Supernova Regulatory Framework for Business Transactions (RFBT) Practice Test

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• What is the maximum limit on the share ownership of a member in a cooperative?
• In the case of Roy and Carlos, the liability becomes joint due to which reason?
• Consider three scenarios I–III describing how vacancies on a board of directors may be filled. Which statement is correct about their truth?
• For a Specific Thing, what is the default place of performance if no place is designated in the obligation?
• Which of the following will be considered privileged information?
• Which of the following is not a qualification for organizers of a primary cooperative?
• A Cooperative Bank is organized to provide a wide range of financial services to cooperatives and their members. Which regulator has primary supervisory authority over such banks?
• Which of the following securities is exempted from registration before Securities and Exchange Commission?
• Demand is necessary in this situation for the debtor to be in delay:
• Under the Revised Corporation Code, may a corporation whose fixed term has expired file an application for revival of its certificate of Incorporation with the SEC?
• Which statement best defines unascertained goods?
• Under the Revised Corporation Code, if the by-laws are silent, who shall preside the regular meeting of the board of directors or regular meeting of shareholders?
• A service that allows users to resell digital MP3 files would generally be infringing because it involves
• Which corporate doctrine refers to the doctrine of separate juridical personality?
• Which exceptional cases may pierce the corporate veil to hold stockholders personally liable for corporate debts?
• I-cooperative bank II- financial service cooperative Which is/are true?
• In ABC Inc., seven directors T,U,V,W,X,Y,Z; notices for a special meeting were sent to all except Z because there is no record of her address. The meeting was attended by five directors and all motions passed. Which statement is true?
• Under E-Commerce Act, it refers to the provider of the necessary technical means by which electronic documents of an originator may be stored and made accessible to a designated or undesignated third party. What is this entity called?
• The board approved the issuance of new shares without asking for the stockholders' permission. What right was violated?
• It refers to information generated, sent, received or stored by electronic, optical, or similar means. Which term best fits?
• In the chain of a negotiable instrument, who may be liable to the holder in due course in the described scenario?
• Which statement correctly summarizes recovery in a void contract to commit a crime where the crime was not committed?
• What term refers to any legal instrument that gives effect to a government policy intervention and includes licensing, information obligations, compliance with standards, or fees?
• What is the amount that may be recovered personally by Ana from PDIC given the described deposit accounts?
• Which of the following is NOT a qualification of a corporate president?
• Under the Intellectual Property Code, which scenario will result in cancellation of a mark?
• Par value of a share is defined as the nominal value printed on the stock certificate.
• What is the consequence of the delinquent sale of the shares when the highest bid is B for 600 shares with other bids as listed?
• Which of the following combinations is not required in a contract of sale?
• In the Brodie-Lisa electronic contract scenario, which statement is true?
• Which of the following statements is the best description of a condition?
• Under revival of a corporation's certificate of incorporation, which obligations apply to the revived entity?
• Using the Jutang Credit Cooperative data, what is the net surplus?
• Electric Cooperatives are registered with which authority?
• MAGIC Company is a partnership with several members. If a debtor pays 4,000 to a manager who has a personal and partnership credit, how is the payment applied?
• X entered into a voting trust agreement with Y whereby X transferred the legal title of all his shares to Y.
• Which term refers to a person who, on behalf of another and regarding a particular electronic document, sends, receives and/or stores or provides other services in respect to that electronic document?
• Which agency has primary regulatory powers over Financial Service Cooperatives?
• What are the two responsibilities of the Deputy Privacy Commissioner?
• Regarding Notice of dishonor under BP 22, which statement is correct?
• In substitution during life insurance, what remedy is available upon discovery that the insured misrepresented his health using a substitute?
• A minor, 15 years old, and two sisters co-sign a loan of 12,000; At maturity, the minor's liability is which?
• Which of the following statements about cooperatives is false?
• The non-holding of elections under the Revised Corporation Code must be reported to the Commission within how many days from the date of the scheduled election?
