1. D owes C P10, 000 but the debt is already prescribed.

If D, knowing that it has been prescribed,

a. Yes, because this is an example of Civil Obligation.

b. Yes, because the obligation is a natural obligation.

c. No, because the obligation is a civil obligation.

d. No, because the obligation is a natural obligation.

2. Pedro has an obligation to deliver a mobile phone to Juan. In this case

a. Pedro has the obligation to take care of things with diligence of a good father of a family
b. Pedro has the obligation to deliver the fruits
c. Pedro has the obligation to deliver the accessions
d. Pedro must answer for damages in case of non-performance
3. These are the basic principles or characteristics of a contract. Which is not?
a. Freedom to Stipulate
b. Obligatory force of contract
c. Binding effect on third person
d. perfection by mere consent
4. Susan, a store owner, sold a gallon of rat poison to Baldo for 1 million pesos. Baldo intended to
pour the poison in the fishpond of duday, his enemy, to kill the fishes therein. The sale of the rat
poison is:
a. Valid provided Baldo does not pursue his motive to kill the fish in the fishpond of Duday
b. Valid even if Baldo pursues his motive to kill the fish in the fish pond of duday.
c. Void as it is a material whether or not Baldo kills the fish in the fish pond of duday since
baldo’s motive is unlawful
d. Void if Baldo pursues his motive to kill the fish in the fish pond of duday.
5. The sale of an expected thing is called:
a. Dacion en pago
b. Pactum commissorium
c. Emptio Spei
d. Emptio rei speratae
6. The sale of a hope itself
a. Dacion en pago
b. Pactum commissorium
 c. Emptio Spei
d. Emptio rei speratae
7. The following may be subject matter of contract of pledge, except:
a. Cellphone
b. Laptop
c. Land
d. ring
8. In real estate mortgage, the mortgagor can sell the property mortgage:
a. Only with the consent of the mortgagee
b. Even without the consent of the mortgagee
c. Only to a buyer approved by the mortgagee
d. Provided the mortgagor is still bound by the warranty of the mortgage property sold
9. Partnership in which the partners contribute all the property which actually belongs to them to a
common fund, with the intention of dividing the same among themselves, as well at all the profits
which they may acquire there with
a. Partnership of all present property
b. Partnership of profits
c. General partnership
d. Limited partnership
10. Partnership comprises all that the partners may acquire by their industry or work during the
existence of the partnership
a. Universal partnership of all present property
b. Universal partnership of profits
c. Particular partnership
d. Both a and b
11. Articles of universal partnership entered into without specification of its nature only constitute a-
a. Universal partnership of all present property
b. Universal partnership of profits
c. particular partnership
d. Both a and b
12. Has for its object determinate things, their use or fruits, or a specific undertaking, or the exercise
of a profession or vocation
a. Partnership by estoppel
b. Particular partnership
c. General Partnership
d. Limited Partnership
13. A partnership contract has a special name or designation in our law
 a. Consensual
b. Nominate
c. Bilateraal
d. Onerous
14. A partnership is entered into by two or more persons and other rights and obligations arising
therefrom it always reciprocal.
a. Nominate
b. Bilateral
c. Onerous
d. Principal
15. If the object or purpose in partnership is unlawful, the contract is
a. Valid
b. Voidable
c. Unenforceable
d. Void
16. One of the following is not a requisite of a contract of partnership
a. There must be a valid contract
b. There must be a mutual contribution of money property or industry to a common fund
c. it is established for common benefit of the partners which is to obtain profits and divide the
profits among themselves
d. Articles are kept secret among the members
17. Universal partnership between brother and sister is
a. Valid
b. Void
c. Voidable
d. Unenforceable
18. A particular partnership between husband and wife is-
a. Valid
b. Void
c. Voidable
d. Unenforceable
19. Is the change in the relation of the partners caused by any partner ceasing to be associated in the
carrying on of the business
a. Liquidation
b. Winding up
c. Dissolution
d. Termination
20. Refers to the point when all the business or affairs of the partnership are completely wound up
a. Liquidation
b. winding up
c. Dissolution
d. Termination
21. It involves the process of liquidating partnership business after dissolution
a. Dissolution
b. Consolidation
c. Termination
d. Winding Up
22. Is one who is liable for partnership debts to the extent of his separate property after all the assets
of the partnership have been exhausted?
a. General partner
b. Limited partner
c. General- limited partner
d. None of the above
23. Is one who is liable for partnership debts to the extent of his capital contribution only?
a. General partner
b. Limited partner
c. General- limited partner
d. None of the above
24. Cause of dissolution which is not violate the agreement between the partners, except
a. By the expressed will of any partner, who Must act in good faith, when no definite term or
particular is specified
b. By the express will of all the partners who have not assign their interest or suffer them to be
