The Review School of Accountancy (ReSA) B44 Regulatory Framework for Business Transactions (RFBT) Practice Test

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In joint creation, copyright lasts during the life of the last surviving author and for 50 years after the death of the __ surviving author.
In a facultative obligation, the loss of the principal object before substitution extinguishes the obligation. The correct pairing is?
Which theory addresses preventing use of a well-known mark on non-similar goods to avoid damage to the owner's reputation?
Which of the following business is allowed to incorporate as a close corporation?
Which of the following is false with regards to preferred shares?
This shall be construed to mean an arrangement or understanding with the bank for the payment of the subject check under BP Blg 22:
First Statement: A personal information controller may subcontract the processing of personal information. Second Statement: Personal information controllers may invoke the principle of privileged communication over privileged information that they lawfully control or process.
In the structure of an obligation, what is the term for the act or forbearance owed by one party to another?
Under this theory, a contract is perfected from the moment the acceptance is declared or made.
Which action is a delegable power of the General Assembly?
Recordings made in educational institutions of a broadcast must be deleted within a reasonable period to avoid infringement.
Neal Caffrey issued a check to Peter Burke which induced the latter to deliver goods in exchange for the check. Peter presented the check 30 days from the date of the check and the same was dishonored due to insufficiency of funds. Assuming the notice requirement has already been complied with, Neal
Within how many years must a claim be filed from the actual takeover by the receiver?
What status does the law grant to a corporation that has been automatically dissolved due to inactivity?
In FRIA proceedings, which term describes actions directed at the debtor's property rather than the person?
Which term describes a cooperative organized to own and operate water systems for the provision and distribution of potable water to its members and their households?
Regarding the two statements about electronic declarations between the originator and the addressee, which is true?
When must a general partnership appear in a public instrument?
Which mode of transfer involves the delivery of rights, credits, or incorporeal property by placing titles of ownership in the hands of the buyer and allowing the buyer to use the rights?
What does the Latin phrase Pacta Sunt Servanda mean?
Employees have a right to a weekly rest period of not less than 24 consecutive hours after every ___ consecutive normal workdays.
All applications for registration shall be finally disposed of by the CDA within a period of 60 days from the filing thereof, otherwise the application is:
Which scenario allows processing without consent to protect life or health?
For carriage of goods, can electronic data messages satisfy the writing requirement?
For cooperative bank, the quorum method is what fraction of voting members?
Threshold for jewelry dealers to be covered institutions equals P1,000,000.
Which body issues the certificate of registration for cooperatives?
In order to be considered as a close corporation, the following are required to appear in the Articles of Incorporation, except:
Which term best matches 'the information that establishes a right or extinguishes an obligation and can be transmitted, stored, and produced electronically'?
Proceedings under the FRIA can be described as all of the following, except:
Under Maceda Law, if the buyer paid at least 2 years of installments, the balance may be paid within a grace period of how many months per year and with what interest?
13th month pay is a mandatory salary bonus equal to the employee's ____ month salary, and must be given not later than December 24.
Which condition best describes the requirement for creditors to file involuntary rehabilitation?
To qualify for the yearly service incentive, the employee must have completed at least one year of service. The incentive equals how many days with pay?
Under the indemnity principle, the insured may recover only the amount of loss sustained and must prove that amount.
What is the penalty for processing sensitive personal information for unauthorized purposes?
What is the status of an agreement whereby one or more partners shall not share in the profits and losses?
Escheated assets from unknown creditors or stockholders are typically allocated to which entity?
If a person prohibited from entering into a contract enters into a contract, such contract is:
Which law governs employment practices and labor relations in the Philippines and prescribes the rules for hiring and termination of private employees?
Upon the death of a member who has paid at least ______ monthly contributions prior to the semester of death, his primary beneficiaries shall be entitled to the monthly pension
A contract of insurance is not compulsory; terms may be included as the parties deem convenient, provided they do not contravene law or public policy.
Which statement about procurement of goods is correct?
The warranty reporting requirement specifies reporting within 60 days from the date of purchase. The failure to report may affect the manufacturer's liability. Which option correctly classifies this statement?
First Statement: The court can decree a dissolution if the business of the partnership can only be carried on at a loss. Second Statement: The court can decree a dissolution if the circumstances render a dissolution equitable.
Which statement describes an element of an insurance contract?
What is the maximum percentage of net surplus that may be allocated to the community development fund?
The term that describes a work created by two or more natural persons at the initiative and under the direction of another with the understanding that it will be disclosed by the latter under his own name and that contributing natural persons will not be identified?
Who may inquire into the bank deposits and investment for the purpose of determining the net estate of a deceased depositor and investor?
For the creditor/s to file an involuntary rehabilitation of a debtor, the required amount of debt/s the creditor/s should have would be:
A funeral grant equivalent to ________ shall be paid, in cash or in kind, to help defray the cost of funeral expenses upon the death of a member.
D is indebted to C for P10,000 payable on November 30, 2020. To secure the obligation, D negotiated a negotiable promissory note payable to him for the amount of P15,000 due on October 30, 2020. On October 30, 2020, C collected on the promissory note and applied the P10,000 to the obligation of D to him. Who would be entitled to the excess P5,000?
If a partial loss to the object occurs, the obligation is extinguished only if the loss is found to be so important by the court.
Which government agency is empowered to promulgate rules and regulations for the implementation of the Electronic Commerce Act?
A contract of adhesion is generally considered valid.
Which of the following is a basis for lawful processing of personal information?
An executor or administrator cannot acquire even at a public auction, either in person or through the mediation of another which property?
Which element is described as the reason or cause for the existence of an obligation?
Which type of property cannot be acquired by a judge, justice, prosecuting attorney, or clerk of court at a public auction?
In evaluating agency roles, which statement is true?
A cooperative duly registered shall have which type of liability?
What is the maximum percentage of net surplus that may be allocated to the optional, land and building, and any other necessary fund?
Under this theory, a contract is perfected from the moment the acceptance comes to the knowledge of the offeror.
Which statement correctly describes the duration of a corporation under the Revised Corporation Code?
Bank secrecy is not violated when banks report to AMLC for which category of transactions?
Which description correctly contrasts industrial partners with capital partners?
Condonation refers to forgiving the debt, resulting in extinguishment.
Considering the statements about contract carriage writing and the usual place of residence for a body corporate, which is true?
For the first 5 years of operation after registration, the amount distributed to the reserve fund shall not be less than __ of the net surplus.
Post-Qualification requires verifying compliance with what?
Under Recto Law, if the seller forecloses the chattel mortgage on the thing sold, which statement is true?
In the Philippines, which theory on perfection of contracts is followed?
The characteristics of a contract of sale are: (1) consensual, (2) bilateral, (3) onerous, (4) principal, and (5) nominate.
Prohibited Acts on Labeling generally does not apply to wholesalers or retail distributors of consumer products. Choose which one is not an exception to this rule:
In the Neal Caffrey scenario, the defendant can be guilty of which offenses?
It refers to an agreement that dominion is reserved in favor of the seller until the full payment of purchase price.
The limitations upon the right to stipulate terms in a contract include which of the following?
Which term describes a contract where both the insured and insurer have reciprocal obligations of equal value to each other?
Paternity Leave refers to the _____ days with pay leave granted to a married male employee for the purpose of assisting his wife during childbirth, recovery, and infant care.
Secrecy of foreign currency deposits is not applicable under which conditions?
A contract of sale between husband and wife entered into after a judicial separation of properties has been decreed is:
Which form of delivery describes a transfer where the seller points out to the buyer the specific items that are transferred?
Under the Revised Corporation Code, the term is 50 years renewable not earlier than 3 years prior to expiration, or perpetual. Which option correctly reflects this rule?
A Housing Cooperative is __ by its members.
The sale of the thing subject of a legal pledge shall be done only after a demand is made for the amount for which it is retained. The public auction shall take place within ______ after such demand.
The management of the partnership may be vested (1) in the articles of the partnership and/or (2) after the partnership had already been constituted.
Special meetings of the board of directors of a cooperative may be held at any time provided that written notices shall be given to all members of the board __ before the said meeting.
Who serves as Chairman of the AMLC?
When should an action for rescission be filed?
To avoid liability under BP Blg 22, the drawer or issuer must pay the full amount within how many banking days after notice that the check has not been paid?
In a case with multiple debtors and multiple creditors for a total of 120,000, what is the maximum amount X can collect from A?