• Under bank liquidation by the Bangko Sentral ng Pilipinas, what is the insured deposit amount for Don Quixote Doflamingo?
• Which of the following is not a requisite of a negotiable promissory note?
• Which entity in the Philippines is entrusted with the implementation of the Anti-Money Laundering Law?
• In a promissory note scenario similar to the earlier example, which statements about liability after notices of dishonor are true?
• In the nine-member board scenario, the claim that 'The remaining members fill the vacancies' is true.
• PDIC may satisfy insured deposits by cash or by transferring deposits to another insured bank. Is this statement true?
• Which statement about share pricing is false?
• What is the maximum number of directors a corporation may have according to the given material for 2021?
• After endorsements in the instrument scenario, who is the present holder in due course?
• Under the Code of Corporate Governance for Publicly-listed companies, which officer must appear before the SEC when summoned in relation to compliance?
• In the CHAMP two-credit scenario, after T pays 3,000 to C, what happens to CHAMP's credit?
• Which term describes the time an LGU takes to process an application from receipt to certification?
• In a partnership, an industrial partner typically contributes which of the following?
• Which statement about cooperative registrations is false?
• In the bank liquidation scenario, Juan Dela Cruz's uninsured deposits amount to which value?
• Which fund is described as optional in some cooperative regulations?
• Which of the following is not patentable?
• Under PDIC rules, which scenarios bypass the six-month period to settle a claim?
• In a business combination where Equitable-PCI Bank's net assets are absorbed by BDO Unibank, what type of combination is present?
• What is required vote for fundamental amendment of the articles of incorporation for legitimate purposes?
• Which term describes a legal instrument that implements government policy by licensing, information obligations, and standards?
• Which instrument is negotiable?
• In money laundering, what stage is described by depositing dirty money into a legitimate financial institution to start the process?
• Under copyright principles, desktop operating system functions generally have no level of originality and are not copyrightable.
• The quorum requirement for cooperative banks is
• Creditor payments during dissolution are made in accordance with the contract and the Civil Code's rules on priority of credits.
• Which statement about share pricing is true?
• What term describes a secret code that secures sensitive information across public channels and is decipherable only with a matching electronic key?
• What is the required reserve fund for an ordinary cooperative?
• What is the proper characterization of pactum commissorium in a pledge?
• In a promissory note chain, X steals a note made by M. The note is indorsed to A, then to B, making B the present holder in due course. Which of the following may be held liable to B?
• Roy and Carlos contracted to deliver a boat; after a fortuitous event the contract provides that fortuitous event shall not exempt performance, and the liability is converted to indemnity for damages. What is the nature of their liability?
• Under the Revised Corporation Code, which business may be incorporated as a one person corporation?
• In a cooperative, which member is eligible to invest in the cooperative's common stock?
• In a promissory note indorsed to B, C, D, E and F, who is the current holder after notice is given and the note is dishonored, and which statements about notices of dishonor are true?
• Which statement about corporate stockholders or members meetings is true?
• If a borrower pledges a laptop as collateral for a loan but the collateral is land, which statement is correct?
• Which of the following matters is protected by copyright?
• Specific Thing - GR: Place designated in the obligation. If no place designated, what applies for the specific thing?
• In which predicate crime of money laundering is the AMLC allowed to inquire bank deposits of suspected laundered assets despite absence of a court order from the Court of Appeals?
• What is the maximum number of signatories in any document involving government services?
• Which statement best describes a share of stock?
• Under a deed of assignment over shares as security, which statement about default is true?
• In a pledge scenario, which statement is true?
• Which statement best differentiates a voting trust agreement from a proxy?
• Ana orally sold her cellphone at a selling price of P10,000 to Bea who obliges to deliver a tablet worth P6,000 and additional cash of P4,000. What is the contract entered into by Ana and Bea?
• Under the Anti-Money Laundering Law, which type of account is not prohibited?
