7/19/2018 Quiz | iCPA

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7/19/2018 Quiz | iCPA

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Result
You correctly answered 15 out of 20 questions with an accuracy of 75.0%.

You gained 200 experience points!

Question #1

In sale of real estate for a lump sum price (LSP), the seller cannot ask for an increase in the
price even if the land is more than that stated within the boundaries.

In the sale by sample, be it understood that the bulk is like the sample.
False, false
False, True
True, true
True, false
Regulatory Framework for Business Transactions - Contract of Sales (Average)

Question #2

Reformation is not the property remedy if

there was a mistake, fraud, inequitable conduct or accident which prevented the meeting of the minds of the
contracting parties. one party was mistaken and the other acted fraudulently or inequitably in such a way that
the instrument does not show their true intention. the true intention of the contracting parties is not expressed
in the instrument purporting to embody the agreement by reason of mistake, fraud, inequitable conduct or
accident. the mutual mistake of the parties causes failure of the instrument to disclose their real agreement.
Regulatory Framework for Business Transactions - Contract of Sales (Average)

Question #3

Simulation of a contract maybe absolute or relative. It is relative when

the contract is void the parties conceal their true agreement the parties are related within the 4th
degree of consanguinity the parties do not intend to be bound at all
Regulatory Framework for Business Transactions - Contract of Sales (Average)

Question #4

Which of the following obligations of the vendor cannot be waived:

To pay the expenses of the deed of sale
To transfer ownership to the buyer
To warrant the thing sold.
To allow the buyer to examine the goods sold
Regulatory Framework for Business Transactions - Contract of Sales (Average)

Question #5

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An agreement to constitute a deposit is binding and is perfected from the moment there is meeting of minds.
Movable and immovable things may be the object of judicial deposit.
Both are true Only the second is true Only the first is true Both are false
Regulatory Framework for Business Transactions - Contract of Sales (Average)

Question #6
A sells to B her car for P300,000 on a sale or return within 10 days after delivery. On the 5th day after delivery,
the car was lost through fortuitous event. Who bears the loss?
A under the principle of res perit domino No one because the loss was due to a fortuitous event B
and he must pay the purchase price. Both A and B jointly.
Regulatory Framework for Business Transactions - Contract of Sales (Average)

Question #7

Which of the following is a valid payment?

payment to incapacitated person when the latter kept the thing delivered. payment made to the creditor
by the debtor after the latter has been extra-judicially ordered to retain the debt. payment made to the
creditor by the debtor after the latter has been judicially ordered to retain the debt. payment made in good
faith to any person in possession of the credit.
Regulatory Framework for Business Transactions - Contract of Sales (Average)

Question #8
The vendor
None of the above
Is not liable to the vendee for hidden fault or defect of the thing sold if he is not aware thereof.
Is liable to the vendee for hidden fault or defect of the thing sold even if he is not aware thereof
Is liable to the vendee for hidden fault or defect of the thing sold if he is not aware thereof if stipulated.
Regulatory Framework for Business Transactions - Contract of Sales (Average)

Question #9

Which of the following is void if the formality prescribed by law is not complied with?
sale of land worth P1,000,000 holographic will contract of lease of house and lot for 2 years
contract of barter involving immovable property.
Regulatory Framework for Business Transactions - Contract of Sales (Average)

Question #10

Amador obtained a loan of P300,000 from Basilio payable on March 25, 2016. As security for the payment of
his loan, Amador constituted a mortgage on his residential house and lot in Basilios favor. Cacho, a good friend
of Amador, guaranteed and obligated himself to pay Basilio, in case Amador fails to pay his loan at maturity.
If Amador sells his residential house and lot to Diego, can Basilio foreclose the real estate mortgage?
Yes, Basilio can foreclose the real estate mortgage because real estate mortgage creates a real right that
attaches to the property. No, Basilio cannot foreclose the real estate mortgage. The sale confers ownership on
the buyer, Diego, who must therefore consent. No, Basilio cannot foreclose the real estate mortgage. To
deprive the new owner of ownership and possession is unjust and inequitable. Yes, Basilio can foreclose the
real estate mortgage. It is binding upon Diego as the mortgage is embodied in a public instrument.
Regulatory Framework for Business Transactions - Contract of Sales (Average)

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7/19/2018 Quiz | iCPA

Question #11

Payment by cession as distinguished from dation in payment

The property is alienated by the debtor to the creditor in satisfaction of a debt in money. The debtor is
not necessarily in a state of financial difficulty. What is delivered by the debtor is merely a thing to be
considered as the equivalent of the performance of the obligation The effect is to release the debtor for the
net proceeds of the things ceded or assigned.
Regulatory Framework for Business Transactions - Contract of Sales (Average)

Question #12

Sale is a consensual contract; therefore delivery or payment is not essential for perfection.