Contracts entered into between private persons and a cooperative prior to the cooperative's registration shall be what?
In property insurance, the proceeds must be paid within ___ days after proof of loss is received by the insurer and ascertainment of the loss or damage is made.
In civil law, a wrongful act causing damages that is not a contract is called a
When the offender or the person responsible for the offense under DPA is a public officer as defined in the Administrative Code of the Philippines in the exercise of his or her duties, an accessory penalty consisting in the disqualification to occupy public office for a term __ the term of criminal penalty imposed shall be applied.
Which of the following is/are the functions of the National Privacy Commission?
When a third party with an interest pays an obligation, what is the third party's reimbursement right?
Elements of a contract that are derived from the nature of the contract and ordinarily accompany the contract are called what?
The board’s size for a cooperative is constrained to which range?
During the examination of technical components, which criterion is used to determine qualification?
Who elects the members of the board of directors of a cooperative?
If the offender is a corporation, partnership or any juridical person, the penalty shall be imposed upon the __.
Who authorizes which to raise a revolving capital of the cooperative?
The debtor's proposed agreement in a suspension of payments proceeding in order to be approved would require: I. 2/3 of the creditors voting II. Claims of the majority vote amount to at least 3/5 of the total liabilities
Under PCA, which category describes making supply of particular goods or services dependent upon purchase of other goods or services from the supplier which have no direct connection?
Is the kasambahay (domestic worker) included in compulsory SSS coverage?
In a chattel mortgage foreclosure where the buyer pays 10,000 as down payment and 50,000 at year-end, and foreclosure results in a sale for 10,000, which is correct?
What does NPC stand for?
In a general partnership, what is the extent of a general partner's liability for partnership debts?
Which type of mistake generally does not render a contract voidable?
If a promise to pay is conditioned on a recipient passing a licensure exam, and that condition is fulfilled on a later date, the prescriptive period to enforce the obligation begins on which date?
Can a creditor demand payment before the due date if the debtor is packing to migrate and leave the country?
The __ penalty in the scale of penalties respectively provided for the preceding offenses shall be imposed when the personal information of at least __ persons is harmed, affected or involved as the result of the punishable actions.
How is rescission different from resolution?
Compulsory notification of mergers will be applicable when the transaction value is:
Under the PDIC Law, a joint account held by a juridical person or entity jointly with a natural person is presumed to belong to which party?
Which of the following actions is not subject to appraisal rights?
There is infringement of patent under which test if one makes, uses, or sells an item that contains all the elements of the patent claim?
Which term describes a partnership that comprises all that the partners may acquire by their industry or work during the existence of the partnership?
The dependents' pension is calculated as a percentage of the monthly pension or a fixed cash amount, whichever is higher. What is this percentage?
After dissolution, which act would bind the partnership if dissolution had not taken place?
A contract entered into by two persons both insane is:
For a thing to be a valid subject matter, which description is correct?
Which term refers to partners who represent themselves, or consent to others representing them, to anyone as partners either in an existing partnership or in one that is fictitious or apparent?
For a general partnership, if immovable property or real rights are contributed to the common fund, what instrument is required for validity?
Which concept is concerned with the employer-employee relationship, termination of employment and the rights and duties of both parties in union formation?
The indication of the possible irritants in the label as an additional labeling requirement under the Consumer Protection Act applies to:
A cooperative engaged in medical and dental care, hospitalization, transportation, insurance, housing, labor, electric power and other services is classified as which type?
What cure period does BP Blg. 22 specify for making good a dishonored check to escape liability?
Which statement about limited partner interests is true?
Confusion/Merger occurs when the debtor and creditor become the same person, extinguishing the obligation.
A contract between two insane persons is generally considered which?
It is a stipulation in a contract, clearly and deliberately conferred by the contracting parties as a favor upon a third person, who must communicate his acceptance of the favor or benefit to the obligor before it could be revoked.
Ruth pays Jean P30,000 and Jean issues a receipt in her name. How much is Jean entitled to apply to her personal credit?
In case of joint creation, which term best describes a work created by multiple authors under the direction of another, to be disclosed under that director's name with individual contributions unidentified?
Which term refers to the moment when partnership affairs are wound up?
The retirement, death, disability, injury or sickness and maternity of the member is categorized as which type of transaction?
No additional compensation other than per diems shall be paid to a director of a cooperative during __ of existence of any cooperative.
A and B entered into a verbal contract whereby A agreed to sell to B his only parcel of land for P10,000 and B agreed to buy at the aforementioned price. B went to the bank, withdrew the same amount and returned to A for the consummation of the contract. A, however, had changed his mind and refused to go through with the sale. Will an action by B against A for specific performance prosper?
The promise 'I will give you my car if you will not draw a circle that is at the same time a square' is categorized as which type of obligation?
The existence of a corporation sole begins from:
Who is the third person designated by the insured to receive the insurance proceeds?
A cooperative organized by minors shall be considered a what cooperative?
In the bidding process, which stage involves verification and validation of the Lowest Calculated Bid or Highest Rated Bid?
To qualify for maternity benefits, how many monthly contributions must be paid to the SSS in the 12-month period preceding the birth?
What is the maximum initial duration of a freeze order?
Which timeframe triggers conversion to liquidation if no rehabilitation plan is confirmed?
What is the term for a contract that distributes actual losses among a large group bearing similar risks?
Which term is described as one agreed upon by the parties?
X went to Y to have his car repaired; Y failed to perform. What remedies does X have?
Compensation occurs when mutual debts offset each other, extinguishing the obligations.
An employee's work that is necessary or desirable to the business is classified as which type of employment?
Which of the following statements about a sale involving real property must be in writing to be enforceable?
A cooperative that promotes and advocates cooperativism is described as which type?
A contract entered into by the cooperative with one or more of its directors, officers and committee members may be ratified by a __ vote of all members with voting rights, present and constituting a quorum in a meeting called for the purpose.
An employee's normal hours at work must not exceed how many hours a day?
Equity of redemption is the right to redeem the property after default in foreclosure.
Which of the following is still a requirement that applies to incorporators under the Revised Corporation Code?
Without a designated managing partner, who has authority to bind the firm in ordinary business transactions?
An elected officer of a cooperative may be removed by a vote of all members with voting rights who are present and constitute a quorum. What fraction is required?
Which of the following best describes the cure period for a dishonored check under Estafa provisions?
The right given to the mortgagor in the event of a judicial foreclosure to recover the thing?
Which type of partner contributes only their skill or industry to the common fund?
D owes C 1,000,000. X pays 500,000. Later, D becomes insolvent with 500,000 remaining assets. Who is entitled to the remaining 500,000?
A partner who can be held liable for partnership obligations even to the extent of their private property is called what type of partner?
Which description correctly characterizes prima facie evidence in trademark registration?
A deed of sale where the stated consideration had not in fact been paid is:
Regarding the two statements about earnest money and option money, which is true?
If a check is dishonored, what is the cure period expressed in days and banking days to avoid liability?
In the case of primary cooperatives, regular meetings of the board of directors shall be held:
What is the prescribed period to make good a bounced check to be exonerated from liability under BP Blg. 22?
Where is the place of receipt of electronic data messages if the addressee has no place of business?
Under the statute, how many days are allowed to make good a dishonored check to avert liability?
Under the partnership, an agreement exempting Anna from losses is valid?
By what date must the 13th month pay be paid each year?
The Government Procurement Act applies to which categories of procurement?
Regarding general partnerships, which of the following statements is true? First statement: If the partnership is general, it may be constituted in any form, except where immovable property or real rights are contributed to the common fund, in which case a public instrument, to which is attached an inventory of said property, signed by any of the partners, shall be necessary for validity. Second statement: If the general partnership has a capital of P3,000 or more, it must appear in a public instrument, which shall be recorded in the office of the SEC. However, this is not necessary for validity.
Which term refers to the moment when partnership affairs are wound up?
Which term refers to a delivery where the seller keeps possession but transfers ownership by a title other than ownership?
In which cases may AMLC examine bank accounts without a court order?
Who assumes the risk of loss and undertakes to indemnify the insured upon the happening of the designated peril?
Separation pay for employees dismissed due to business closure or other uncontrollable reasons should be equivalent to one (1) month salary or at least _____ month(s) salary for every year of service.
No member of a primary cooperative other than the cooperative itself shall own or hold more than __ of the share capital of the cooperative.
Which term describes the tie that binds the parties to an obligation and gives rise to the obligation's existence?
