27 Questions
What remedy does Amihan have in case of non-payment by Belinda according to the contract?
Both B and C.
What is the delay on the part of the debtor otherwise referred to as?
Mora solvendi
In the context of fraud vitiating consent, what kind of fraud makes the contract voidable?
Dolo causante
If Amihan and Belinda's contract had a fixed period for payment, what would be Amihan's remedy in case of non-payment?
Amihan has no remedy as the payment period was fixed.
What legal action can Amihan take if Belinda fails to pay under a condition in the contract?
Amihan must wait until Belinda's means permit him to pay.
In the context of delayed acceptance by a debtor, what term is used to describe it?
Mora accipiendi
In the absence of any provision fixing their compensation in the bylaws, what will the directors or trustees generally not receive?
None of the above
Once amendments to the Articles have been submitted to the SEC, how long does the SEC generally have to act on them?
6 months
Under the Revised Corporation Code, what is a foreign corporation not allowed to do?
Form a partnership
When is ownership over a property transferred?
Delivery of the subject matter
What principle prohibits an indeterminate thing from being the object of destruction?
Genus nunquam perit
For corporations vested with public interest, what percentage of independent directors must the board generally have?
30%
Who is entitled to the 4 piglets that Peppa the pig gave birth to after the perfection of the contract but before delivery?
Peppa, because she is the mother of the piglets
Prior to December 31, 2023, what kind of right does the buyer possess when buying a truck worth P2,000,000?
Personal right
Which among the following is considered to be the least defective type of contract?
Rescissible
If Napoy, Lizzy's guardian, sold Lizzy's car for less than its fair value, what type of contract did Napoy enter into?
Rescissible
What kind of damages are awarded to vindicate a right?
Nominal damages
Any director or trustee of a corporation may be removed from office by a vote representing at least what portion of the outstanding capital stock?
2/3
What principle states that no one can be a member of a partnership association without the consent of all other associates?
Delectus personae
Who is allowed to enter into a contract of partnership?
Deaf mutes who know how to write
In a scenario where three out of nine directors in XYZ Corporation were validly removed, who has the power to fill the vacancies?
The remaining eight directors
If four out of eleven directors in ABC Corporation died in a car accident, who can fill such vacancies?
The remaining seven directors
In the case where five out of ten directors in ELJ Corporation resigned due to internal conflict, who can fill these vacancies?
The remaining seven directors
What term means 'choice of the person' and relates to the principle that requires unanimous consent for membership in a partnership association?
Delectus personae
What is the minimum percentage of stockholdings considered 'nominal' for purposes of interlocking directors?
10%
If Y receives payment of the principal without first receiving the interest, what is the effect according to the scenario provided?
This amounts to a condonation of the interest.
When X paid the installment for June 2023 but received a receipt for July 2023, what is the effect based on the scenario?
There is now a disputable presumption that the June 2023 installment has been paid.
Test your knowledge on bylaws compensation and amendments approval in this quiz. Questions include scenarios on director's compensation and the timeline for SEC approval of amendments to the Articles.
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