosted ‘tom the fishpond were sold for P300,000. Daria the same period, E receives by from an uncle. The partners had a stipulation that {ature property shall ‘NOT belong to the common fund ofthe partnership? ‘A. Fishpond fy B ReiaorPeso on C. Apartment D. Vacant land y vacant ot to the partnership. Which of th folowing does 2 ent eee in nie pati of pais Ate of i of bas ofp VM see ee veut oe ermng i nance Dae shor miner th embraced Hoa nem, Ne anes won LU 2 yo ee, he Be cece nm spent vie evens ot PDO lato, Daeg ae ot Seatac, Wis at be albwing inka = PENN ee tape Lom wang: 100,00 C & Stayatest ono DL et oft seaman seat of amie nse aan wh pet SECT ee en ae A a ee ee re Ce ene 134. Which partnership contract is VALID? i e se rivelal partnership ofall present property between husband and wife A Mniversal partnership of profits between & man aad a w benefit of marisge, vA particular parmership between husbend and wife, ‘A universal partnership of profits beteen a private j as husband aod wife without he C po o> vidual and a public offer oo garner cq ds an ren nA rts Ning tid he RAG Ey id 3 And W re ara TAW Ee Ne nom Cy money ae Sh On een We a wel kao: beara ot JAW EepiamTerefet © peated Tom nf P15000002 AW Eoteriscs, We (aderpanae es? Panag preDe enc Compe ee ost Sa oa te ew I wr nao. How sal el toate, Drag Gm Fei. Ti SAPO, seam Me 409 ‘ce . Segal ren ma — The pane he isin F158. agement be fot he loss Ao aidmm iy tnine fl sspotaions i VALID? “ing a capitals ertner from profes in peal eg ee) eg a Sal parte fom loses, ding an industrial partner trem profics, pose of ing in erations atunder ns of kind differen from the : steno ints oFeLind dtren fom be peraneeay 4s manager? alte i : rhe patent MBOVEIS property ofthe parmeahip witout the coset ofthe r Je cpposc By another, te decision ofthe sj of the partnership wil preva ee reslved by the vote ofthe pater oving the controling irae, S ital st cannot be kept without deterring i ly their use and fruit wil be fo the coramon benefit is od inthe inventory. scope of is apparent ashority receives. money or property ofa third person and joney oF property of a third person in the ordinary course of business and such partner while itis in the custody ofthe partnership. on by reason of the use of partnership property by = partner for personal cay pane’ separa es. as to the partner's separate assets partners share in the prtersip assets from such propery the partner to claim Suppor ight i such PrOPEY tte partnership fom perforin : property. onveyance, or release Soom abit if ae oust eedO he following acts, EXCEPT