In an obligation to deliver a specific thing where no place is designated, the place of payment is?
Under Estafa/BP Blg. 22, what is the period given to make good a check to be exonerated from liability?
A sale of corporate property to an officer can be valid if stockholders ratify. Which statement best describes this requirement?
What is the effect of waiver of warranty against eviction if the seller is in bad faith?
When is an instrument not capable of reformation?
The incapacity of minors, demented persons, imbeciles, deaf and dumb, prodigals and civil interdictees in entering into contracts of sale is:
In a meeting to appoint corporate officers, only A, B, C, D, and E are present. How many votes are required to elect corporate offices?
A rehabilitation proceeding may be converted into liquidation if there is no rehabilitation plan is confirmed within a period of _____ from the filing of the petition:
A guardian cannot acquire even at a public auction, either in person or through the mediation of another which property?
How are rights in a mark required?
Which doctrine deals with interpreting instruments to reflect the true intent of the parties when terms are ambiguous or not expressed?
D1 and D2 pledged property to secure a loan from C. After D1 pays X his share of the debt owed to C, which statement is true?
If the total subscription is 60,000, the minimum paid-up share capital required shall be at least:
In a joint creation scenario, the owners are typically?
What is the statutory period to remedy a failed check to prevent liability under Estafa/BP Blg. 22?
It refers to the act or means by virtue of which efficacy is given to a contract which suffers from a vice of curable nullity.
Under the DPA, the court may suspend or revoke rights if the offender is a juridical person.
In the violation of the Anti-Bouncing Checks Law, the accused must be:
It refers to the essential equality of the contracting parties whereby the contract must bind both of them.
Which information is/are not covered by the Data Privacy Act?
Which type of cooperative promotes and advocates cooperativism?
The delegation of the power to amend the by-laws would require __ vote of the stockholders, while its revocation would require __ vote.
Regular reports required from cooperatives shall be filed within how many days from the end of the calendar year with the CDA?
X, a minor, through negligence, inflicted damage upon another child. X's father was made liable by court to pay civil damages to the other child. The liability of X's father arises from:
In a Housing Cooperative, ownership and control are shared as which?
Regarding bid modifications after the deadline for receiving bids, which statement is correct?
Perpetual existence means a corporation can exist indefinitely. Which statement is true about this concept?
Good faith is a valid defense in which of the following?
Right of a partner to demand an accounting prescribes after how long?
A cooperative may apply for extension of term but such extension cannot be made earlier than __ years prior to the original or subsequent expiry date/dates.
Novation is defined as a mode of extinguishing an obligation by substituting a new obligation or a new debtor.
Work performed beyond the normal working hours must be paid an additional compensation equivalent to an employee's regular wage plus at least what percentage thereof?
Negotiated Procurement may be resorted to after how many failed biddings?
Who must ensure implementation of personal information principles set out in the Data Privacy Act?
Which of the following is not a purpose of a freeze order?
The certificate of registration for a corporation is issued by which authority?
What is the maximum ownership percentage allowed for a single member in the share capital?
A covered person is obligated to keep records for how many years?
A security clause contained in a Collective Bargaining Agreement is addressed by the Philippine Competition Act. Which statement is correct?
Which term describes a cooperative that combines two or more activities from different cooperative types?
The remedies of an unpaid seller are (1) possessory lien, (2) stoppage in transitu, (3) resale, and (4) rescission. Which combination is correct?
If the parties really intended a donation in a contract of sale, what is the validity of the contract?
What is the fundamental purpose of a contract of pledge or mortgage?
First Statement: Sale is not a mode of acquiring ownership. Second Statement: Delivery is the operative mode that transfers ownership.
In pledge management, consider these two statements: (1) The pledgee has a right to deposit the pledged thing with a third person as a general rule unless the contract says otherwise. (2) Any agent or employee of the pledgee dealing with the pledged thing is solely responsible for any damage caused by him. Which of the following is correct?
In the scenario of a land sale where the offeror dies but acceptance is communicated and the offeror's heir learns of the acceptance, is the contract perfected?
A potestative suspensive condition solely dependent on the will of a single party will render the obligation void. Whose will determines voidness?
In case of pseudonymous and anonymous works and the author is indisputably unknown, who shall be presumed to be the representative of the author?
Which term is defined as the functional equivalent of a written document?
A single-purpose cooperative may transform into a multi-purpose cooperative and may create subsidiaries only after at least:
When a car promised to be delivered on December 31 deteriorates before delivery due to no fault of the promisor, who bears the impairment?
The General Assembly may delegate its powers by what vote percentage?
Suspicious transactions refer to transactions with covered institutions, regardless of the amount involved, where any of the following circumstances exist:
In terrorism cases, bank secrecy may be lifted by examination ordered by which court?
Which type of partner is responsible for managing or administering partnership affairs?
Good faith is a valid defense in:
To waive secrecy, the waiver must be in which form?
If the price cannot be determined, which price applies?
If the merger will have a transaction value of P10B, failure to notify the Philippine Competition can subject them to a fine of:
A contract of sale between husband and wife entered into after a judicial separation of properties has been decreed is:
Besides the contracting parties, who may seek rescission?
Which action corresponds to seeking a return of a portion of the purchase price due to defect?
What does the term electronic data message refer to?
Where is the place of dispatch of electronic data messages if the originator has multiple places of business and there is an underlying transaction?
If earnest money is paid, what is true about the sale?
A female employee who has paid at least three monthly contributions in the twelve-month period immediately preceding the semester of her birth to the SSS shall be paid a daily maternity benefit equal to 100% of her average salary credit for sixty days or _____ days in case of caesarean delivery.
Under Maceda Law, if the seller cancels the sale and the buyer has paid at least two years' installments, cancellation is effected __ days from notice and upon payment of cash surrender value.
In secondary or tertiary cooperatives, how many incentive votes are allowed at most?
The drawer and issuer of the worthless check will not be liable under BP Blg 22 if he pays the holder or makes arrangements for the payment in full by the drawee within ___________ after receiving notice that such check has not been paid by the drawee:
Which type of partner's connection with the partnership is not known?
A pledged a diamond ring to secure a debt to B amounting to P20,000. If the ring is sold at a public auction, which statement is incorrect?
Which matter do preferred shareholders have the right to vote on?
Which description best fits a contract of sale?
Which statement best describes the effect of waiver when the buyer knowingly assumes the eviction risk?
Which statement correctly describes the voting requirement for the debtor's proposed suspension plan?
Under Recto Law, the seller may ask for the rescission of the sale if buyer has failed to pay how many installments or more?
In patent infringement, which doctrine applies when the accused product lacks one element but performs substantially the same function and achieves the same result?
When a material is sent by a writer or an artist to a periodical or newspaper publisher, who owns the copyright over the material?
Which term describes the allowed use of copyrighted material for criticism, comment, news reporting, teaching including classroom use, scholarship, and research that is not infringement?
Amendments to the articles of cooperation and bylaws require at least which fraction of votes of all members with voting rights?
If the pledged property is misrepresented in substance or quality, the creditor may either substitute another thing in its stead or demand immediate payment.
Two statements: (1) If the offender under DPA is a juridical person, the court may suspend or revoke any of its rights under the DPA. (2) If the offender under DPA is an alien, he or she shall be deported without further proceedings after serving the penalties prescribed.
Which term describes a risk arrangement where the risk is distributed among a large group bearing the same risk?
In the absence of an agreement on who will manage, the management rights are vested in:
In case of electric cooperatives, the quorum required in a meeting of the GA is:
Which term refers to a distinctive mark, characteristic, and/or sound in electronic form representing the identity of a person attached to the electronic data message or electronic document?
Which among the following is not a non-life insurance contract?
In a general partnership where Ruth and Carlo are the managing partners and a deadlock occurs on a decision, who should resolve the conflict?
Under this principle, when the defect of a void contract consists in the illegality of the cause or object of the contract, and both of the parties are at fault, the law refuses them every remedy and leaves them where they are.
What is the maximum percentage of net surplus that may be allocated to the education and training fund of a cooperative?
Which statement best reflects the regular meeting requirement for boards of oversight in cooperatives?
A cooperative organized for the primary purpose of owning and operating licensed educational institutions is categorized as which type?
Which of the following best describes the validity of a contract entered into by a minor who misrepresents age?
On application of the purchaser of a partner's interest, dissolution is caused (1) at the termination of the specific term or particular undertaking, or (2) at any time if the partnership was a partnership at will when the interest was assigned or when the charging order was issued.