charged for their separate debts, either before or after the termination of any specified term
or particular undertaking
c. by the expulsion of any partner from the business bona fide in accordance with such a power
conferred by the agreement between the partners
d. Contravention of partnership agreement
25. A person who takes place of a limited partner who left the company is called
a. Heir
b. Successor in interest
c. As signor
d. Substitute limited partner
26. A corporation is an artificial creator with that and existed until it has an imprimatur of the state-
a. trust fund doctrine
 b. concession theory
c. theory of existence
d. doctrine of existence
27. Corporation may exercise only those powers conferred by law, its articles of incorporation, in
express power and that are necessary or incidental to the exercise of the powers conferred
a. Doctrine limited capacity
b. Doctrine of limited liability
c. Doctrine of limited powers
d. Doctrine of limited authority
28. Which of the following statements concerning the prayer for piercing the veil of corporate fiction
is incorrect
a. Piercing application is a judicial prerogative
b. Piercing is a substantive right
c. Piercing is an equitable remedy
d. All choices are correct
29. The following shares may be denied of voting rights-
a. Redeemable and common shares
b. Preferred and common shares only directly by the creditors of the corporation
c. Preferred and redeemable shares
d. Voting and non-voting shares
30. It refers to a stock issued not in exchange for its equivalent value either in cash, property, share,
stock dividends or services-
a. Watered stock
b. Secret stock
c. Non- par value shares
d. Over-issued shares
31. The right to exercise corporate powers or the corporate existence of a de facto corporation may be
attacked
a. Directly only by the state through solicitor general in quo warranto proceedings
b. Only directly by the creditors of the corporation being the proper parties to the suit.
c. Directly or indirectly in a private suit
d. Only directly by a fiscal in a criminal case.
32. What would be the consequence if a corporation becomes inoperative for a period of at least five
consecutive years
a. certificate of incorporation shall be deemed revoke
b. certificate shall be revoked only if there is notice and hearing
c. The corporation will automatically be placed under delinquent status.
 d. The corporation will be placed under delinquent status after due notice and hearing
33. These are shares of stock which have been issued and fully paid for, but subsequently reacquired
by the issuing corporation through purchase, redemption, donation, or some other lawful means
a. Redeemable shares
b. Treasury shares
c. Watered stocks
d. Nominal shares
34. A corporate term for a specific period may be extended or shortened by amending the articles of
incorporation. Provided that no extension may be made earlier than _____ years prior to the original
or subsequent expiry date(s) unless there are justifiable reasons for an earlier extension as may be
determined by the commission.
a. Two
b. Three
c. Five
d. ten
35. Any director of a corporation may be revoked from office by a vote of the stockholders holding or
representing at least ____ of the outstanding capital stock.
a. ½
b. ⅔
c. ¾
d. All
36. The vote required to adopt bylaws in a stock corporation is
a. ⅔ of the outstanding capital stock
b. Majority of the outstanding capital stock
c. ¾ of the ocs
d. Majority of the Board Directors
37. To delegate to the board, the power to adopt, amend or ratify bylaws, the vote required is
a. Majority of the OCS or Members
b. ⅔ of the OCS or Members
c. ¾ of the OCS or Members
d. All of the OCS or Members
38. To revoke the power given to the board, the power to adopt, amend or ratify bylaws, the vote
required is
e. Majority of the OCS or Members
f. ⅔ of the OCS or Members
g. ¾ of the OCS or Members
h. All of the OCS or Members
39. Holders of voting shares can still vote in the following acts, except
a. Amendment of bylaws
b. Amendment of corporate charter
c. Merger of consolidation
d. Compensation for Board Directors
40. A corporate term for a specific period may be extended or shortened by amending the articles of
incorporation: Provided, that no extension may be made earlier than ___ years prior to the original or
subsequent expiry date(s) unless there are justifiable reasons for an earlier extension as may be
determined by the commission.
a. Two
b. Three
c. Five
d. Ten
41. Unless otherwise prescribed by this Code or by special law, and for legitimate purposes, any
provision or matter stated in the articles of incorporation may be amended by a majority vote of the
board of directors or trustees and the vote or written assent of the stockholders representing at least
_____ of the outstanding capital stock, without prejudice to the appraisal right of dissenting
stockholders in accordance with the provisions of the code.
a. ⅓
b. ½
c. ⅔
d. 3/4
42. The due incorporation of any corporation claiming in good faith to be a corporation under this
Code, and it's right to exercise corporate powers, shall not be inquired into collaterally in any private
suit to which such corporation may be a party. Such inquiry may be made by the Solicitor General in
a ____ proceeding.
a. Impeachment
b. Quo Warranto
c. Both A & B
d. None of the Above

