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REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS
1. Corporators- are those who compose a corporation, whether as stockholders or shareholders in a stock corporation or as
members in a nonstock corporation.
2. Incorporators- are those stockholders or members mentioned in the articles of incorporation as originally forming and
composing the corporation and who are signatories thereof.
3.Holders of nonvoting shares shall nevertheless be entitled to vote on the following matters
a. Amendment of the articles of incorporation
b. Adoption and amendment of bylaws;
c. Sale, lease, exchange, mortgage, pledge, or other disposition of all or substantially all of the corporate property
d. All of the above
4.Holders of nonvoting shares shall nevertheless be entitled to vote on the following matters
a. Incurring, creating, or increasing bonded indebtedness
b. Increase or decrease of authorized capital stock
c. Merger or consolidation of the corporation with another corporation or other corporations
d. All of the above
5. No-par value shares must be issued for a consideration of at least Five pesos per share.
6. For founders’ shares, where the exclusive right to vote and be voted for in the election of directors is granted, it must be for a
limited period not to exceed Five year/s from the date of incorporation
7. Treasury Shares- These are shares of stock which have been issued and fully paid for, but subsequently reacquired by the
issuing corporation through purchase, redemption, donation, or some other lawful means.
8. Any person, partnership, association or corporation, singly or jointly with others but not more than Fifteen in number, may
organize a corporation for any lawful purpose or purposes:
9. A corporate term for a specific period may be exte nded or shortened by amending the articles of incorporation:
Provided, That no extension may be made earlier than Three years prior to the original or subsequent expiry date(s) unless
there are justifiable reasons for an earlier extension as may be determined by the Commission
10. Unless otherwise prescribed by this Code or by special law and for legitimate purposes, any provision or matter stated in
the articles of incorporation may be amended by a majority vote of the board of directors or trustees and the vote or written
assent of the stockholders representing at least _______ of the outstanding capital stock, without prejudice to the appraisal
right of dissenting stockholders in accordance with the provisions of this Code.a.
1/3b.
½c.
2/3d.
¾11.
The due incorporation of any corporation claiming in goodfaith to be a corporation under this Code, and its right toexercise
corporate powers, shall not be inquired into collaterallyin any private suit to which such corporation may be a party.
Suchinquiry may be made by the Solicitor General in a ____________proceeding.a.
Impeachmentb.
Quo warrantoc.
Both A & Bd.
None of the above12.
If a corporation does not formally organize and commence itsbusiness within _____ years from the date of its incorporation,
itscertificate of incorporation shall be deemed revoked as of the dayfollowing the end of such perioda.
Twob.
Threec.
Fived.
Ten13.
If a corporation has commenced its business but subsequentlybecomes inoperative for a period of at least ________
consecutiveyears, the Commission may, after due notice and hearing, place thecorporation under delinquent status.a.
Threeb.
Fivec.
Tend.
Twenty
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14.
A delinquent corporation shall have a period of __________year/s to resume operations and comply with all requirements
thatthe Commission shall prescribe.a.
Oneb.
Twoc.
Threed.
Five15.
Directors shall be elected for a term of one (1) year from
among the holders of stocks registered in the corporation’s books,
while trustees shall be elected for a term not exceeding ______year/s from among the members of the corporation.a.
Oneb.
Twoc.
Threed.
Five16.
Any director or trustee of a corporation may be removed fromoffice by a vote of the stockholders holding or representing
atleast ___________ of the outstanding capital stock.a.
½b.
2/3c.
¾d.
All17.
In the absence of any provision in the bylaws fixing theircompensation, the directors or trustees shall not receive
anycompensation in their capacity as such, except for reasonable________.a.
Honorariumsb.
Talent feec.
Per diemsd.
Directors or trustees who willfully and knowingly vote for orassent to patently unlawful acts of the corporation or who areguilty
of gross negligence or bad faith in directing the affairs ofthe corporation or acquire any personal or pecuniary interest inconflict
with their duty as such directors or trustees shall beliable ______________ for all damages resulting therefrom sufferedby the
corporation, its stockholders or members and other persons.a.
Jointlyb.
Jointly and severallyc.
Solidarilyd.
Both B & C19.
No management contract shall be entered into for a periodlonger than _______ years for any one (1) term.a.
Fiveb.
Tenc.
Twentyd.
Fifty20.
The owners of _________ of the outstanding capital stock maydelegate to the board of directors the power to amend or repeal
thebylaws or adopt new bylaws.a.
½b.
Majorityc.
2/3d.
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21.
Regular meetings of stockholders or members shall be heldannually on a date fixed in the bylaws, or if not so fixed, on anydate
after ______ of every year as determined by the board ofdirectors or trustees.a.
January 15b.
March 15c.
April 15d.
December 1522.
Special meetings of stockholders or members shall be held atany time deemed necessary or as provided in the bylaws:
Provided,however
, That at least ______ week/s written notice shall be sentto all stockholders or members, unless a different period isprovided in
the bylaws, law or regulation.a.
Oneb.
Twoc.
Threed.
Ten23.
Each share shall be equal in all respects to every othershare, except as otherwise provided in the articles ofincorporation and in
the certificate of stock.No share may be deprived of voting rights except those classified
and issued as “preferred” or “redeemable” shares, unless otherwise
provided in this Code.a.
Only the first statement is correct.b.
Only the second statement is correct.c.
Both statements are correct.d.