The action to procure the return of part of the purchase price paid by the vendee due to a defect is known as which action?
Which statement is true about admissibility and integrity when an affidavit is used in electronic evidence?
An obligation is a juridical necessity to give, to do or not to do. This definition primarily describes which type of obligation?
The vendee may suspend payment of price in which scenario?
A contract where the parties are free to enter into stipulations and terms is called what?
The 50-year duration for anonymous or pseudonymous works commences from which date?
As a general rule, ____ of the outstanding capital stock is required to constitute a quorum; and majority of _____________ is the voting requirement.
It refers to the principle that once a contract is perfected, it shall be of obligatory force upon both of the contracting parties.
Which scenario would render a reformation impossible for an instrument?
Which theory of contract formation holds that the contract is perfected when the acceptance is known?
Which statement correctly distinguishes a general partner from a limited partner?
When there is no managing partner, or even when there is, he dies, the right or duty to wind up or liquidate partnership affairs devolves upon the (1) partners who have not wrongfully dissolved the partnership, or (2) legal representative of the last surviving partner, not insolvent.
When the price cannot be determined and the thing has been delivered and appropriated by the buyer, how much does the buyer have to pay?
Which is an example of a natural element of a contract?
Which remedy allows the seller to stop the goods while they are in transit to the buyer?
Which proceeding applies only to individual debtors and not to business organizations?
Which statement describes fixed-term employment?
The drawee's stamp on a dishonored check is NOT evidence of which of the following?
What can the NPC do if processing will be detrimental to national security or public interest?
What concept describes when two or more inventions are claimed in a single application but a single patent may not be issued for them?
Should the Office of the President fail to act on the appeal within the required period from the filing thereof, it shall mean:
The doctrine stating that when the true intention of the parties to a perfected and valid contract is not expressed in the instrument due to mistake, fraud, inequitable conduct or accident, one party may seek to reform the instrument so that true intention may be expressed is called
In case the corporation has been continuously inoperative for a period of 5 years, under the Revised Corporation Code, it:
The procurement process from the opening of bids to the award generally shall not exceed how long?
To merge or consolidate with another cooperative, a resolution must be approved by a vote of what fraction of all members with voting rights?
What will be the term of the nominee in case of temporary incapacity of the sole stockholder?
Under general agency principles, acts of partners for the account of the partnership bind which of the following?
The following are effects of dissolution, except:
Which agency insures all deposits of any bank in the Philippines?
The following sales must be in writing to be enforceable: (1) sale of personal property at a price not less than P500, (2) sale of real property or an interest therein, and (3) sale of any property not to be performed within a year from the date thereof. Which option is correct?
An industrial partner may engage in another business only if the partnership permits, either expressly or impliedly. Which statement best reflects this rule?
What is the fundamental obligation of a covered person under AMLC rules?
A freeze order shall be effective immediately for a period not to exceed:
Which statement is NOT essential to a contract of pledge and mortgage?
What is the definition of data subject?
Rescission is a remedy granted by law to secure the reparation of damages caused to them by a contract, even if the same should be valid, by means of the restoration of things to their condition prior to the celebration of the contract. This statement describes which remedy?
Which term describes the situation where a prudent purchaser is induced to buy one product under the belief that it is another, leading to the defendant's goods being sold as the plaintiff's?
Which term describes infringement when the accused product contains all elements of the patent claim?
A Corp. and B Corp. agreed to a business combination. In the agreement, A Corp will absorb all the assets and liabilities of B Corp. and the latter will cease to exist. The business combination entered into is a:
The appraisal right of a stockholder may be exercised in the following actions of the corporation, except:
The National Privacy Commission is attached to which government department?
Which of the following statements about the pledge is false?
The certificate of registration of a mark shall be __ evidence of the validity of the registration, the registrant's ownership of the mark, and the registrant's exclusive right to use the same.
The AMLC can prescribe a different period for reporting covered and/or suspicious transactions to AMLC as long as it does not exceed:
The minimum subscription of the authorized capital stock of a cooperative is:
Which statement among the following describes the qualifications of a Privacy Commissioner?
Which damages are awarded to vindicate a right when no other damages may be recovered?
When can an industrial partner engage in business for himself?
Who appoints the officers of the National Privacy Commission?
The merger or consolidation is deemed effective starting:
Which of the following is a permissible pricing differential under the PCA?
Who is preferred in case of a double sale of personal property?
In a case where C is the creditor, D owes C, X pays the debt on behalf of D, and D later reimburses X. From whom can D recover the amount paid?
As a general rule, preferred shares do not give the holder the right to vote. However, they shall have the right to vote on the following, except:
If a second public auction fails to produce a sale of the pledged asset, what may the creditor do?
The following, if incurred within 60 days prior to the filing of the petition, will not be covered by the suspension order issued by the court, except:
Without a fixed date in the by-laws for the annual stockholders' meeting, it may be held on any date in which month?
Any female employee, regardless of age and civil status, shall be entitled to a special leave of ____ months with full pay due to gynecological disorders.
Under Maceda Law, the cancellation is effected after 30 days from notice and payment of cash surrender value when the buyer has paid at least two years of installments. Which option correctly represents this requirement?
The basic requirements of a trademark are:
First Statement: An agreement between competitors that restricts competition as to price, or components thereof, or other terms of trade is prohibited only if they have the object or effect of substantially preventing, restricting or lessening competition. Second Statement: An agreement may not necessarily be deemed a violation of the Philippine Competition Act, if the transaction contributes to improving the production or distribution of goods and services or to promoting technical or economic progress, while allowing consumers a fair share of the resulting benefits.
Women employees who are victims under Republic Act No. 9262 shall be entitled to a leave of up to ____ days with full pay.
First Statement: A registrant's right over a mark may be questioned by a person who has a better right including persons with internationally known marks. Second Statement: Registration of a mark is not important to keep the goodwill that identifies in the mind of the public the goods he manufactures or deals in.
What is the effect of waiver of warranty against eviction if the buyer has knowledge of the risk of eviction and assumed its consequences?
The stamp of the drawee written on the dishonored check, with the reason therefor, shall be prima facie evidence of the following, except:
It refers to the principle that the contract takes effect only between the parties, their assigns and heirs.
Mr. X invested property in exchange for shares in ABC Corp. Later, the same property was mortgaged as security for the loan of ABC Corp. from M Bank. After foreclosure, the bank seeks to collect the deficiency from Mr. X. Under which principle is Mr. X not liable?
In which remedy does the court have discretionary power to grant an extension of time for performance?
A certificate of registration of a mark provides what kind of evidence?
Which of the following is an element of an insurance contract?
Restitution is governed by which code?
When is an instrument not capable of reformation?
How many back-up copy/ies of a computer program can be made without committing copyright infringement?
The defense of due diligence in the selection and supervision of employees may be used against: I. Vicarious liability of an employer arising from quasi-delict II. Subsidiary liability of an employer arising from delict.
Who approves any assignment of share capital contribution or interest?
The following are prohibited acts under the Philippine Competition Act, except:
Which event is NOT among the events considered a contingency under member benefits?
A, B, C, D and E are organizing a corporation whose Authorized Capital Stock is P64,000. How much is the minimum paid-up capital requirement under the Revised Corporation Code for the corporation to incorporate?
Mr. A subscribed to 10,000 shares of P1 par value for P10 per share. He was able to pay 50% of the subscription price. In this case, which of the following is not a right granted to Mr. A?
Ruth owes Jean P50,000 (more onerous) and the partnership P100,000, and both credits are demandable. Ruth pays Jean P30,000 and Jean issues a receipt in the partnership's name. How much should Jean apply to the partnership's credit?
Who pays the insured PDIC proceeds to the depositor?
If there is no agreement on who will manage the partnership, it is vested in:
When monthly pension is payable for death, permanent total disability, or retirement, the dependents' pension is equal to _____ of the monthly pension or P250, whichever is higher.
Which category is represented by 'privileged information' in data protection law?
Which pair correctly identifies the two responsibilities of the Deputy Privacy Commissioners?
The obligation to give support arises from:
In a potestative suspensive condition solely dependent upon the debtor's will, whose will determines voidness?
If there is agreement only with respect to the profits, how shall the losses be distributed?
A partial loss of the specific thing which is the object of the obligation will:
Which statement about voting rights of preferred shares is true?
