Professional Documents
Culture Documents
RFALIB Finals
RFALIB Finals
RFALIB Finals
2. I. The vendor is responsible to the vendee for any hidden defects in the thing sold only if he
was aware thereof.
II. The parties may stipulate that ownership of the thing sold shall not be transferred to
purchaser until he has fully paid the price.
a. Only I is true c. Both are true
b. Only II is true d. Both are false
3. Camille borrowed a car from Christian for one week. Christian couldn’t say no to his crush
so he gave the key of the car to Camille immediately. One week after, Camille said that she
liked the car a lot and asked Christian if she could buy the car from him. Christian couldn’t
say no to his crush so he immediately nodded and the latter paid the price of the car.
Camille couldn’t contain her happiness to she kissed Christian on his cheeks. How is the car
delivered? A4
a. Traditio symbolica
b. Traditio longa manu
c. Tradition constitutum possesorium
d. Traditio brevi manu
e. Actual delivery
5. Rachel offered to sell for Php2,000,000.00 her house and lot to Eugene who was interested
in buying the same. In her letter to Eugene, Rachel stated that she is giving Eugene a period
of one month within which to raise the amount and that as soon as Eugene is ready, they
will sign the deed of sale. Five days before the expiration of the one month period, Rachel
went to Eugene and told him that she is no longer willing to sell the property unless the
price in increased to Php 2,500,000. Which is correct? D3
a. Eugene may compel Rachel to accept the Php 2,000,000.00 first offered.
b. Rachel may compel Eugene to pay Php 2,500,000.00
c. Rachel and Eugene should shoulder the Php 500,000 difference jointly and solidarily
d. Eugene cannot compel Rachel to accept the Php 2,000,000.00 first offered
Vision: MSC – is a research - driven higher education institution pursuing excellence and innovation by 2025.
Mission: MSC – is committed to pursue progressive and innovative lifelong education founded on
humanistic, professional and technologically communities by establishing centers of excellence and development
and research – driven outreach programs..
”Serving Beyond Excellence”
Republic of the Philippines
MARINDUQUE STATE COLLEGE
SCHOOL OF BUSINESS & MANAGEMENT
Main Campus: Boac / Branches: Santa Cruz • Torrijos • Gasan
Panfilo P. Manguera Sr. Rd., Tanza, Boac, Marinduque 4900
Tel. No.: (042) 332-2028 Email Address: sucpresident.msc@gmail.com
Website: www.marinduquestatecollege.edu.ph
8. Antonette offers to Maradel to 10 accounting books for P8,000 payable in 120 days with
12% interest per annum. Maradel accepted the offer through messenger provided that
interest is reduced to 6%. If there is no further communication between Antonette and
Maradel relating to the terms of the contract. A1
a. The contract is perfected because of the acceptance by Maradel
b. There is no contract yet unless Maradel gives earnest money
c. The contract is perfected under the terms of Antonnete
d. There is no contract yet between the two because Maradel made a counter
offer
9. Ruth sold her bracelet to Alex who bought it for Php 10,000. She paid an earnest money
worth Php501.00. It turned out however, that Ruth has 3 bracelets on her jewelry box:
Bracelet A, gold, with butterfly design worth Php 10,000.00
Bracelet B, silver, with heart design worth Php7,000.00 and
Bracelet C with diamonds worth Php10,000.00
Which is correct?
a. Ruth may deliver Bracelet A or C
b. The contract of sale is valid because there is an earnest money as proof of
perfection.
c. Both a and b are correct
d. Both a and b are incorrect
10. What is the common characteristic of dacion en pago and contract of sale?
a. Extinguishment of the obligations.
b. Less freedom in fixing the price.
c. Transfer of ownership to the other party.
d. All of the above
Vision: MSC – is a research - driven higher education institution pursuing excellence and innovation by 2025.
Mission: MSC – is committed to pursue progressive and innovative lifelong education founded on
humanistic, professional and technologically communities by establishing centers of excellence and development
and research – driven outreach programs..
”Serving Beyond Excellence”
Republic of the Philippines
MARINDUQUE STATE COLLEGE
SCHOOL OF BUSINESS & MANAGEMENT
Main Campus: Boac / Branches: Santa Cruz • Torrijos • Gasan
Panfilo P. Manguera Sr. Rd., Tanza, Boac, Marinduque 4900
Tel. No.: (042) 332-2028 Email Address: sucpresident.msc@gmail.com
Website: www.marinduquestatecollege.edu.ph
13. Entity A is an entity that engages solely in investing or trading in securities. We can
therefore conclude that Entity A is a/an ___________________.
a. Bank
b. Investment company
c. Either a or b
d. Neither a or b
14. According to General Banking Law, what is the ownership or control limitation of foreign
individuals or non-bank corporations in a domestic bank?
a. 30% of outstanding shares of stocks
b. 30% of voting stocks
c. 40% of outstanding shares of stocks
d. 40% of voting stocks
15. Is there any criminal liability for violating the bank secrecy law?
a. Yes. Any person violating this law may be imprisoned for not more than five
(5) years, or meted a fine not exceeding P20,000.00 or both.
b. No. Any person violating this law will only have a civil liability.
c. Either a or b. It depends upon the situation.
d. Cannot be determined.