Both statements are incorrect.24.
Holders of nonvoting shares shall not be entitled to vote onany corporate matter.Banks, trust, insurance, and preneed
companies, public utilities,building and loan associations, and other corporations authorizedto obtain or access funds from the
public, whether publicly listedor not, shall be permitted to issue no-par value shares of stock.a.
Preferred shares of stock may be issued only with a stated parvalue.A corporation shall have perpetual existence unless its
articles ofincorporation provides otherwise.a.
Both statements are incorrect.
26.
The board of the following corporations vested with publicinterest shall have independent directors constituting at leastthirty
percent (30%) of such board.Immediately after their election, the directors of a corporationmust formally organize and elect:
(a) a president, who must be adirector; (b) a treasurer, who must be a citizen; (c) a secretary,who must be a citizen and resident
of the Philippines; and (d) suchother officers as may be provided in the bylaws.a.

The same person may hold two (2) or more positionsconcurrently, except that no one shall act as president andsecretary or as
president and treasurer at the same time, unlessotherwise allowed in this Code.A person shall be disqualified from being a
director, trustee orofficer of any corporation if, within three (3) years prior to theelection or appointment as such, the person
was convicted by finaljudgment of an offense punishable by imprisonment for a periodexceeding six (6) years.a.
In no case shall the total yearly compensation of directorsexceed ten (10%) percent of the net income before income tax of
thecorporation during the preceding year.A contract of the corporation with (1) one or more of itsdirectors, trustees, officers or
their spouses and relatives withinthe fourth civil degree of consanguinity or affinity is void, atthe option of such corporation.a.
Stockholdings exceeding ten percent (10%) of the outstandingcapital stock shall be considered substantial for purposes
ofinterlocking directors.If the bylaws so provide, the board may create an executivecommittee composed of at least five (5)
directors.a.
30.
A private corporation may extend or shorten its term as statedin the articles of incorporation when approved by a majority
voteof the board of directors or trustees, and ratified at a meeting bythe stockholders or members representing at least two-
thirds (2/3)of the outstanding capital stock or of its members.Stock corporations are prohibited from retaining surplus profits
inexcess of ten percent (10%) of their paid-in capital stock.a.
For the adoption of bylaws by the corporation, the affirmativevote of the stockholders representing at least a majority of
theoutstanding capital stock, or of at least a majority of the membersin case of nonstock corporations, shall be necessary.
Stockholders’ or members’ meetings, whether regular or special,
shall be held in the principal office of the corporation as setforth in the articles of incorporation, or, if not practicable, inthe city
or municipality where the principal office of thecorporation is located.a.