• Under the check laws, the presumption of knowledge of insufficiency of funds does not lie when the check is presented after how many days from its date?
• Under the Revised Corporation Code, when a postponed stockholders' meeting occurs, when must written notice be sent to stockholders or members of record?
• Which statement about PDIC insured deposit payments is false?
• D and E are capitalist partners while F is an industrial partner in their restaurant business. Later, F starts cellphone-related business. Has F any liability under the circumstances?
• Which statement correctly describes a restrictive indorsement on a negotiable instrument?
• True or False: The statement 'Chattel mortgage is a consensual contract and the creditor gets possession of the thing mortgaged' is true.
• Under BP 22, what is the required quantum of evidence to file a criminal case for issuance of worthless checks?
• What is the maximum allowed compensation for directors as directors?
• In appraisal rights, if three disinterested persons are to determine fair value, who may be named?
• In the absence of a date fixed in the cooperative by-laws, when shall the regular meeting of the General Assembly be held?
• Which Latin maxim expresses that ignorance of the law is no excuse?
• Regarding governance, the chairman of the audit committee is an independent director.
• During dissolution, creditor payments are made in accordance with the contract and Civil Code rules on priority of credits.
• X, a stockholder, was denied a pre-emptive right and the right to vote in TVW Corporation’s actions. Which actions may X file against TVW Corporation?
• Which right is not available to an assignee of a limited partner?
• In a partnership with no manager, which group prevails on business decisions?
• Which of the following is true regarding certificates and registration for various cooperatives?
• In the contract among A, B, and C, on which date does B’s payment obligation arise?
• Which inquiry would be considered a violation of the domestic bank deposit secrecy law?
• In dissolution of a cooperative, the statement 'the reserve fund shall be distributed among the members' is:
• Which statement about stock ownership is false?
• Who supervises financial cooperatives in the Philippines?
• Which type of cooperative is described as organized for the primary purpose of savings and credit services and other financial services?
• Under corporate governance, which condition allows a director to be represented at a board meeting by an agent?
• Which of the following is a tradename rather than a trademark?
• What term describes a loss caused by a fortuitous event after the contract was formed that makes performance impossible?
• Three of the following are requisites for the existence of a de facto corporation except:
• In patent infringement law, if a device copies a prior invention by incorporating its concept and achieves substantially the same result in substantially the same way, the infringement falls under which doctrine?
• M made a promissory note payable to P's order. X stole the note and forged P's signature as indorser to A. A indorsed the note to B as follows: "Pay to B sans recourse, (Sgd.)A." Who among the parties shall be liable to B?
• An executive committee can validly act on the:
• In case of continuous in operation of the corporation, the corporation is declared delinquent and shall be allowed to comply within a period of
• Which position may concurrently be held by the president of the same corporate aggregate?
• In the monthly installment scenario used for cash surrender value calculation, what was the monthly installment amount?
• When was the contract of sale of land perfected?
• Which statement best describes a negotiable instrument that is payable to order of a named person or to bearer?
• In the Jutang Credit Cooperative data, which figure represents service fees revenue?
• Who has the burden of proving the authenticity of an electronic data message or electronic document in any legal proceeding?
• In a sale of goods contract involving a counterfeit item, which remedy is most appropriate?
• In a sale where S delivers a counterfeit bag to B, what is the buyer’s remedy?
• In the promissory note scenario, who is the present holder in due course after the endorsements?
• In which scenarios may the courts pierce the corporate veil to hold stockholders personally liable?
• Which of the following statements is false?
• Removal of directors by stockholders may be with or without cause; which right protects minority stockholders from being deprived of representation?
• Condition precedent differs from condition subsequent in that the former:
• This test mandates that the entirety of the marks in question must be considered in determining confusing similarity.
• Which of the following obligations is immediately demandable?
• Which member in a cooperative may invest in the common stocks of the cooperative?