16. The law on bank deposits , as amended, declares bank deposits to be “absolutely
confidential” except:
a. In cases of impeachment.
b. Upon order of competent court in cases of bribery or dereliction of duty of public
officials
c. In cases where the money deposited or invested is not the subject matter of
the litigation.
d. Upon written permission of the depositor.
17. It was committed by any person who, knowing that any monetary instrument or property
represents, involves, or relates to the proceeds of any unlawful activity transacts said
monetary instrument or property.
a. Money gambling
b. Money laundering
c. Money transacting
d. Money washing
Vision: MSC – is a research - driven higher education institution pursuing excellence and innovation by 2025.
Mission: MSC – is committed to pursue progressive and innovative lifelong education founded on
humanistic, professional and technologically communities by establishing centers of excellence and development
and research – driven outreach programs..
”Serving Beyond Excellence”
Republic of the Philippines
MARINDUQUE STATE COLLEGE
SCHOOL OF BUSINESS & MANAGEMENT
Main Campus: Boac / Branches: Santa Cruz • Torrijos • Gasan
Panfilo P. Manguera Sr. Rd., Tanza, Boac, Marinduque 4900
Tel. No.: (042) 332-2028 Email Address: sucpresident.msc@gmail.com
Website: www.marinduquestatecollege.edu.ph
21. AMLA authorizes which of the following provisional remedies that would aid the AMLC in
the enforcement of the said act?
a. Freeze order
b. Bank inquiry order
c. Amnesty
d. Both a and b
22. Effect of sale on the thing pledged if it is less that the principal obligation:
a. Creditor cannot recover the deficiency.
b. Creditor can recover the deficiency.
c. Creditor cannot recover the deficiency even if there is stipulation.
d. Creditor can recover the deficiency if there is stipulation.
e. None of the above.
Vision: MSC – is a research - driven higher education institution pursuing excellence and innovation by 2025.
Mission: MSC – is committed to pursue progressive and innovative lifelong education founded on
humanistic, professional and technologically communities by establishing centers of excellence and development
and research – driven outreach programs..
”Serving Beyond Excellence”
Republic of the Philippines
MARINDUQUE STATE COLLEGE
SCHOOL OF BUSINESS & MANAGEMENT
Main Campus: Boac / Branches: Santa Cruz • Torrijos • Gasan
Panfilo P. Manguera Sr. Rd., Tanza, Boac, Marinduque 4900
Tel. No.: (042) 332-2028 Email Address: sucpresident.msc@gmail.com
Website: www.marinduquestatecollege.edu.ph
B. A pledge shall not take effect against third persons if a description of the thing pledged
and the date of the pledge do not appear in the public instrument.
25. A. A stipulation in a contract of mortgage stipulating an upset price, at which the property
may be sold is void.
B. If the immovable mortgaged is sold and the amount realized is less than the mortgaged
debt, the buyer of the mortgaged property is liable to pay the deficiency, if any.
a. Both are true
b. Both are false
c. Only A is true
d. Only B is true
26. A. A real mortgage may guarantee future obligation, while a chattel mortgage cannot
guarantee future obligations.
B. The mortgage has the right to take possession of the chattel mortgage cannot guarantee
future obligations.
a. Both are true
b. Both are false
c. Only A is true
d. Only B is true
27. S sold to B a specific car for P20,000.00 payable in four equal installments. S delivered the
car to B but required B to mortgage it back to S to answer for the unpaid installments. B
paid the first installment, but the last three he failed to pay. S foreclosed the mortgaged
property and sold it at public auction for p13,000.00.
a. S can recover from B the balance of P2,000.00.
b. S can recover from B the balance of P2,000.00, if there is stipulation to the effect.
c. S cannot recover the deficiency anymore even if there is stipulation to that
effect and this is covered by recto law.
d. None of the above.
28. D pledged his ring to C for P10,000.00. D failed to pay his obligation on time. C sold it at
public auction for P8,000.00.
a. C can recover the deficiency even without stipulation.
b. C cannot recover the deficiency even if there is stipulation.
c. C cannot recover the deficiency.
d. C can recover the deficiency.