First Statement: Creditors not affected by the suspension order may refrain from attending the creditors' meeting and voting in a suspension of payments proceedings. Second Statement: If they should join in the voting they shall be bound in the same manner as are other creditors.
The processing of personal information adheres to which principle/s?
A person who conducts business in the Philippines and uses the services of others under his orders in employment is best described as?
Under the revised corporation code, which of the following is a valid requirement for the validity of the annual stockholders' meeting?
The Court should act on the petition to freeze within how many hours from filing thereof?
Which term describes funds raised to strengthen the cooperative's capital structure?
In a case of watered stock with no-par shares, which party is liable for the price difference per share?
If the addressee has no place of business, where is the place of receipt?
In a dissolution where no creditors are affected, the dissolution resolution must be certified to by a majority of directors and countersigned by which officer?
Which fund has the highest possible maximum share of net surplus?
D bought a pack of gum from a convenience store which costs P18. He paid P20 to the cashier, but the cashier gave him P5 as change. What juridical relation is created between D and the cashier?
No member shall transfer his shares or interest in the cooperative or any part thereof unless he has held such share capital contribution or interest for not less than:
Bank secrecy is not applicable when banks report to the AMLC the following transaction(s):
To divide into two or more cooperatives, a resolution must be approved by a vote of what fraction of all members with voting rights?
Which of the following statements best describes the bases for lawful processing when combined?
The following does not apply to an OPC, except:
A verbal contract for the sale of land where the seller refuses to complete the sale is typically considered which?
Which statement is true regarding PD 957's protection for buyers who desist due to developer's failure to develop?
All actual remuneration for employment, including the mandated cost-of-living allowance, and the cash value of remuneration paid in any medium other than cash, except the portion of remuneration received during the month in excess of the maximum salary credit, is defined as what?
How is the confidentiality status of deposits and investments described by the PDIC?
It means that the object should be susceptible of appropriation and transmissible from one person to another.
Who has the burden of proving the authenticity of an electronic data message or electronic document in any legal proceeding?
A cooperative whose primary purpose is to procure and distribute commodities to members and non-members is categorized as which type?
If there is no agreement on the distribution of profits and losses, how shall the losses be distributed to the industrial partner?
Which statement about general partnerships is correct?
A subscriber who pays 50% of the subscription price has what rights?
Requiring a customer to buy an x-ray machine together with the intended photocopying machine may be considered abuse of dominant position under which category of conduct provided under the Philippine Competition Act?
Which term describes the ongoing relationship dynamics between workers and management, including union activities?
Compulsory notification of mergers threshold: which option represents the threshold for triggering mandatory notification?
Which committees whose members are elected by the GA of a cooperative?
Two statements about compulsory licensing: 1) should be granted to any person who has shown his capability to exploit the invention. 2) will be granted only after reasonable efforts to obtain authorization from the patent owner have not been successful within a reasonable period. Which statements are true?
The total number of days that the Philippine Competition Commission will have to review a merger shall be a maximum of:
What is the minimum warranty period for workmanship and replacement of spare parts offered by service firms?
The maximum penalty applies when the personal information of at least 100 persons is harmed.
A contract that does not fit into the categories of aleatory, nominate, or commutative is known as what?
Under Maceda Law, the second grace period is 30 days from notice when the buyer has paid less than two years of installments. Which option correctly reflects this scenario?
In the event of multiple locations for the originator, which statement describes the proper place of dispatch?
In case of employee's work during the course of employment and it results from the regular functions or duties, who owns the copyright?
This requires a prior permit from the Department of Trade and Industry before being conducted by sellers or business entities:
What form must a depositor's waiver of the secrecy of his deposits and/or investments take to be valid?
SSS coverage is compulsory upon all employees including kasambahays or domestic workers not over ___ years of age and their employers
During the initial five-year period after registration, the reserve fund must receive at least what portion of net surplus?
In patent terms, which concept considers prior art to determine non-obviousness at the filing date?
What is the difference between a mistake of fact and a mistake of law?
In which form of delivery does the seller continue in possession but under a title other than ownership?
Recordings made in schools, universities, or educational institutions of a work included in a broadcast for the use of such institutions do not constitute copyright infringement if said recordings are deleted within:
The 50-year duration for anonymous or pseudonymous works commences from January 1 following the date of publication.
A cooperative organized by marginal farmers whose members are mainly agrarian reform beneficiaries is categorized as which type?
The place of meetings of members in a non-stock corporation:
In bid evaluations, which bid is described by having the highest rating score?
Which term describes a mutual contractual obligation where both parties have reciprocal duties?
The management of the partnership may be vested (1) in the articles of the partnership and/or (2) after the partnership had already been constituted.
Z offered Realty Corp a property with a fair market value of P100M for P90M. Z offered the property first to A, who acquired it for P90M and later sold it for P100M. In this case, which statement is correct?
To qualify as a foreign corporation, the consideration is
For prompt decision-making, the General Assembly may by a __ vote delegate some of its powers to a smaller body.
A mortgage or pledge may be constituted to secure all of the following, except:
Which of the following grounds to deny pre-emptive right requires the approval of 2/3 of the outstanding capital stock?
Which role is not associated with the AMLC's leadership?
A cooperative may be dissolved if it has not commenced business within how many years after the issuance of its certificate of registration?
Foreclosure rules for chattel mortgages in some contexts are governed by which law?
Deportation for aliens occurs after serving penalties.
Which of the following is not a prohibited act under the Philippine Competition Act?
Notice in writing calling for a special meeting of the General Assembly must be sent __ prior to the meeting to all members entitled to vote.
It refers to use of a copyrighted work for criticism, comment, news reporting, teaching including multiple copies for classroom use, scholarship, research, and similar purposes which is not an infringement of copyright.
What term describes an agreement in which one party agrees, for a consideration, to indemnify another against loss from an unknown or contingent event?
The dissolution of the partnership terminates all authority of the managing partner or of any partner to act for the partnership, except (1) acts necessary to wind up partnership affairs, (2) acts necessary to complete transactions begun but not then finished, and (3) acts or transactions which would bind the partnership if dissolution had not taken place.
What term describes a secret code that secures sensitive information transmitted over public channels and can be deciphered only with a matching electronic key?
In a freeze order proceeding, what must the court determine to justify issuance?
Which scenario allows processing without consent for life and health?
Which corporate officer position may be held by the same person?
What is required before any transfer of a member's share ownership can occur?
Which statement best describes the scope of confidentiality for deposits in banks, including government bonds?
Which of the following is not a recognized category of employment in the framework described?
Under the indemnity principle, the insured may recover up to which amount?
Which type of information is considered 'sensitive personal information'?
Within the Lemon Law rights period, there must be at least how many separate repair attempts for the same nonconformity before rights can be invoked?
What may be presumed to have been established by an affidavit given to the best of the deponent's knowledge?
A cooperative may register for a term not exceeding how many years?
Which term describes any information that identifies a natural person directly or indirectly under the Data Privacy Act?
A jewelry dealer is a covered institution if it deals in precious metals, who as a business or trade in excess of:
On assignment of a partner's interest, dissolution is caused (1) at the termination of the specific term or undertaking, or (2) at any time if the partnership was a partnership at will when the interest was assigned or when the charging order was issued.
Regarding extinguishment of a pledge, consider these two statements: (1) A written statement by the pledgee renouncing or abandoning the pledge extinguishes the pledge upon receipt by the pledgor of the pledged property. (2) The pledgor's acceptance or return of the pledged thing is necessary to extinguish the pledge. Which is correct?
Under PD 957 and RA 6552 framework, which statement is true?
If two or more persons invent separately and independently, to whom does the patent right belong?
What remedies are available in case of copyright infringement?
In any proceedings involving an electronic signature, which statement is true?
Which option is NOT a valid dissolution-petition venue for a cooperative with creditors?
Which trademark test focuses on the dominant features of the competing marks to determine likelihood of confusion?
In Consulting Services contracts, the consultant may terminate the agreement if the Procuring Entity is in material breach and has not remedied within how many days after receipt of notice?
Under Maceda Law, after cancellation after 5 years, the buyer is entitled to 50% of payments with 5% per year credit up to a maximum of 90%; which option correctly presents this arrangement?
A corporation by estoppel refers to which concept?
It is the housing loan program which offers flexible housing loans to private employees.
Which statement correctly distinguishes earnest money from option money?
Who is presumed to be an ordinary practitioner aware of common general knowledge in the art at the relevant date?