• A contracted B to kill his sworn enemy, X, and gave P1,000,000 as consideration for B's services. However, before B could perform, A had a change of heart and demanded the return of the money. Decide which statement is correct.
• Which of the following works is not copyrightable?
• Which statement about industrial and capitalist partners is correct?
• In a partnership with multiple contributors where T, I, U, and M support a proposal and R, P, H oppose, which group prevails?
• ABC Furniture case involved a contract with a penal clause awarding damages of 10,000 for breach, while actual damages proved were 20,000. How much should be awarded?
• Claire commissioned Miggy to paint her garden. Who owns the painting and who holds the copyright in the painting, respectively?
• In the cash surrender value calculation, what percentage of total payments is used to determine the surrender value?
• In a debt cycle where A owes B, B owes C, and C owes A, what mode of extinguishing obligation applies?
• T owes P3,000 to CHAMP Company and P6,000 to C; T pays P3,000 to C; Which is correct regarding the application of the payment?
• A holder in due course of a negotiable instrument generally takes rights that are free from which type of defenses?
• A is indebted to the partnership for P9,000 and B is the managing partner while C is another partner to whom A is also indebted for P3,000. A pays C P3,000 and C receipts the payment in his own name. Which is correct?
• What best describes the nature of the office of a director in corporate governance?
• Which entity liquidated Dresrossa Bank due to financial reverses?
• In dissolution, subsidies, donations, legacies, grants and aids from local or foreign institutions shall be escheated to the community where the cooperative operates.
• 120. Which of the following contracts cannot be ratified?
• Which term describes selling or buying a security of the issuer when in possession of material information not generally available to the public?
• It refers to the document used to obtain information and/or estimates of hidden costs incurred by applicants or requesting parties to access government services which may include bribery and payments to fixers.
• What was the Philippines' ranking in the 2018 World Bank Ease of Doing Business report?
• Which of the following will not cause the automatic dissolution of a general partnership?
• Which of the following obligations may be subject to legal compensation?
• When stockholders remove directors with or without cause, the removal cannot deprive minority stockholders of which of the following rights?
• Which description best characterizes a condition subsequent in contract law?
• Which test focuses on the sound of words when assessing confusing similarity?
• Who is the maker of the stolen note in the described scenario?
• In the absence of stipulation in the Articles of Co-partnership, which partner may be excluded from the partnership?
• Which of the following is a feature of a share of stock?
• One of the following statements does not characterize a delinquent stock:
• True or False: Antichresis is an accessory and gives a real right.
• Which transactions must be processed within 20 working days?
• True or False: If all shareholders attend a meeting despite improper notice, the meeting and resolutions are valid.
• Who are the persons that guarantee on a firm commitment the distribution and sale of securities by another company?
• Which of the following would be the most distinctive mark for exclusive registration?
• On September 10, 2019, W can collect from which debtor, and for what amount?
• What is the required vote to declare cash or property dividends?
• In which scenario are goods still in transit that allow the unpaid seller to exercise stoppage in transitu in case of buyer insolvency?
• Who is liable for the payment of the insurance premium for deposits covered by the PDIC?
• In the TVW Corporation case, which combination of suits may X file regarding pre-emptive rights and voting rights?
• What was the Philippines' rank in the World Bank's Ease of Doing Business report for 2018?
• It shall refer to a cooperative whose membership are in large number and geographically scattered or distributed by reason of geographical location, work shift or other similar conditions making it impossible and difficult to conduct their general assembly meeting.
• In a contract with multiple solidary debtors, A, B, and C owe W and Y in shares 2:3:5; terms specify payments conditioned on events. If Y passes the October 2019 CPA board exams, which debtor can collect from and how much?
• What is the minimum age for members of a laboratory cooperative?
• Which type of mortgage creates a real right upon proper registration with the Registry of Property?
• What is the nature of causal fraud in contract law?
• What term describes an obligation that arises only after the occurrence of a suspensive condition?