One or more stockholders of a stock corporation may create avoting trust for the purpose of conferring upon a trustee
ortrustees the right to vote and other rights pertaining to theshares for a period not exceeding three (3) years at any time.A
subscription of shares in a corporation still to be formed shallbe irrevocable for a period of at least seven (7) months from
thedate of subscription, unless all of the other subscribers consentto the revocation, or the corporation fails to incorporate
withinthe same period or within a longer period stipulated in thecontract of subscription.a.
In a contract of sale, the thing must be licit and the vendormust have a right to transfer the ownership thereof at the time ofthe
perfection of the contract.The sale of a mere hope or expectancy is void.a.
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34.
Profits generated by such “right of resale” should be remitted
by the seller to the original buyer.When the sale is made through a public instrument, the executionthereof shall be equivalent
to the delivery of the thing sold.a.
The following persons cannot acquire by purchase, even at apublic or judicial auction sales or in legal redemption,compromises
and renunciations, either in person or throughmediation of another:a.
The guardian, the property of the person or person who may beunder his guardianshipb.
Executors and administrators, the property of the estate undertheir administrationc.
Public officers and employees the property of the State or anysubdivision thereof or of any GOCC or institution,
theadministration of which has been entrusted to them.d.
All of the above36.
A sale with a right to repurchase or even a deed of absolutesale shall be presumed to be an equitable mortgage in any of
thefollowing cases:a.
When the price of a sale with right to repurchase is unusuallyinadequateb.
When the seller remains in possession as lessee or otherwisec.
When upon or after the expiration of the right to repurchaseanother instrument extending the period of redemption orgranting
a new period is executedd.
All of the above37.
On March 1, Katie sold his land to Larry for P800,000. It wasevidenced by a contract of sale in a public instrument. On the
nextday, he again sold it to Manny for P1,300,000. Manny immediatelyoccupied the land. On March 5, it was sold for a third
time toNerissa for P900,000, who registered it but with knowledge of bothprior sale to Larry and Manny. Who is the rightful
owner of thesubject matter?a.
Larry, because he has the oldest title.b.
Larry, because the sale is in a public instrument.c.
Manny, because he was the first possessor in good faith.d.
Nerissa, because she was the first registrant in good faith38.
The right of redemption should be exercised within the periodagreed upon which should not exceed ________ years from the
date ofthe contract.a.
Fiveb.
Tenc.
Twentyd.
Fifty39.
In the absence of an express agreement in a conventionalredemption, the seller should redeem within ________ years from
thedate of the contracta.
Twob.
Threec.
Fourd.
Ten
40.
On March 1, Katie sold his land to Larry for P800,000. It wasevidenced by a contract of sale in a private instrument. On thenext
day, he again sold it to Manny for P1,300,000. Mannyimmediately occupied the land. On March 5, it was sold for a thirdtime to
Nerissa for P900,000, who registered it but with noknowledge of both prior sale to Larry and Manny. Who is therightful owner
of the subject matter?a.
Larry, because he has the oldest title.b.
Larry, because the sale is in a private instrument.c.
Manny, because he was the first possessor in good faith.d.
Nerissa, because she was the first registrant in good faith41.

Benny sold his car, having a fair market value of P800,000 toCarrie for P20,000 only. This is aa.
Void contractb.
Valid contractc.
Voidable contractd.
Unenforceable contract42.
Bobby is contemplating whether to buy Susan’s car for
P400,000. To give him more time, he gave a P20,000 option money toSusan. He finally decided to buy the subject matter after 2
days.How much should Bobby give to Susan at the date of payment?a.
P400,000b.
P380,000c.
P420,000d.
Cannot be computed43.
Every contract of partnership having a capital of two thousandpesos or more, in money or property, shall appear in a
publicinstrument, which must be recorded in the Office of the Securitiesand Exchange Commission.A contract of partnership is
voidable, whenever immovable propertyis contributed thereto, if an inventory of said property is notmade, signed by the
parties, and attached to the public instrument. a.