A void stipulation allowing the creditor to appropriate the things given by way of pledge or mortgage or dispose of them is best described as which pact?
Acts of money laundering by public officers and conspirators fall under the jurisdiction of which court?
Which doctrine allows disregard of corporate personality and imposes liability on shareholders or officers?
Which patentability criterion concerns the invention being novel and not anticipated by prior art?
A, B, C, D and E are members of the Board of Directors. A retired and D died. In this case, who shall fill the vacancy?
Which professionals are not required to report covered and/or suspicious transactions if the relevant information was obtained in circumstances where they are subject to professional secrecy or legal professional privilege?
Which doctrine is described as a descriptive mark acquiring meaning that distinguishes goods?
Proxy voting is not permitted by bylaws for which type of cooperative by default?
What is the consequence if the declaration of actual use is not filed within the specified period?
Rights over copyrights are conferred from which moment?
A contract with directors, officers, or committee members may be ratified by what fraction of voting members?
In case of ambiguity in the provisions of the CAP and its IRR, the rule of construction to be followed shall be:
Which is the extraordinary interim relief to prevent dissipation of assets suspected to be proceeds of unlawful activities under RA9160?
A contract entered into by an incapacitated person is:
Which entity represents the interest and welfare of all types of cooperatives at the provincial, city, regional and national levels?
What is an example of a natural element of a contract?
What is the effect of waiver of warranty against eviction if the buyer has no knowledge of a particular risk?
A freeze order may be extended for a period not exceeding:
The Data Privacy Act applies to which entities?
In case of joint creation, who owns the copyright?
Under electronic commerce rules, when is an electronic data message considered dispatched?
PDIC insurance proceeds are paid to the depositor when which event occurs?
If the pledged item is used by the pledgee's agent to preserve it and damages occur, who bears the liability?
Assume XYZ Corp's Articles of Incorporation were not filed, but the SEC subsequently issued a Certificate of Registration, and the corporation later becomes bankrupt. The president may be held liable in his personal capacity.
Maceda Law grace period is described as one month per year of installment payment; which of the following options reflects this?
Restitution for any aggrieved party under DPA shall be governed by the provisions of the __.
X Co. has P10M Authorized Capital Stock divided into: (1) 5M shares at P1.00 par value; and (2) 1M no par value shares with issued value at P5.00. If A acquired 100,000 no par value shares at P4.00 and the same were issued. In this case,
The board of directors of a cooperative is composed of:
Under the Data Privacy Act, which scenario falls under extraterritorial application?
For an employee-made work in the course of employment that falls within normal duties, who owns the copyright?
The articles of cooperation and bylaws of the cooperative may be amended by __ vote of all members with voting rights.
The law presumes that the insurer considers the personal qualification of the insured in approving the application. The insured cannot assign rights under a property policy before loss without the insurer's consent. Which term describes this concept?
Which term refers to an artistic creation with utilitarian functions or incorporated in a useful article, whether made by hand or produced on an industrial scale?
What is the status of an agreement whereby one or more partners shall not share in the profits and losses?
Which term describes a contract whose terms are not mandatory and may be chosen by the parties, as long as lawful?
A cooperative whose members are engaged in the production of fresh milk and may process and/or market dairy products is best described as which type?
A contract of adhesion is generally:
The regular meetings of _____ are to be held monthly:
Which fund has a maximum allocation of 3% of net surplus?
Under the partnership's dissolution, if assets are 30,000 and there is a 120,000 loan, how much can Sansa collect from Gem, Mondy, and Maddie?
In a general partnership, arrange the order of payment upon dissolution: (1) creditors other than partners, (2) partners other than for capital and profits, (3) partners for capital, (4) profits.
Which term describes an obligation where the debtor may fulfill one of several alternatives?
An ultra vires act description?
How many times can a periodical or newspaper publisher publish a material sent by a writer, a photographer, or an artist?
Which of the following pairs represents the kinds of membership in a cooperative?
Under guardianship, acquiring ward's property requires consent of the principal.
If the pledged object is not sold at the first public auction, a second auction with the same formalities shall be held. If there is still no sale at the second auction, the creditor may appropriate the pledged object. Which statements are correct?
Which agency handles maternity benefits for private sector employees?
Back-up copies of a computer program: is it permissible to make more than one without infringement if the program is copyrighted?
Who has the power to freeze accounts?
Under pledge rules, the pledgee has a general right to deposit the pledged thing with a third person unless the contract provides otherwise.
A type of employment not determined by the activities that employees perform but by the commencement and termination of the contract is called what?
X died, leaving the legal title to his land to A, while the usufruct was given to B. When B dies, which outcome is correct?
For a right to be a valid subject matter, what characteristic must it have?
In proceedings involving an electronic signature, which statement is presumed?
For contracts involving accessing or requiring sensitive personal information from __ individuals, agencies must require the contractor and its employees to register their personal information processing system with the National Privacy Commission and comply with the DPA.
In case of commissioned work, who owns the copyright?
Civil negligence or quasi-delict is described by which term?
Knowledge of insufficiency of funds in BP Blg 22 would be presumed if the check was presented within __ days from the date of the check.
Compensation is not proper in all of the following cases, except:
Under Estafa/BP Blg. 22, the time allowed to make good a check to avoid liability equals what combination of days and banking days?
It is a contract where each of the parties acquires an equivalent of his prestation and such equivalent is pecuniarily appreciable and already determined from the moment of the celebration of the contract.
Mr. X is a Director of both XYZ Corporation and ABC Corporation. The contract between XYZ and ABC is valid absent fraud and provided it is reasonable under the circumstances, but it is voidable if the shareholdings of Mr. X in the two corporations are: (ABC/XYZ)
For each year of service, separation pay should be at least how many months' salary?
The Government Procurement Act applies to the procurement of infrastructure projects, goods, and consulting services, except:
An action for damages in case of copyright infringement must be filed within __ years.
Which term describes an unconscionable pact giving the creditor the right to seize pledged property?
A cooperative whose members are natural persons belongs to which category?
The share capital of a primary cooperative shall have a par value fixed to any figure not more than:
A corporation doing business in the Philippines without the requisite license cannot sue and be sued in Philippine courts.
In redhibitory actions based on defects of animals, the prescriptive period is how many days?
To avoid liability for a bounced check, within how many days must the issuer make good the check under Estafa provisions?
Which is a mode of extinguishing an obligation by the concurrent amount by which the parties are reciprocally the debtors and creditors of each other?
If a transaction qualifies as both a covered transaction and suspicious, which type must the institution report?
Which term describes the importation of drugs and medicines by a government agency or by any private third party?
What is the primary method to establish rights in a trademark?
What is the period of prescription for an action for annulment of a voidable contract?
Which statement describes the remedies associated with earnest money and option money?
In case of privacy breach, who is mandated to notify the National Privacy Commission?
In a general partnership with no designated managing partner, and a deadlock between Ruth and Carlo, how should the tie be resolved?
The term of office for regular appointive members of the Commission is how many years?
If the authorized capital stock is 80,000, the minimum subscription is:
Which of the following is NOT an implied condonation?
A cooperative that promotes and undertakes savings and lending services among its members is classified as which type?
Which of the following is an incorrect element in order to be found guilty of violating BP Blg. 22?
The duration of copyright for published photographic works is:
The remedy period to avoid liability for a returned check is best described as which of the following timeframes?
Which delivery method pertains to conveying rights or credits by placing ownership titles in the buyer's hands and enabling the use of those rights?
An offer was made on March 5; acceptance on March 6 1:00 PM; withdrawal at 2:00 PM; acceptance received 4:00 PM; withdrawal received at 5:00 PM. When is the contract perfected?
For purposes of exhibition, who owns the copyright over an audio-visual work?
Which moment triggers copyright rights?
When is processing of personal information lawful?
What is the effect of the death, civil interdiction, insanity, or insolvency of either the offeror or the offeree before acceptance is conveyed?
The Commission may impose administrative fines up to certain amounts for the first and second offenses in investigations, except which option?
Regarding Alvin's offer to sell his cellphone by email, and Simon's acceptance with a 10-day decision period, is there a contract?
A cooperative organized to provide a wide range of financial services to cooperatives and their members is called which type?
The Electronic Commerce Act applies to data messages used in a context of activities to include dealings, transactions, arrangements, agreements, contracts, and exchanges and storage of information. Which activities and scope are included?
