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Questions and Answers
What is true regarding the juridical personality of a partnership?
What is true regarding the juridical personality of a partnership?
- A partnership is identical to a joint account.
- Only individual partners have juridical personality.
- A partnership has a personality separate from its partners. (correct)
- A partnership has no juridical personality.
A joint account can adopt a commercial name common to all participants.
A joint account can adopt a commercial name common to all participants.
False (B)
Who manages business transactions in a joint account?
Who manages business transactions in a joint account?
The ostensible partner.
In a business trust, the person who conveys property for the benefit of another is called the ______.
In a business trust, the person who conveys property for the benefit of another is called the ______.
What defines an obligation according to Article 1156, NCC?
What defines an obligation according to Article 1156, NCC?
A creditor can only demand satisfaction from the debtor's personal assets.
A creditor can only demand satisfaction from the debtor's personal assets.
Match the terms with their definitions:
Match the terms with their definitions:
What is the primary responsibility of a trustee in a business trust?
What is the primary responsibility of a trustee in a business trust?
Which of the following describes a situation where a juridical relation does NOT arise?
Which of the following describes a situation where a juridical relation does NOT arise?
Obligations arising from law can be created through implicit agreements.
Obligations arising from law can be created through implicit agreements.
What is solutio indebiti?
What is solutio indebiti?
Civil liability includes restitution, ___, and indemnification for consequential damages.
Civil liability includes restitution, ___, and indemnification for consequential damages.
Match the following legal concepts with their definitions:
Match the following legal concepts with their definitions:
What is required for civil liability proof?
What is required for civil liability proof?
A third person who bears funeral expenses can be reimbursed by relatives who were obligated to support the deceased.
A third person who bears funeral expenses can be reimbursed by relatives who were obligated to support the deceased.
What do the requisites for solutio indebiti include?
What do the requisites for solutio indebiti include?
Which of the following is NOT a requirement for a thing, right, or service in commerce?
Which of the following is NOT a requirement for a thing, right, or service in commerce?
Intimidation as a vice of consent involves employing serious or irresistible force.
Intimidation as a vice of consent involves employing serious or irresistible force.
What is the essential element that serves as the impelling reason why a party assumes an obligation?
What is the essential element that serves as the impelling reason why a party assumes an obligation?
When a party is compelled by fear of an imminent and grave evil, it is referred to as __________.
When a party is compelled by fear of an imminent and grave evil, it is referred to as __________.
Match the following vices of consent with their definitions:
Match the following vices of consent with their definitions:
Which type of consideration involves mutual prestation or promise?
Which type of consideration involves mutual prestation or promise?
Gratuitous consideration refers to a service rendered without expectation of something in return.
Gratuitous consideration refers to a service rendered without expectation of something in return.
What must a thing be according to the essential elements of commerce?
What must a thing be according to the essential elements of commerce?
Which of the following is NOT a classification of contracts?
Which of the following is NOT a classification of contracts?
A voidable contract is valid until annulled by court action.
A voidable contract is valid until annulled by court action.
What is a contract that can stand on its own called?
What is a contract that can stand on its own called?
A contract is considered ______ if it cannot be enforced by law due to illegal nature.
A contract is considered ______ if it cannot be enforced by law due to illegal nature.
Match the type of contract with its description:
Match the type of contract with its description:
An accessory contract is dependent on which of the following?
An accessory contract is dependent on which of the following?
Unenforceable contracts have legal effect from the start.
Unenforceable contracts have legal effect from the start.
Identify the term for contracts that are either inexistent or cannot be enforced by law.
Identify the term for contracts that are either inexistent or cannot be enforced by law.
Which type of contract is defined as being perfected only upon delivery of the thing subject to the contract?
Which type of contract is defined as being perfected only upon delivery of the thing subject to the contract?
A contract is considered valid if all essential elements are present.
A contract is considered valid if all essential elements are present.
What happens if a minor continues to receive rental payments after reaching the age of majority?
What happens if a minor continues to receive rental payments after reaching the age of majority?
A __________ contract is one where both parties are reciprocally obligated.
A __________ contract is one where both parties are reciprocally obligated.
Match the following terms with their definitions:
Match the following terms with their definitions:
Study Notes
Joint Account vs. Partnership
- A joint account has no juridical personality, meaning it does not have the legal standing of a separate entity.
- A partnership, however, has a juridical personality separate from the partners.
- Joint accounts cannot have a common commercial name, while partnerships can adopt a partnership name
- All general partners manage the partnership, while only the ostensible partner manages the business in their own name and under their individual liability.
Corporation
- Corporations are artificial beings created by law, with the right of succession and powers, attributes, and properties expressly authorized by law.
Business Trust
- In a business trust, a trustor conveys property to another person, the trustee, for the benefit of the beneficiary.
Obligation
- An obligation is a legal necessity to give, to do, or not to do.
- It involves a creditor who may demand observance of a determinate conduct from the debtor.
- Breach of obligation allows the creditor to seek satisfaction from the debtor's assets.
Sources of Obligation
- Obligations may arise from:
- Law
- Contracts
- Quasi-contracts
- Delicts or crimes (Acts or omissions punished by law)
- Quasi-delicts or torts (Acts or omissions that cause damage to another)
Law
- Obligations arising from law are those expressly provided in the New Civil Code or in special laws.
Quasi-contracts
- Innominate quasi-contracts are situations where one party benefits from the acts of another, even without a contract.
- Example: When funeral expenses are borne by a third person without the knowledge of those relatives who were obliged to give support to the deceased.
Solutio Indebiti
- Solutio indebiti is the obligation that arises when something is received without having the right to demand it and it was delivered through mistake.
Vices of Consent
- A vice of consent renders a contract voidable. These vices are:
- Mistake
- Violence
- Intimidation
- Undue Influence
- Relativity or privity
Classification of Contracts
According to Degree of Dependence
- Principal contracts: Can stand on their own (e.g. sale, barter, lease, loan)
- Accessory contracts: Dependent on other contracts for their validity (e.g. guaranty, suretyship, mortgage)
- Preparatory contracts: Means to achieve a final contract (e.g. option contract, partnership, agency)
According to Perfection
- Consensual contracts: Perfected by mere consent
- Real contracts: Perfected by delivery of the subject matter
- Formal contracts: Require a specific form for validity
According to Parties Obliged
- Bilateral contracts: Both parties are reciprocally obligated
- Unilateral contracts: Only one party is obliged
Valid, Void, & Defective Contracts
- Valid contracts: All essential elements are present
- Void or Inexistent contracts: Lack essential elements or are illegal
- Rescissible contracts: Valid until rescinded in court due to certain legal grounds
- Voidable contracts: Valid until annulled by proper action in court, subject to ratification
- Unenforceable contracts: Have no effect until ratified
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Description
This quiz explores the differences between joint accounts, partnerships, corporations, and business trusts. Additionally, it delves into the concept of obligations in the realm of business law. Test your understanding of these legal structures and their implications.
