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    This document contains 20 multiple choice questions about contracts and business law. The questions cover topics such as rescindable contracts, equitable mortgages, conditional obligations, unenforceable agreements, modes of acquiring ownership, pledges, exclusions in contracts of guarantee, fraudulent contracts, liability for failure to deliver goods, mortgages, and deficiencies from foreclosure sales.

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    © All Rights Reserved
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    This Study Resource Was

    Uploaded by

    Nah Hamza
    36 views2 pages
    This document contains 20 multiple choice questions about contracts and business law. The questions cover topics such as rescindable contracts, equitable mortgages, conditional obligations, unenforceable agreements, modes of acquiring ownership, pledges, exclusions in contracts of guarantee, fraudulent contracts, liability for failure to deliver goods, mortgages, and deficiencies from foreclosure sales.

    Original Title

    PART_22__BUSINESS_LAW_.docx

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    This document contains 20 multiple choice questions about contracts and business law. The questions cover topics such as rescindable contracts, equitable mortgages, conditional obligations, unenforceable agreements, modes of acquiring ownership, pledges, exclusions in contracts of guarantee, fraudulent contracts, liability for failure to deliver goods, mortgages, and deficiencies from foreclosure sales.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    36 views2 pages

    This Study Resource Was

    Uploaded by

    Nah Hamza
    This document contains 20 multiple choice questions about contracts and business law. The questions cover topics such as rescindable contracts, equitable mortgages, conditional obligations, unenforceable agreements, modes of acquiring ownership, pledges, exclusions in contracts of guarantee, fraudulent contracts, liability for failure to deliver goods, mortgages, and deficiencies from foreclosure sales.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Part 3:

    11. Which contract is rescissible?

    a. A contract where both parties are of unsound mind.


    b. A contract violating the statute of frauds.
    c. A contract where the debtor sells his property to defraud the creditor where the buyer is in good
    faith.
    d. None of the above.

    12. A contract of sale is deemed an equitable mortgage in any of the following situations, except:

    a. When the price is unusually inadequate.


    b. When the buyer retains for himself a part of the purchase price.
    c. When the vendor binds himself to pay the taxes on the thing sold.
    d. When the buyer is in possession as lessee.
    13. When the debtor binds himself to pay when his means shall permit him to do so,

    a. The obligation is deemed to be one with a period.


    b. The obligation is a conditional obligation.
    c. The obligation is void.
    d. The obligation is unenforceable.

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    14. Which of the following contracts is not unenforceable?

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    a. An oral agreement to pay for the debt, default or miscarriage of another.

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    b. An oral sale of land.

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    c. An oral sale of movables with a value of P500.
    d. An oral agreement to lend P50,000.

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    15. No. 1 – A contract of sale is a mode of acquiring ownership.

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    No. 2 – Every delivery transfers ownership.
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    a. Both are false.
    b. Both are true.
    c. No. 1 is true; No. 2 is false.
    d. No. 1 is false; No. 2 is true.
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    16. Mr. X pledged his gold watch to Mr. Y as security for a loan. The loan was not paid.
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    a. Mr. Y may appropriate the ring as his own if there is a stipulation to that effect.
    b. Mr. Y must sell the ring to someone else even in a private sale.
    c. Mr. Y may recover the deficiency from Mr. X if after the auction sale, a deficiency exists.
    d. Mr. Y cannot recover the deficiency after the auction sale.
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    17. The benefit of “exclusion” is available in a contract of


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    a. guarantee
    b. suretyship
    c. pledge
    d. antichresis
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    18. Mr. Seller and Mr. Buyer orally agreed on the following:
    (i) the land to be sold has an area of 10,000 sq. meters; (ii) price is P5 million; and (iii) Mr. Seller shall prepare
    the deed of sale. With fraudulent intent, Mr. Seller knowing the inadequacies of Mr. Buyer with respect to numbers
    Th

    wrote 1,000 sq. meters instead of 10,000 sq. meters. The sale is

    a. void
    b. voidable but the contract may be reformed
    c. valid but the instrument may be reformed
    sh

    d. valid but the contract may be reformed

    19. Mr. X promised to deliver a specified dog named “Auger” to Mr. Y on April 29, 2005.On the due date, no was
    delivered. Which is not correct?

    a. If the dog died on April 30 without anyone’s fault, Mr. X shall be liable to Mr. Y by reason of delay.
    b. Mr Y shall bear the loss because of res perit domino.
    c. Mr. Y shall bear the loss because of genus nunquan perit.
    d. Mr X shall bear the loss because of genus nunquan perit.

    This study source was downloaded by 100000809350765 from CourseHero.com on 05-21-2021 21:25:17 GMT -05:00

    https://www.coursehero.com/file/93489746/PART-22-BUSINESS-LAWdocx/
    e. No one shall bear the loss.

    20. No. 1 – The mortgagor in a real estate mortgage may sell the property mortgaged despite a prohibition to
    that EFFECT.
    No. 2 – If there is a balance after the foreclosure sale in a chattel mortgage arising he deficiency cannot be
    recovered.

    a. Both are true.


    b. Both are false.
    c. No. 1 is false; No. 2 is true.
    d. No. 1 is true; No. 2 is false.

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    aC s
    vi y re
    ed d
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    This study source was downloaded by 100000809350765 from CourseHero.com on 05-21-2021 21:25:17 GMT -05:00

    https://www.coursehero.com/file/93489746/PART-22-BUSINESS-LAWdocx/
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