In this type of contract, sale of the thing subject thereof during the pendency of the contract will result in criminal liability:
In the PDIC context, which event triggers payment of insured deposits?
Ruth pays Jean P30,000 and Jean issues a receipt in the partnership's name. How much should Jean apply to the partnership's credit?
The duration of copyright for an anonymous or pseudonymous work ends 50 years after which event?
What formal requirement is necessary for a limited partnership?
On application by a partner, which body shall decree a dissolution?
A, B, and C owe X and Y 120,000. How much can X collect from A?
Is there any exception to the rule that a mistake of law cannot vitiate consent rendering the contract voidable?
Which principle states that the contract binds only the parties and their successors?
An employment arrangement that ends when a specified project completes is best described as which type of employment?
The registrant shall file a declaration of actual use of the mark with evidence to that effect within __ years from the filing date of the application otherwise it may be cancelled.
A cooperative whose members are natural persons is classified as which level?
A contract entered into by a person lacking legal capacity is typically:
The period AMLC may prescribe for reporting may be either working days or calendar days depending on the prescription.
If not fixed, the annual regular meeting of the General Assembly must be held within how many days after the close of each fiscal year?
Which type of cession of payment extinguishes all the obligations of the debtor?
A and B entered into a verbal contract whereby A agreed to sell to B his only parcel of land for P10,000 and B agreed to buy at the aforementioned price. B went to the bank, withdrew the same amount and returned to A for the consummation of the contract. A, however, had changed his mind and refused to go through with the sale. The agreement to sell the land to B is:
Who bears the risk of loss and deterioration of the thing sold before perfection?
Who can remove Anna as manager when the partnership becomes bankrupt?
Who must call the annual stockholders' meeting to ensure validity?
Which document is required to be filed for an One Person Corporation?
The merger or consolidation is deemed effective starting on:
How many renewals can be made on a trademark registration?
Upon the winding up of the cooperative affairs, any asset distributable to unknown creditors or members shall be given to which entity?
Regarding privileged communication in data privacy, which statement is true?
Which term refers to information or the representation of information described or however represented, by which a right is established or an obligation extinguished, or by which a fact may be proved and affirmed, which is received, recorded, transmitted, stored, processed, retrieved or produced electronically?
The cure period for making good a bad check to avoid liability is measured in days and banking days; what is the standard period?
Which term refers to information generated, sent, received, or stored by optical or similar means?
Under the same statute, what is the timeframe to cure a dishonored check in order to avoid liability?
Under the principle of in pari delicto, when the contract’s illegality is the cause and both parties are at fault, what remedies does the law provide?
Disqualification to occupy public office is for a term that is the same as the term of the criminal penalty imposed.
A covered person is obligated to report covered and/or suspicious transactions to AMLC within how many days from occurrence?
What is term of the members of the board of directors of a cooperative?
Which term best describes a FRIA proceeding that involves an adversarial process?
What capital is raised by the cooperative to strengthen its capital structure?
A cooperative organized to own, operate and manage water systems for potable water distribution to its members and their households is called which?
Which form of delivery is symbolical?
A cooperative that undertakes joint production whether agricultural or industrial is categorized as which type?
Which of the following does NOT limit the debtor's choice in applying payments?
Within how many years must a cooperative commence business after the issuance of its certificate of registration?
Except as allowed through NPC guidelines, no government employee shall have access to sensitive personal information on government property or online unless the employee has received security clearance from the __ of the source agency.
Under the Philippine Competition Act, the security clause in a Collective Bargaining Agreement is not covered.
An act or practice may violate the CAP whether it occurs before, during or after the transaction. This applies to:
What is the nature of an action for rescission?
The minimum number of natural persons required to organize a primary cooperative is:
A member who has paid at least ______ monthly contributions prior to the semester of retirement and who: (1) has reached the age of sixty (60) years and is already separated from employment or has ceased to be self-employed; or (2) has reached the age of sixty-five (65) years, shall be entitled for as long as he lives to the monthly pension.
In case of cooperative bank, the quorum required in a meeting of the GA is:
Which statement best captures extraterritorial scope of the Data Privacy Act?
A contract entered into between private persons and a cooperative before its registration is valid upon registration.
Which term describes a partner whose connection to the partnership is apparent to third parties, though not necessarily a true partner?
Which entity is primarily responsible for ensuring compliance with the Data Privacy Act?
A restriction as to transfer of shares in an ordinary stock corporation must be indicated in: I. Articles of Incorporation II. By-Laws III. Certificate of Stock.
Under Maceda Law, if the seller cancels the sale and the buyer paid at least 2 years of installments, the buyer is entitled to what portion of what he has paid after 5 years of installments, with 5% per year not to exceed what percent?
Can a capitalist partner engage in a business similar to the partnership's business?
What are the requisites for issuance of a freeze order?
In case of voluntary dissolution where creditors are affected, the petition for dissolution shall be filed with which authority?
Is a contract for the sale of land enforceable when formed entirely by electronic messages?
Which agency issues the permit required for Home Solicitation Sales under consumer protection regulations?
Dacion en pago refers to which concept?
Losses on dissolution are allocated among partners in proportion to what?
Which court has jurisdiction over all money laundering cases?
In a facultative obligation, if the principal object is lost before the substitute is effected, the obligation is extinguished. Which statement correctly describes this?
An associate who meets the minimum requirements and patronizes the cooperative for the specified years to become a regular member shall be able to do so after how many years?
Lorenzo de Medici scenario: In this case, which statement is correct regarding BP Blg. 22 liability?
In joint creation, the duration lasts during the life of the last surviving author and for 50 years after the death of the __ surviving author.
If the CDA fails to decide on an application within 60 days, the application is deemed approved.
Actions arising from insurance contracts prescribe in __ years.
Under Maceda Law, if the buyer paid less than two years' installments, the second grace period is __ days from notice of cancellation/demand for rescission.
In insurance, the insurer's obligation to pay arises only upon the happening of an uncertain event; this characterizes which concept?
The minimum paid-up share capital of a cooperative shall be 25% of the total subscription but not less than:
What is the required quorum during a meeting of the General Assembly?
A corporation doing business in the Philippines without the requisite license:
Which entity is responsible for oversight of regular cooperative reports filed after year-end?
Arnie, husband of Marika, sold paraphernal property in her name without her consent. The sale is:
CDA shall periodically assess the required paid-up share capital and may increase every __ years.
When is an electronic data message considered received if it is sent to an information system not designated for the transaction?
If there is no agreement on the distribution of profits and losses between partners, how are profits distributed to the capitalist partner?
Which entity receives reports of covered and/or suspicious transactions?
If a check is dishonored, the maker has how many days to make good the check to be exonerated from liability?
Which timeframe is provided by the law to remedy a returned check to avoid liability under the Estafa law?
In the procurement of Consultation Services, negotiations continue until what condition is met?
A contract entered into by two deaf-mutes is:
After Bid Evaluation, the next step in the bidding process is which?
A cooperative organized to engage in savings and credit services and other financial services is described as providing what kind of services?
An employee performing work between 10:00 PM and 6:00 AM must be paid a night shift premium of not less than what percent of their regular wage for each hour of work performed?
A stockholder holds 10,000 shares and a stockholders meeting elects a 5-man Board. If they employ cumulative voting, how many votes can A cast for B in favor of B?
It provides that a generic or descriptive mark may later acquire the characteristic of distinctiveness and can later be registered if it acquires a meaning which is different from its ordinary connotation.
The following are qualifications of a director, except:
If preservation of the pledged thing requires its use, who may use it and for what purpose?
Who is the person whose loss is the occasion for payment of the insurance proceeds by the insurer?
For voluntary or involuntary liquidation to be commenced the debts of the debtor must be:
Who may file rescission?
Upon dissolution of a cooperative, what happens to the capital donated to said cooperative?
Which of the following statements about the two data subject rights statements is true? (1) The lawful heirs and assigns of the data subject may invoke the rights of the data subject for which he or she is an heir or assignee at any time after the death of the data subject or when the data subject is incapacitated, or incapable of exercising the rights. (2) The rules on rights, transmissibility, and portability are not applicable if the processed personal information are used only for the needs of scientific and statistical research and, on that basis, no activities are carried out and no decisions are taken regarding the data subject.
Who typically pays the insurance premium?
What is a delegable power of the General Assembly?
Which option represents the remedy of no deficiency judgment when the chattel mortgage is foreclosed under Recto Law?
