The document contains 50 multiple choice questions about various concepts in business law related to contracts, obligations, payments, and other legal topics. It tests understanding of definitions and rules regarding concepts like compensation, condonation, confusion, datation in payment, loss of things, and stages of contracts. It also contains a bonus question asking about the essential requisites of a contract.
The document contains 50 multiple choice questions about various concepts in business law related to contracts, obligations, payments, and other legal topics. It tests understanding of definitions and rules regarding concepts like compensation, condonation, confusion, datation in payment, loss of things, and stages of contracts. It also contains a bonus question asking about the essential requisites of a contract.
The document contains 50 multiple choice questions about various concepts in business law related to contracts, obligations, payments, and other legal topics. It tests understanding of definitions and rules regarding concepts like compensation, condonation, confusion, datation in payment, loss of things, and stages of contracts. It also contains a bonus question asking about the essential requisites of a contract.
The document contains 50 multiple choice questions about various concepts in business law related to contracts, obligations, payments, and other legal topics. It tests understanding of definitions and rules regarding concepts like compensation, condonation, confusion, datation in payment, loss of things, and stages of contracts. It also contains a bonus question asking about the essential requisites of a contract.
Instruction: Write TRUE if the statement is true and write FALSE if the answer is false.
1. Payment only refers to delivery of money
2. For obligations to give: The debtor of a thing can compel the creditor to receive a different one, although the latter may be of the same value as, or more valuable than that which is due. 3. The payment of debts in money shall be made in the currency stipulated, and if it is not possible to deliver such currency, then in the currency which is legal tender in the Philippines 4. The delivery of promissory notes payable to order, or bills of exchange or other mercantile documents shall produce the effect of payment even if they have not been cashed 5. The creditor may refuse to accept payment (e.g. checks) not made in legal tender 6. In case an extraordinary inflation or deflation of the currency stipulated should supervene, the value of the currency at the time of the establishment of the obligation shall be the basis of payment, unless there is an agreement to the contrary. 7. He who has various debts of the same kind in favor of one and the same creditor, may declare at the time of making the payment, to which of them the same must be applied 8. Rules on application of payment may be invoked by a surety or solidary guarantor 9. Dation in Payment is the delivery and transmission of ownership of a thing by the debtor to the creditor as an accepted equivalent of the performance of the obligation 10. Dation in Payment refers to a special form of payment where the debtor assigns/abandons ALL his property for the benefit of his creditors in order that from the proceeds thereof, the latter may obtain payment of their credits 11. Payment by Cession is the deposit of the object of obligation in a competent court in accordance with the rules prescribed by law whenever the creditor unjustly refuses payment or because of some circumstances which render direct payment to the creditor impossible or inadvisable 12. Loss of determinate things extinguishes the obligation 13. Loss of indeterminate things extinguishes the obligation 14. It is presumed that loss was due to the fault of the debtor if the thing is lost while in the possession of the debtor and there is no proof of fortuitous event 15. The debtor in obligations to do shall also be released when the prestation becomes legally or physically impossible without the fault of the obligor 16. Condonation or remission is essentially gratuitous 17. Condonation may be made expressly only 18. Express condonation shall comply with the forms of Sale 19. For express remission of real or immovable property to be valid, it must be in a private document 20. Confusion is the meeting in one person of the qualities of creditor and debtor of the same obligation 21. Confusion should take place between principal debtor and creditor 22. Confusion and Compensation are one and the same 23. Confusion shall take place when two persons, in their own right, are creditors and debtors of each other. 24. In Compensation, both debts must consist in a sum of money, or if the things due are consumable, of the same kind and quality 25. In compensation, it is not necessary that both debts are due and demandable 26. Voluntary Compensation takes place when parties who are mutually creditors and debtors of each other agree to compensate their respective obligations even though one of the requisites of compensation may be lacking 27. A contract is a meeting of bodies between two persons whereby one binds himself, with respect to the other, to give something or to render some service 28. The principle of mutuality of contracts refers to the rule so fundamental in all contracts, that once the contract is perfected, it shall be of obligatory force upon both of the contracting parties 29. Principle of Autonomy of Contracts refers to the position of essential equality that is occupied by both contracting parties in relation to the contract. The contract must be binding upon both of the parties 30. Breach of contract is defined as the failure, without legal reason, to comply with the terms of the contract 31. The perfection stage of contracts is also called as the conception 32. Consummation stage of a contract is the stage to look at to determine whether there has been a breach of the contract 33. The stage to look at to determine the status of the contract (i.e., valid, voidable, void, unenforceable) is the perfection stage of the contract 34. Consensual contracts are contracts where consent is sufficient to perfect the contract 35. Real contracts are contracts where delivery, actual or constructive, is required in addition to consent 36. Solemn contracts are contracts where special formalities are not required for perfection 37. Accessory contracts are contracts which depend on another contract for its existence. It can generally exist by itself 38. Gratuitous contracts are contracts where no correlative prestation is received by one party 39. A contract is perfected by mere consent. From the moment of a meeting of the offer and the acceptance upon the object and the cause that would constitute the contract, consent arises. 40. submission of a counter-offer is one of the modes of terminating an offer 41. Acceptance of a contract must be absolute, unconditional, and without variance of any sort from the offer. However, it does not require that such must be made known to the offeror. 42. Acceptance made by letter or telegram does will bind the offeror even before the time it came to his knowledge. 43. A contract is a unilateral proposition which one party makes to the other for the celebration of the contract 44. Bilateral contracts are contracts where both parties are bound by reciprocal prestations. 45. Aleatory contracts are contracts where the fulfillment is dependent upon chance 46. Acceptance refers to a unilateral proposition which one party makes to the other for the celebration of the contract. 47. Acceptance made by letter or telegram does not bind the offeror except from the time it came to his knowledge. The contract, in such a case, is presumed to have been entered into in the place where the offer was made 48. minors are absolutely incapacitated to give consent 49. Void contracts are valid until annulled 50. Deaf-mutes who do not know how to read and write are incapacitated to give consent