• Which term is listed as not within the scope of the Data Privacy Act?
• For the validity of the decision of the Board regarding corporate acts, what is the required vote?
• The board of directors of a corporation consists of nine members, where two were removed and two have resigned, who fills up the vacancy?
• A sold a residential house and lot for P10,000,000 with terms including a down payment of P4,000,000 and a balance payable over 50 years. After paying P4,360,000 and defaulting, the contract is cancelled. How much cash surrender value is the buyer entitled to?
• Which of the following is a negotiable bill of exchange?
• Which invention will be protected by a patent?
• In a loan secured by a specific laptop pledged as collateral, and the parties agree that the laptop shall be used to fully settle the loan, which statement is correct?
• What is the required vote for a simple amendment of the articles of incorporation for legitimate purposes?
• They are the persons who acting alone or with another take initiative in founding and organising the business or enterprise of the issuer and receive consideration therefor.
• May the creditor recover the deficiency from a pledged item sold in public auction even if there is no stipulation to do so?
• In a cooperative, which action does NOT require a 3/4 vote by members entitled to vote?
• In the Jutang Credit Cooperative data, what is the operating expenses?
• In the Jutang Credit Cooperative data, what is the interest income on loan granted to members?
• In a cross-corporate contract between two corporations with overlapping directors, the contract is valid if both boards approve including the common director.
• What is the voting requirement before an electric cooperative already registered before NEA must be registered with the CDA?
• A has two creditors, B and C. B is a mortgage creditor for P20,000, and C is an ordinary creditor for P10,000. C paid A's debt of P20,000 to B. Statement I - If C's payment is with A's knowledge, C will be subrogated in the rights of B. Statement II - If C's payment is without A's knowledge, C will not be subrogated in the rights of B. Which are true?
• Which of the following statements relative to checks is false?
• In the same instrument scenario, who bears liability for the original amount payable on the note?
• Which statement is not a characteristic of Financial Service Cooperative?
• Which concept best describes the continued existence of a corporation despite changes in ownership or management?
• In the liquidation of a general partnership, indicate the proper order of payment of partnership liabilities and equity.
• In a promissory note scenario where the maker is M, the note is payable to P's order; X steals and forges P's indorsement to A, and A indorses to B "Pay to B sans recourse," who may be liable to B?
• Which statement is correct regarding infringement and unfair competition?
• ABC Inc. has 7 shareholders, T, U, V, W, X, Y, and Z, who are concurrently members of the Board of Directors. Director T called a special meeting of the Shareholders and Notices were sent to all, except Z because the corporation has no record of her current address. In that meeting, the attendees unanimously voted in favor of all motions brought forward. Which are true? I. If only X, Y & Z failed to attend the meeting, the meeting and resolutions are valid II. If Z was able to attend the meeting but protested improper notice, the meeting and resolutions are still valid III. If only T, U, V did not attend the meeting, and W protested the improper notice, the meeting and resolutions are still valid IV. If all shareholders were able to attend the meeting, despite improper notice, the meeting and resolutions are valid.
• Which type of cooperative is organized primarily to engage in savings and credit services and other financial services under the regulatory powers and supervision of the CDA?
• What is the number of cooperators or founders of a primary cooperative?
• In the foreclosure scenarios described, the deficiency is recoverable in which of the following?
• H and W are legally separated; W purchased goods on credit from H and H has not provided W's monthly support for April. Which statement is incorrect?
• The act of processing sensitive personal information for unauthorized purposes is punishable by
• Which of the following governance measures could help a corporation obtain stockholders’ approval when the board fails to muster a quorum?
• Which costs are deducted in the delinquent share sale procedure before distribution?
• Which government agency has authority to reactivate an unclaimed balance account?
• Which of the following is not a valid defense in BP 22 as compared to estafa?
• Deposits that have become dormant for a period of how many years may be escheated in favor of the government?
• Which defense is a real or absolute defense that can be raised against a holder in due course?