If two or more adjoining owners desire to exercise the right of redemption at the same
time, the owner of the adjoining land of smaller area shall be preferred; and should both
lands have the

same are, the one who first requested the redemption

True, true
False, false
False, True
True, false
Regulatory Framework for Business Transactions - Contract of Sales (Average)

Question #13

The following are constructive delivery, except?

when the thing is sold is placed in the control and possession of the vendee. the delivery of the keys of
the place or depository where it is stored or kept. tradition constitutum possessorium when the sale is
made through a public instrument.
Regulatory Framework for Business Transactions - Contract of Sales (Average)

Question #14

Which phrase most accurately completes the statement. Any third person who induces another to violate his
contract
shall not be liable for damages if the parties are in pari delicto shall not be liable for damages to the other
contracting party. shall be liable for damages to the other contracting party. shall be liable for damages
only if he is a party to the same contract.
Regulatory Framework for Business Transactions - Contract of Sales (Average)

Question #15
Gary is a tobacco trader and also a lending investor. He sold tobacco leaves to Homer for delivery within a
month, although the period for delivery was not guaranteed. Despite Garrys efforts to deliver on time,
transportation problems and government red tape hindered his efforts and he could only deliver after 30 days.
Homer refused to accept the late delivery and to pay on the ground that the agreed term had not been complied
with.
As lending investor, Gary granted a P1,000,000 loan to Isaac to be paid within two years from execution of the
contract. As security for the loan, Isaac promised to deliver to Gary his Toyota Innova within 7 days, but Isaac

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7/19/2018 Quiz | iCPA

failed to do so. Gary was thus compelled to demand payment for the loan before the end of the agreed two-year
term.
Can Gary compel Isaac to pay his loan even before the end of the two-year period?
Yes, Gary can compel Isaac to immediately pay the loan. Non-compliance with the promised guaranty or
security renders the obligation immediately demandable. Isaac lost his right to make use of the period. Yes,
Gary can compel Isaac to immediately pay the loan. The delivery of the Toyota Innova is a condition for the
loan. Isaacs failure to deliver the car violated the condition upon which the loan was granted. It is but fair for
Gary to demand immediate payment. No. Gary cannot compel Isaac to immediately pay the loan. The
delivery of the car as security for the loan is an accessory contract; the principal contract is still in the P1 million
loan. Thus, Isaac can still make use of the period. No, Gary cannot compel Isaac to immediately pay the
loan. Equity dictates that Gary should have granted a reasonable extension of time for Isaac to deliver his Toyota
Innova. It would be unfair and burdensome for Isaac to pay the P1 million simply because the promised security
was not delivered.
Regulatory Framework for Business Transactions - Contract of Sales (Average)

Question #16

A contract to sell, even if accepted by the buyer is not an absolute sale.

A clause in a contract to sell allowing unilateral automatic rescission on the part of the
seller in the event the buyer fails to pay any of installments is due valid.
False, false
True, true
False, True
True, false
Regulatory Framework for Business Transactions - Contract of Sales (Average)

Question #17

S sells to B his 2013 Cougar car, and leaves to B determine the price. B refuses to fix the price but took the car
for his use. Which of the following statements is correct?
No sale, because the price is not fixed by the parties.
No sale until a third person fixed the price.
There is a sale, B must pay a reasonable price.
S may go to court and ask for damages.
Regulatory Framework for Business Transactions - Contract of Sales (Average)

Question #18
S offers to B 100 radio sets for P50,000 payable in 30 days with 10% interest per annum. B cables S to advise
that he accepts provided the interest is reduced 5%. If S and B are both merchants and there is no further
communication between them relating to the terms, then
The contract is formed incorporating only the terms of S.
B has made a counter offer
The contract is perfected with B's reduced interest rate becoming part of the agreement.
None of the answers are correct.
Regulatory Framework for Business Transactions - Contract of Sales (Average)

Question #19

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7/19/2018 Quiz | iCPA

The following contracts are defective. Which one is unenforceable?

contract of sale by which a city mayor acquires a portion of the city part pursuant to a city ordinance enacted
by the city council. contract of sale by which a guardian acquires the property of his ward without the
approval of the court. contracts whose object is outside the commerce of man those where both parties
are incapable of giving consent to a contract.
Regulatory Framework for Business Transactions - Contract of Sales (Average)

Question #20
A sold B's with the authority to sell but sold it in his (A's) name. The contract is:
Voidable
Valid
Void
Rescissible
Unenforceable
Regulatory Framework for Business Transactions - Contract of Sales (Average)
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