29. D1, D2 and D3 borrowed from C P300,000.00, and as security, he mortgaged their
undivided agricultural land to C. Subsequently, D1 paid C P100,000.00. Is the mortgage on
d1’s share of the land extinguished?
a. Yes, because the obligation of D1 on the debt is only P100,000.00
b. Yes, the obligation of the debtors is joint, D1 is answerable only for P100,000.00.
c. No, because the obligation is solidary, payment in part shall not extinguish the
obligation secured by the mortgage.
Vision: MSC – is a research - driven higher education institution pursuing excellence and innovation by 2025.
Mission: MSC – is committed to pursue progressive and innovative lifelong education founded on
humanistic, professional and technologically communities by establishing centers of excellence and development
and research – driven outreach programs..
”Serving Beyond Excellence”
Republic of the Philippines
MARINDUQUE STATE COLLEGE
SCHOOL OF BUSINESS & MANAGEMENT
Main Campus: Boac / Branches: Santa Cruz • Torrijos • Gasan
Panfilo P. Manguera Sr. Rd., Tanza, Boac, Marinduque 4900
Tel. No.: (042) 332-2028 Email Address: sucpresident.msc@gmail.com
Website: www.marinduquestatecollege.edu.ph
d. No. because mortgages are considered indivisible, payment in part shall not
extinguish the mortgage.
30. S, minor of 16 years, sold her bracelet to B for P8,000.00. Later on, B, needing money to pay
her daughter’s tuition fee at MSC plus some allowance for books and personal needs,
borrowed P15,000.00 from C, and as a security, pledged the bracelet to the latter. B failed to
pay C resulting into the auction sale of the bracelet in favor of P for P10,000.00 only. Which
of the following statements is correct?
a. The title of B over the bracelet is not valid, hence the pledge, as well as the sale of
said bracelet is likewise defective. The pledger must be the owner of the thing
pledged.
b. The deficiency of P5,000.00 may still be recovered by C from B id there is a
stipulation to this effect.
c. C can no longer recover the deficiency of P5,000.00 from B. The pledge,
together with the sale is valid. The voidable title of B is valid because it is not
annulled.
d. If P was a purchaser in bad faith as he know of the defective title of B over the
bracelet from S, ownership will not pass to him (P).
31. Personal properties that can be mortgaged under the chattel Mortage Law:
a. Shared of stick
b. Ungathers fruits or products
c. Interest in business
d. All of the above.
32. In real estate mortgage, the mortgagor can sell mortgaged property:
a. With the consent of the mortgagee in writing.
b. Even without the consent of the mortgagee.
c. Only with the consent of the mortgagee in writing or orally.
d. None of the above.
- End of Examination –
Vision: MSC – is a research - driven higher education institution pursuing excellence and innovation by 2025.
Mission: MSC – is committed to pursue progressive and innovative lifelong education founded on
humanistic, professional and technologically communities by establishing centers of excellence and development
and research – driven outreach programs..
”Serving Beyond Excellence”
Republic of the Philippines
MARINDUQUE STATE COLLEGE
SCHOOL OF BUSINESS & MANAGEMENT
Main Campus: Boac / Branches: Santa Cruz • Torrijos • Gasan
Panfilo P. Manguera Sr. Rd., Tanza, Boac, Marinduque 4900
Tel. No.: (042) 332-2028 Email Address: sucpresident.msc@gmail.com
Website: www.marinduquestatecollege.edu.ph
1. A 13. A
2. A 14. A
3. A 15. A
4. A 16. A
5. A 17. A
6. A 18. A
7. A 19. A
8. A 20. A
9. A 21. A
10. A 22. A
11. A 23. A
12. A 24. A
Vision: MSC – is a research - driven higher education institution pursuing excellence and innovation by 2025.
Mission: MSC – is committed to pursue progressive and innovative lifelong education founded on
humanistic, professional and technologically communities by establishing centers of excellence and development
and research – driven outreach programs..
”Serving Beyond Excellence”
Republic of the Philippines
MARINDUQUE STATE COLLEGE
SCHOOL OF BUSINESS & MANAGEMENT
Main Campus: Boac / Branches: Santa Cruz • Torrijos • Gasan
Panfilo P. Manguera Sr. Rd., Tanza, Boac, Marinduque 4900
Tel. No.: (042) 332-2028 Email Address: sucpresident.msc@gmail.com
Website: www.marinduquestatecollege.edu.ph
25. A 37. A
26. A 38. A
27. A 39. A
28. A 40. A
29. A 41. A
30. A 42. A
31. A 43. A
32. A 44. A
33. A 45. A
34. A 46. A
35. A 47. A
36. A 48. A
49-50. Explanation.
Vision: MSC – is a research - driven higher education institution pursuing excellence and innovation by 2025.
Mission: MSC – is committed to pursue progressive and innovative lifelong education founded on
humanistic, professional and technologically communities by establishing centers of excellence and development
and research – driven outreach programs..
”Serving Beyond Excellence”