In all cases, a partnership begins from the moment of theexecution of the contract.Every partner is a creditor of the partnership
for whatever he mayhave promised to contribute thereto.a.
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45.
In all cases, an industrial partner cannot engage in businessfor himself.A capitalist partner may prohibit an industrial partner
fromengaging in the same kind of business as the partnership.a.
A capitalist partner may prohibit an industrial partner fromengaging in a different kind of business as the partnership.If there is
no agreement to the contrary, in case of an imminentloss of the business of the partnership, any kind of partner whorefuses to
contribute an additional share to the capital to savethe venture, shall he obliged to sell his interest to the otherpartners.a.
The courts may equitably lessen the responsibility of apartner if through that partner's ordinary efforts in otheractivities of the
partnership, unusual profits have been realized. In the absence of stipulation, the share of each partner in theprofits and losses
shall be in proportion to what he may havecontributed at the start of the partnership.a.

Every partner must account to the partnership for any benefit,and hold as trustee for it any profits derived by him without
theconsent of the other partners from any transaction connected withthe formation, conduct, or liquidation of the partnership
or fromany use by him of its property.The capitalist partners cannot engage for their own account in anyoperation which is of
the kind of business in which the partnershipis engaged, unless there is a stipulation to the contrary.a.
Articles of universal partnership, entered into withoutspecification of its nature, only constitute a_______________.a.
Universal partnership of all present propertyb.
Universal partnership of profitsc.
Limited partnershipd.
General partnership
50.
Mr. X personally owe P10,000 to Mr. A, the managing partner incharge for collection of ABC Partnership. On the other hand,
Mr. Xowe P30,000 to the partnership. When both debts are due, Mr. X paidP8,000 to Mr. A, with the latter issuing a receipt
under his name.How much of the P8,000 should go to Mr. A, if any?a. P8,000b. P6,000c. P2,000d. 051.
Mr. X personally owe P10,000 to Mr. A, the managing partner incharge for collection of ABC Partnership. On the other hand,
Mr. Xowe P30,000 to the partnership. When both debts are due, Mr. X paidP8,000 to Mr. A, with the latter issuing a receipt
under the nameof the partnership. How much of the P8,000 should go to Mr. A, ifany?a. P8,000b. P6,000c. P2,000d. 052.
A (60% ownership interest), B (15%), C (15%), and D (10%) arepartners in ABCD. All of them were designated as managing
partnersin the firm. During a meeting of the partnership, they werediscussing a possible expansion of the business. A chose
Cebu asthe next expansion area of the business, while B, C and D choseDavao. Applying the rules of Article 1801, which would
prevail asthe next expansion site of the business?a. Cebub. Davaoc. Manilad. None of the above53.
James borrowed P10,000 from Cristopher as evidenced by apromissory note. The note complied with all the requisites
ofnegotiability, except that James did not affix his usual signaturethereon as he was very ill at the time he prepared the
instrument.
James wrote “X” on the space intended for the
signature of themaker. In the instrument negotiable?a.
No, the law requires the full signature of the maker before theinstrument will be considered negotiableb.
No, the law requires that at least the surname of the maker beplaced in the instrumentc.
Both A and Bd.
Yes, the “X” mark is sufficient to make the instrument
negotiable.54.
“I promise to pay X or order the P1,000 out of the proceeds ofthe sale of my house. (Signed) Y”
“I promise to pay Y or order the sum of P10,000 as soon as my means
permit me to do so
. (Signed) X”
a.
Both instruments are negotiableb.
Both instruments are not negotiablec.