• In a merger where one bank absorbs the other bank's net assets, what is the effect on the absorbed bank's corporate existence?
• In the described mortgage scenario where a land worth P5M secures a P6M debt and is later sold to a third party, which statements are true?
• Under the old and revised corporation code, which corporate officer is required to be a resident-citizen of the Philippines?
• Using the same data, what is the minimum interest on share capital holdings?
• A non-voting stock may vote in the following acts, except in case of which act?
• What is the required net worth ratio for Financial Service Cooperatives relative to their risk assets?
• A partner is a co-owner with his partners of specific partnership property. Such co-ownership
• In a contract requiring delivery of a car to a creditor in a designated city, where must delivery take place if the contract designates Quezon City?
• Which term refers to a party that, on behalf of another, sends, receives, and/or stores or provides services in respect to an electronic document?
• A, B, and C are co-owners of an undivided parcel of land. A sold his 1/3 interest to B absolutely. Which is correct?
• Which type of cooperative engages in the supply of production inputs to members and markets their products?
• Which of the following marks is most likely to be accorded exclusive registration in accordance with intellectual property laws?
• Which of the following is NOT a qualification for the corporate president?
• Which statement about voting trusts is correct?
• What is the quantitative threshold for a covered transaction by real estate developers and brokers?
• Who is generally entitled to the excess of proceeds from the sale at public auction of pledged property after applying to the secured loan, in the absence of an agreement to the contrary?
• In a loan scenario where a minor is among co-debtors, the general rule for the minor's liability is which?
• M made a promissory note for P100,000 payable to P or order. P altered the amount by increasing it to P150,000. P then indorsed it to A, and A to B, present holder in due course. Which statement is correct?
• Evaluate the statements about liquidation and dissolution of cooperatives: I. The reserve fund shall be distributed among the members. II. Subsidies, donations, legacies, grants, and aids from any local or foreign institutions shall be escheated to the community where the cooperative operates. III. Payment to creditors shall be in accordance with the contract on which it is based and the Civil Code's rules on priority and concurrence of credits. Which set of evaluations is correct?
• Which statement about Laboratory Cooperatives is true?
• Interest income from bank deposits is classified as which type of fruits?
• Which term denotes freely given, specific, informed indication of will, whereby the data subject agrees to the collection and processing of personal information about and/or relating to him or her?
• What is the required vote for the approval of a management contract in the absence of interlocking directors between the managing and managed corporation?
• M made a promissory note to the order of P for P10,000. P indorsed the note to A. X forged A’s signature and indorsed it to B. B indorsed the note to C as holder in due course. Who among the parties can be held liable to C?
• What does the Latin phrase ignoratia legis non excusat mean?
• A non-voting preferred stock cannot vote in which of the following actions?
• Under stoppage in transit, which situation indicates goods are still in transit and subject to stoppage rights?
• In an extrajudicial foreclosure of a mortgage, what is the redemption period?
• Which statement about appraisal rights is false?
• Reducing the quorum by by-law would have which effect?
• Which statement best describes the true basis for payment to dissenting shareholders?
• If the by-laws are silent, what are the possible venues for the upcoming meeting of the Board of Directors?
• One of the following statements describes the correct pair of stipulations in pledge contracts:
• That stage in money laundering which involves sending money through various financial institutions to change its form and make it more difficult to follow
• What is the size of the executive committee proposed in the Pinnacle case?
• Which indorsement type may render a negotiable instrument non-negotiable?
• What happens to dormant deposits after ten years?
• Which term is not within the scope of the Data Privacy Act?
• Which of the following statements about the instrument scenario correctly reflects the role of the holder in due course after endorsements?
• Which stipulations in a pledge contract are null and void?
• Which term must be satisfied before a contract can come into existence?
• In a promissory note signed by A, B, and C payable to D and E for P60,000, at maturity D endorsed the note back to A. How much is extinguished and by what mode?