A person who performs services for an employer using mental or physical effort and who receives compensation is best described as?
Can a capitalist partner engage in a business similar to the kind of business in which the partnership is engaged?
Which factor best determines whether a corporation is considered foreign for regulatory purposes?
What is the maximum insured amount per depositor for an insured deposit?
First Statement: A distributor of products covered by the Warranty provisions of the Consumer Act must report the sales made within 60 days from the date of purchase. Second Statement: Failure of the distributor to make the required report or send the form required by the manufacturer, producer, or importer shall relieve the latter of its liability under the warranty.
Which statement correctly contrasts general and limited partnerships?
All deposits of any nature with banks in the Philippines, including investments in government bonds, are treated as what in terms of confidentiality?
Which category refers to contested trademark cases filed before the Intellectual Property Office?
On application by or for a partner, the court shall decree a dissolution whenever:
A cooperative organized to engage in savings and credit services and other financial services is described as providing which type of services?
The limitations upon the right of the contracting parties to establish such stipulations, clauses, terms, and conditions as they may deem convenient are:
In this type of obligation, the acquisition of rights, as well as the extinguishment or loss of those already acquired shall depend upon the happening of the event which constitutes the condition.
Which theory provides that a mark cannot be registered if it is identical with, confusingly similar to, or a translation of a well-known mark, if used on non-similar goods and could cause damage to the owner?
A merger or consolidation becomes effective upon which action?
A contract entered into by a minor who misrepresents his age is:
Mr. X, as president of ABC Corporation, signed the check in his official capacity. Later the check bounced due to insufficiency of funds. Can Mr. X be made personally liable?
Any merger or consolidation shall be effective upon which action?
Which event could render an offer ineffective if it occurs before acceptance is conveyed?
Paternity leave can be availed for the first how many deliveries?
Under the Revised Corporation Code, a foreign corporation has power and capacity to do all of the following, except:
If the principal obligation remains unpaid, who conducts the foreclosure sale of a pledged item?
Which of the following describes 'personal information'?
For limited partnerships, which statement is true? First statement: If the partnership is limited, it is required that the contracting parties, in addition to the formalities prescribed for the organization of a general partnership, shall execute a certificate of limited partnership which must be recorded in the office of the SEC. Second statement: The formalities for a limited partnership must be complied with, otherwise, the partnership is not limited but general.
For electric cooperatives, the quorum is what percentage?
If there is mere inadequacy of price, what is the validity of the contract?
Under the Revised Corporation Code, foreign corporations have power to do which of the following?
Which source of obligation is intended to prevent unjust enrichment in the absence of a contract?
X, of age, entered into a contract with Y, a minor. X knew and the contract specifically stated the age of Y. May X successfully demand annulment of the contract?
A contract of sale with conditions and warranties shall be governed primarily by:
In a limited partnership, which sequence correctly reflects the order of payment?
Which statement is true about the General Assembly's quorum requirement in a general sense?
How long is the term of a Privacy Commissioner?
If the property regime between husband and wife is the regime of separation of property, a sale by one spouse to another is:
In case of employee's work during the course of employment and it does not result from the regular functions or duties, who owns the copyright?
Dissolution is caused when a specific thing promised to contribute to the partnership perishes.
It refers to the principle that the contracting parties are free to enter into a contract and to establish such stipulations, clauses, terms, and conditions as they may deem convenient.
Which court can order the disclosure of bank deposits in cases where the money deposited or invested is the subject of litigation?
Under the Philippine Competition Act, which statements about abuse of dominant position are correct?
If the winding up or liquidation of partnership affairs is judicial, who has the right or duty to wind up or liquidate partnership affairs?
Proxy voting may be allowed by the bylaws of a cooperative other than a __ cooperative.
Which type of obligation is not enforceable by legal action but may be fulfilled out of moral duty?
What seminar must be completed by a prospective member of a primary cooperative:
Suspension of Payments differ from Rehabilitation in that the latter:
A cooperative that combines two or more of the business activities of the different types of cooperatives is called what?
In a contract of sale with conditions and warranties, which law governs primarily?
Which among the following is not a life insurance contract?
Which patentability criterion requires that the invention has industrial applicability or practical utility?
Which statements about the National Privacy Commission are true?
The emoluments of a Deputy Privacy Commissioner are equivalent to which rank?
Employees who work beyond 8 hours on a holiday or rest day shall also be paid an additional compensation equivalent to the rate of the first 8 hours plus at least what percent thereof?
All service charges collected by hotels, restaurants, and similar establishments shall be distributed at the rate of ____ for all covered employees and ____ for management.
What is the required quantum of evidence or proof necessary for criminal liability to attach?
Which term refers to the law that sets minimum standards for wages, hours, and other terms of employment?
In case of members of secondary or tertiary cooperatives, they shall have __ basic vote/s and as many incentive votes but not to exceed __ vote/s.
Piracy or substantial reproduction constitutes which type of infringement?
Which statement is correct regarding electronic declarations' legal effect?
Work that is usually not necessary or primarily related to the employer's business is which type of employment?
Which term describes a person who performs services for an employer and receives compensation?
Which statement best describes stockholder acts in relation to binding the corporation?
Who heads the National Privacy Commission?
What is the purpose of nominal damages?
Which is incorrect? A product is deemed mislabeled if the label fails to state conspicuously: I. The word 'danger' with a bright red or orange color with a black symbol on all hazard statements; II. The word 'warning' or 'caution' on substances which are extremely flammable, corrosive or highly toxic; III. The word 'poison' for any hazardous substance which is defined as highly toxic.
The vendee is liable for interest on the price from which circumstances?
Which body represents the interest and welfare of all types of cooperatives at the provincial, city, regional and national levels?
An ultra vires act is an act or transaction of a corporation which:
In an offer to sell, parties failed to agree on the size of the land to be sold. Is there a meeting of the minds of the parties that would perfect a contract?
Which activity is prohibited for a close corporation?
Who may file the ex parte petition for a freeze order?
Which of the following is categorized as a life insurance contract?
The prescription period to file an accion redhibitoria or accion quanti minoris is how many months from the date of delivery to the vendee?
Approval to divide a registered cooperative into two or more requires approval by what fraction of all voting members?
This shall be construed to mean an arrangement or understanding with the bank for the payment of the subject check under BP Blg 22:
What term refers to the part of labor law that prescribes the minimum terms and conditions of employment which the employer is required to grant to its employees?
What term refers to a secret code which secures and defends sensitive information that cross over public channels into a form decipherable only with a matching electronic key?
What is the order of preference in a double sale of real property among registrant in good faith, possessor in good faith, and person with oldest title in good faith?
A contract regarding things outside the commerce of men is classified as which of the following?
An insurance contract is a ready-made form of contract, which the other party may accept or reject, but which the latter cannot modify. Which term applies?
The importation of a copy of a work by an individual for his personal purposes shall be permitted without the authorization of the author of, or other owner of copyright if the copies form part of libraries and personal baggage belonging to persons or families arriving from foreign countries and are not intended for sale, provided that such copies do not exceed __ copies.
What term describes the doctrine of utmost good faith in insurance contracts?
A certificate of registration issued by the CDA under its official seal shall be __ evidence that the cooperative therein mentioned is duly registered.
Which factor determines lifetime pension eligibility?
Under the rule, the head of an agency shall approve or disapprove the request __ after the date of submission.
In the creditors' meeting relative to a Suspension of Payments proceeding, the required quorum shall be:
A cooperative organized for the primary purpose of undertaking power generation using renewable energy sources and distributing to its members is best described as which type?
Which is an essential difference between a partnership and a corporation?
Which term describes a contract in which obligations are reciprocal and of equal value between the parties?
In a corporation, transfer of a stockholder's interest to a third party generally requires which of the following?
Under the Revised Corporation Code, any asset distributable to any creditor or stockholders or members who is unknown or cannot be found shall be escheated in favor of:
The following constitute permissible pricing differentials and not abuse of dominant position, except:
Which category best describes an artistic creation that is both artistic and functional and may be mass-produced?
In cases of dishonored checks, the issuer must cure within what period to avoid liability under BP Blg. 22?
Where shall the action for reformation of instrument be instituted?
Which option correctly identifies the agency empowered to promulgate rules for the Electronic Commerce Act?
Which term describes a provision conferred upon a third person, who must communicate acceptance?

The Review School of Accountancy (ReSA) B44 Regulatory Framework for Business Transactions (RFBT) Practice Test

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