Only the first instrument is negotiabled.
Only the second instrument is negotiable
55.
How do you treat a negotiable instrument that is so ambiguousthat there is doubt whether it is a bill or a note?a.
The holder should treat it as a bill of exchangeb.
The holder should treat it as a promissory notec.
The holder may treat it either as a bill of exchange or apromissory note, at his electiond.
Under Batas Pambansa Blg. 22, the making, drawing and issuanceof a check payment of which is refused by the drawee
because ofinsufficient funds in or credit with such bank, when presentedwithin _____ days form the date of the check, shall be
prima facieevidence of knowledge of such insufficieny of funds or credit.a.
30 daysb.
60 daysc.
90 daysd.
120 days57.
This test mandates that the entirety of the marks in questionmust be considered in determining confusing similarity.a.
Dominancy Testb.
Holistic Testc.
Idem Sonans Testd.
Within what term or period may intellectual right involvingpatents exist?a.
10 years subject to indefinite renewal for periods of 10 yearseachb.
20 years from the filing date of applicationc.
During author’s lifetime and for 50 years after his death
d.
Which of the following is not a qualification for organizersof a primary cooperative?a.
Must be 15 or more natural personsb.
Must be residents of the Philippinesc.
Must be of legal aged.
A cooperative for fishermen has an authorized share capitalamounting to P100, 000. How much is the minimum paid up
sharecapital for this cooperative?a.
P100,000b.
P25,000c.
P6,250d.
The failure of the Office of the President to act on theappeal of a cooperative within ______ from the filing thereof shallmean
an approval of the said application.a.
30 daysb.
60 daysc.
90 daysd.
120 days
62.
Which of the following is an invalid cooperative name?a.
Bulacan Farmers Development Cooperativeb.
CAVITE ELECTRIC COOPERATIVE (Cavelco)c.
Both A & Bd.
Its primary purpose is to procure and distribute commoditiesto members and non-members.a.
Cooperative bankb.
Consumers cooperativec.
Agrarian reform cooperatived.

Dairy cooperative64.
He is one who has no right to vote nor be voted upon and shallbe entitled only to such rights and privileges as the by-laws ofthe
cooperative may providea.
Regular memberb.
Associate memberc.
Affiliate memberd.
It is a cooperative organized by minorsa.
Nursery cooperativeb.
Junior cooperativec.
Laboratory cooperatived.
Kiddie cooperative66.
For cooperative banks, what is the quorum needed for meetingsof the General Assembly?a.
At least 25% of the members entitled to voteb.
At least 50% plus one of the members entitled to votec.
At least 5% of all members entitled to vote, unless the bylaws provide otherwised.

No member of a primary cooperative other than the cooperativeitself shall own or hold more than ______ of the share capital
ofthe cooperativea.
5%b.
10%c.
25%d.
50%68.
A cooperative will be dissolved if it has not commencedbusiness and its operation within two years after the issuance ofits
certificate of registration or has not carried on its businessfor _____ consecutive years.a.
Fiveb.
Threec.
Twod.
Ten69.
Which among the following transactions is not covered by theprotection of the Bank Secrecy Law?a.
Impeachment casesb.
Cases covered by the Unclaimed Balances Actc.
Cases involving dereliction of duty of public officialsd.
All of the above

70.
It is obligatory of every bank to report, in sworn statement,to the Treasurer of the Philippines of deposits that have not
beentouched for a period of _____ years or held in favor of personsknown to be dead.a.
2 yearsb.
5 yearsc.
10 yearsd.
50 years71.
Who is liable for the payment of the insurance premium fordeposits covered by the PDIC?a.
The depositorb.
The bankc.
The President of the Philippinesd.
Both A & B, equally72.
Nicole has an individual savings account with BDO-Manilaamounting to P1,000,000. She also has a P9,000,000 checking
accountwith BDO-Bulacan. Due to a failing economy, BDO was ordered toclose down by the BSP. How much can Nicole recover
from the PDIC,if any?a.
P500,000b.
P1,000,000c.
P6,000,000d.
Zero73.
Deposits of a closed insured bank has _______ from the date ofbank turnover to his deposit insurance claim. Otherwise, he
shouldfile his claim directly against the assets of the bank.a.
12 monthsb.
24 monthsc.
36 monthsd.
60 months74.
Under the provisions of the Anti-Money Laundering Act, asingle casino cash transaction involving an amount in excess of
_____________will be considered a “covered transaction”.
a.
P500,000b.
P1,000,000c.
P2,000,000d.
Under the provisions of the Anti-Money Laundering Act, whichamong the following is not a covered person?a.
Lawyersb.
Accountantsc.
Both A & Bd.

