BL223 REGULATORY FRAMEWORK a.

Payment
AND LEGAL ISSUES IN BUSINESS b. Consent
c. Acceptance
Exercises
d. Revocation
Topic: Nature and Forms of Contract
Section: AIS21 6. The following may not be a valid object
of sale except
1. One of the following is not incapable of a. Parcel of land in Mars
giving his consent. b. Public plaza
a. Insane persons c. Medical marijuana
b. Deaf-mutes who do not know how to d. Future harvest of planted rice
write
c. Deaf-mute who do not know how to 7. The Law on Sales, as a nominate
read contract, is part of
d. Unemancipated minor a. The Revised Penal Code
b. The New Civil Code of the
2. A contract whereby one of the Philippines
contracting parties obligates himself to c. The Omnibus Election Code
transfer the ownership of and to deliver d. The Administrative Code of the
a determinate thing and other to pay Philippines
therefor a price certain in money or its
equivalent is a contract of 8. Consignment is an example of
a. Barter a. Barter
b. Sale b. Sale
c. Dacion c. Dacion
d. Mortgage d. Agency to sell

3. A characteristic of a contract of sale 9. Money given as part of purchase price

which involves exchange of value acceptance of which is proof that the
a. Commutative contract of sale exists
b. Nominate a. Pocket money
c. Bilateral b. Option money
d. Consensual c. Bag money
d. Earnest money
4. A contract of sale is perfected
a. Upon compliance with the 10. The guardian is prohibited from
requirements of the law as to form acquiring by purchase properties of his
b. Upon delivery of the object of the a. Step mother
contract b. Principal
c. Upon meeting of the minds on the c. Ward
thing which is the object of the contract d. Decedent
and on the price
d. Upon demand

5. Where there is concurrence of the offer

and acceptance there is