• Which statement about checks is true regarding crossing?
• In a mortgage scenario where A mortgaged land to B to secure a debt and later sold to C, which statements are true?
• Which statement about stipulations for rendering services in lieu of payment is not correct?
• Which of the following is non-patentable?
• Which statement is not a characteristic of void contracts?
• In case a transaction is both reportable as 'covered' and at the same time 'suspicious', it shall be reported to the AMLC as
• Regarding I - Chattel mortgage is a consensual contract and the creditor gets possession of the thing mortgaged. II - Pledge is a consensual contract and gives a personal right. III - Real estate mortgage is a real contract and creates a real right if registered with the Registry of Property. IV - Antichresis is an accessory and gives a real right. Which of the following is true?
• Which of the following works is not copyrightable?
• Which of the following statements about governance is true?
• X is a director owning 20% of ABC and 40% of RST. The contract between the two corporations is:
• In a bank merger where the acquiring bank absorbs all the net assets of the other bank, which statement best describes the outcome?
• Which of the following is NOT considered sensitive personal information?
• Which term describes a party who acts as an intermediary in relation to an electronic document?
• Using the same data, what is the total statutory reserve to be deducted from the net surplus before computation of interest on share capital holdings?
• Which principle best describes the strong juridical personality of a corporation?
• Consider the following statements about checks: I) If notice of non-payment by the drawee bank is not sent to the maker, the presumption of knowledge of insufficiency cannot arise. II) The presumption of knowledge of insufficiency does not lie when the check is presented after 90 days from the date of the check. Which is true?
• Which of the following shall be given copyright protection?
• A forged deed of sale transfers a registered property to a purchaser in good faith for value. Can the original owner recover the land from the purchaser?
• The transfer of shares to the heirs of an OPC is seven days. Which option matches this period?
• In winding up a cooperative, to whom shall assets distributable to unknown or unlocated creditors or members be given?
• In insolvency or equal treatment among creditors, what does the term in pari passu mean?
• To which credit should T's payment of 4,500 be applied when he owes 5,000 to MACE and 10,000 to MAGIC, and M issues a receipt for his own credit?
• Under Sec. 50 RCC, notices must be sent to all directors; failure to do so results in what consequence?
• M made a promissory note payable to P or bearer. P specially indorsed the note to A. A also specially indorsed it to B. X stole the note from B and delivered it to C without any indorsement. Who may be held liable to C?
• Which of the following is an exception to automatic dissolution of a cooperative by the CDA?
• How many days do dissenting shareholders have to arrive at the fair value after the vote?
• S sold to B, then S sold the same lot to X; neither knew of the other sale, and neither took possession. Who is the present owner after registration?
• In the stolen negotiable promissory note scenario, who may be held liable by B?
• Which statements regarding Koons' use of Rodgers' photograph and the fair use doctrine are true?
• What is the prescriptive period for an action based on breach of warranty of sale of immovable against non-apparent and unregistered burden or servitude?
• For dissenting shareholders, on what date is the basis for payment determined?
• Which of the following is not a characteristic of void contracts?
• If a contract contains a liquidated damages clause that fixes damages at 10,000 for breach, but actual damages amount to 20,000, what is the payable amount?
• What is the period to transfer the shares to the heirs of the OPC?
• Under the corporation code, which corporate officer must be a resident citizen of the Philippines?
• What is the term of office for the Board of Trustees of an ordinary non-stock corporation?
• Which type of waiver of warranty against eviction is described as made by the buyer without knowledge of the risk of eviction?
• In scenario II, where three directors were removed by stockholders’ vote and two directors’ terms expired, vacancies can be filled only by which method?
• What is the maximum period given to Court of Appeals to resolve petition filed by AMLC for the issuance of bank inquiry order involving bank accounts of suspected launderer?
• In a scenario where A writes a check to B; B uses it to pay C; C does not encash for years; after a bank failure and A's death, how is B's obligation extinguished?