What court would have jurisdiction for cases involvingviolations of the Anti-Money Laundering Act?a.
Municipal Trial Courtb.
Regional Trial Courtc.
Sandiganbayand.
Both B & C
77.
The AMLC may inquire into deposits upon order of the courtwhen there is a probable cause that the deposits are related to
thecrime or unlawful activity. However, a court order is not evennecessary when the offense or unlawful activity involved is any
ofthe following:a.
Hijackingb.
Murderc.
Both A & Bd.
All government agencies, national or local, government ownedand controlled corporations, government instrumentalities
locatedin the Philippines or abroad shall comply with prescribedprocessing time. Complex transactions should be processed
within______________.a.
3 working daysb.
7 working daysc.
20 working daysd.
Restitution for any aggrieved party under DPA shall begoverned by the provisions of the _____________. a.
Code of Commerceb.
Data Privacy Actc.
1987 Philippine Constitutiond.
New Civil Code 80.
The act of processing sensitive personal information forunauthorized purposes is punishable by: a.
1.5 to 5 years of imprisonment and fine ofP500,000 to P1,000,000 b.
2 to 7 years of imprisonment and fine of P500,000to P1,000,000 c.
1.5 to 5 years of imprisonment and fine ofP500,000 to P2,000,000 d.
2 to 7 years of imprisonment and fine of P500,000to P2,000,000 81.
Interest income from bank deposits are considered asa.
Natural fruitsb.
Industrial fruitsc.
Civil fruitsd.
Juicy fruits82.
Howard, Ivan and Jacob are joint debtors. They obligedthemselves to deliver a specific dog (worth P9,000) to Peter andQuiroz,
joint creditors. Assuming Howard is the only one who doesnot want to comply with the obligation, how much is the
totalamount that can be collected from him by the creditors?a.
P9,000b.
P9,000 plus damagesc.
P3,000 plus damagesd.
None. He is not forced to comply.
83.
Alex, Bryan and Cesar are solidary debtors for the amount ofP45,000 from Felix. Bryan has already paid P20,000 to Felix.
Howmuch can Felix further collect from Bryan?a.
P25,000b.
None. It has already exceeded the share of B.c.
Another P20,000d.
P5,00084.
One peso coins are considered to be legal tender up toa.
One thousand pesosb.
One hundred pesosc.
One million pesosd.
Up to any amount85.
On January 1, Dominic borrowed P20,000 from Carmina. OnFebruary 1, the former borrowed another P10,000 from the
latter,evidenced by an interest bearing promissory note. Both debts arenow due. Upon demand by Carmina, Dominic paid
P6,000 withoutdesignating the liability on which it would be applied. How willthe P6,000 be applied?a.
It will be considered as payment for the January 1 debt onlyb.
It will be considered as payment for the February 1 debt onlyc.
It will be considered as payment for both debts, in the ratioof 1:1d.
It will be considered as payment for both debts, in the ratioof 2:1 respectively86.
What is the translation of the innominate contract “Facio utdes”?
a.
I give that you may giveb.
I give that you may doc.
I do that you may gived.
I do that you may do87.
Which among the following is considered to be the mostdefective?a.
Voidableb.
Voidc.
Rescissibled.
Unenforceable88.
Gardo is the guardian of Mary, a minor. He sold Mary
’s car
with a fair value of P200,000 for just P18,000. The contractentered into by Gary isa.
Voidableb.
Voidc.
Validd.
Rescissible89.
Under a contract, Robert obligated himself to build a housefor Rina. In this example, the object or the prestation isa.
Mr. Robertb.
The house itselfc.
Ms. Rinad.
The construction of the house
90.
During a strong thyphoon, Prudence saved the horses ofMonalisa, who is currently out of town. Prudence incurred
expensesamounting to P50,000. This can be reimbursed because ofa.
Solutio indebitib.
Negotiorum gestioc.
Fortuitous eventd.
Natural obligation91.
Juan received P800,000 from Tristan because the latter thoughtthat Juan is his creditor Juancho. Juan should return the
moneybecause ofa.
Contractb.
Solutio indebitic.
Negotiorum gestiod.
Public policy92.
After the strong storm, Yukii did not remove the brokenbranches of her mango tree. A few days after, a passerby was hit bya
branch that fell. Is Yukii liable?a.
No, it is a fortuitous event.b.
Yes, he is liable for a crime.c.
No, it s a mere accident.d.
Yes, he is liable for a quasi-delict.93.
Susan sold a pig named Peachy to Betty for P15,000. Nocondition or period was contemplated. After the perfection of
thecontract but before the delivery of the pig, Peachy the pig gavebirth to 3 piglets. Who is entitled to the 3 piglets?a.
Susanb.
Bettyc.
Peachy, because she is the mother of the pigletsd.