a. One
b. Three
c. Five
d. Ten
44. If a corporation has commenced its business but subsequently becomes in operative for a period of
at least _____ Consecutive years, the commission may, after due notice and hearing place the
corporation under delinquent status
a. Three
b. Five
c. Ten
d. Twenty
45. A delinquent corporation shall have a period of _____ year/s to resume operations and comply
with all requirements that the commission shall prescribe.
a. One
b. Two
c. Three
d. Five
46. Directors shall be elected for a term of one year from among the holders of stocks registered in the
corporation’s books, while trustees shall be elected for a term not exceeding _____ year/s from among
the members of the corporation
a. One
b. Two
c. Three
d. Five
47. Non-par value shares must be issued for a consideration of at least;
a. Five pesos per share
b. One peso per share
c. Ten pesos per share
d. One Hundred pesos per share
48. For founder’s shares, where The exclusive right to vote and be voted for in the election of
directors are granted, it must be a limited period not to exceed ___ year/s from the date of
incorporation
a. One
b. Two
c. Five
d. Ten
49. _____________ are those who compose a corporation, whether as stockholders or shareholders in
a stock corporation or as members in a non-stock corporation
a. Corporators
b. Incorporators
c. Promoters
 d. Underwriters
50. ____________ are those stockholders or members mentioned in the articles of incorporation as
originally forming and composing the corporation and who are signatories thereof.
a. Corporators
b. Incorporators
c. Promoters
d. Underwriters
51. Republic Act. no 8799 is also known as
a. Securities Regulation Code
b. The Securities Regulation Code
c. Regulation of Securities Code
d. The regulation of Securities Code
52. Implementing agency of Securities Regulation Code
a. Securities Regulation Commission
b. Securities and Exchange Commision
c. Department of Finance
d. Monetary Board of BSP
53. Shares, participation or interests in a corporation or in a commercial enterprise or profit-making
venture and evidenced by a certificate, contract, instruments, whether written or electronic in
character.
a. Bonds
b. Shares of Stocks
c. Dividends
d. Securities
54. Originator, maker, obligor, or creator of security.
a. Issuer
b. Dealer
c. Broker
d. Promoter
55. Any person who buys and sells securities for his own account in the ordinary course of business.
a. Issuer
b. Dealer
c. Broker
d. Promoter
56. A person engaged in the business of buying and selling securities for the account of others.
a. Issuer
b. Dealer
 c. Broker
d. Promoter
57. A document made by or on behalf of an issuer, underwriter or dealer to sell or offer securities for
sale to the public through registration statement filed with the Commission
a. Registration statement
b. Brochure
c. Pamphlet
d. Prospectus
58. An application for the registration of securities required to be filed with the commission
a. Registration Statement
b. Articles of Incorporation
c. Registration of Securities
d. Prospectus
59. Under SRC, notice after file registration statement must be published in.
a. Two newspapers of general circulation once for two consecutive weeks.
b. One newspaper of general circulation once for two consecutive weeks.
c. Two newspapers of general circulation once for three consecutive weeks.
d. One newspaper of general circulation once for three consecutive weeks.
60. Publicly announced intention by a person acting alone or in concert with other persons to acquire
outstanding equity securities of a public company.
a. Appraisal right
b. Right of redemption.
c. Tender Offer
d. Real right
61. The Securities Exchange Commission shall give an order declaring the registration statement
effective or rejected within _________ days after the date of filing or by such later date to which the
issuer consented.
a. 15
b. 35
c. 45
d. 65
62. Statement 1: Cooperatives are not autonomous
Statement 2: Cooperatives are duly registered associations of persons.
a. Both true
b. Both false
c. True, False
d. False, True
63. Cooperative members are required to give an equitable contribution to the capital.
a. Voluntary membership.
b. Open Membership.
c. Member economic contribution.
d. Autonomy and independence.