On December 1, 2021, Solomon agreed to sell a car worthP2,000,000 to Bartolome. The car will be delivered to Bartolome
onDecember 31, 2021. Prior to December 31, 2021, what kind of rightdoes Bartolome possess?a.
Personal rightb.
Real rightc.
Both a and bd.
Ownership over a property is transferred during thea.
Perfection of the contractb.
Delivery of the subject matterc.
Payment of the priced.
All of the above96.
What principle is the basis of the rule that an indeterminatething cannot be the object of destruction?a.
Force majeureb.
Negotiorum gestioc.
Genus nunquam peritd.
Compensatio morae
97.
Sofia agreed to deliver a specific horse on August 30, 2021 toBerta. Today is September 2, 2021 and Sofia has not yet
deliveredthe specific horse. Sofia is now said to be ina.
Legal delayb.
Ordinary delayc.
Both a & bd.
Sevie promised to deliver a wedding dress to Beth for herupcoming wedding on September 30, 2021. Sevie was not able
tocomply with his obligation on time. There was no demand on the partof Beth. In this scenario,a.
Sevie is not in legal delay because there is no demand.b.
Sevie is in legal delay because time is of the essence.c.
Sevie is in legal delay because the law so provides.d.
Sevie is in legal delay because it is stipulated by theparties.99.
A fire destroyed the house of Christian. He is now askingreimbursement from his insurance company. Is the insurance
companyliable?a.
No, because fire is a fortuitous event.b.
No, because fire is an act of man and not an act of God.c.
Yes, because the nature of the obligation requires theassumption of risk.d.
Yes, because they are negligent.100.
It is the money given as part of the purchase price and asproof of the perfection of the contracta.
Option moneyb.
Earnest moneyc.
Play moneyd.
Kuts money

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REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS

a. Amendment of the articles of incorporation

b. Adoption and amendment of bylaws;

d. All of the above

a. Incurring, creating, or increasing bonded indebtedness

b. Increase or decrease of authorized capital stock

c. Merger or consolidation of the corporation with another corporation or other corporations

d. All of the above

Both A & Bd.

None of the above12.

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BOARD EXAMINATION (BATCH 41)

Directors shall be elected for a term of one (1) year from

among the holders of stocks registered in the corporation’s books,

None of the above18.

Jointly and severallyc.

Both B & C19.

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BOARD EXAMINATION (BATCH 41)

and issued as “preferred” or “redeemable” shares, unless otherwise

provided in this Code.a.

Only the first statement is correct.b.

Only the second statement is correct.c.

Both statements are correct.d.

Only the first statement is correct.b.

Only the second statement is correct.c.

Both statements are correct.d.

Both statements are incorrect.25.

Only the first statement is correct.b.

Only the second statement is correct.c.

Both statements are correct.d.

Both statements are incorrect.

Only the first statement is correct.b.

Both statements are correct.d.

Both statements are incorrect.27.

Only the first statement is correct.b.

Only the second statement is correct.c.

Both statements are correct.d.

Both statements are incorrect.28.

Only the first statement is correct.b.

Only the second statement is correct.c.

Both statements are correct.d.

Both statements are incorrect.29.

Only the second statement is correct.c.

Both statements are correct.d.

Both statements are incorrect.

Only the first statement is correct.b.

Only the second statement is correct.c.

Both statements are correct.d.

Both statements are incorrect.31.

Stockholders’ or members’ meetings, whether regular or special,

Only the first statement is correct.b.

Only the second statement is correct.c.

Both statements are correct.d.

Only the first statement is correct.b.

Only the second statement is correct.c.

Both statements are correct.d.