10 Questions
What is an international agreement that does not require condolence by the senate?
Executive agreement
What is the term for a corporation's liability caused by the willful damage of its directors or officers?
Liabilities of Directors and officers
What is the process of formal confirmation, often done through voting?
Ratification
What is the term for an agreement between two countries?
Bilateral agreement
What is the term for an act that is within the law?
Intra Vires Act
What is the main purpose of the Securities Regulation Code RA-8799?
To promote a socially conscious market
What is required to be stated in a foreign license under the Foreign Investment Act RA-7042?
The specific objective of the corporation and the amount paid in
What is a characteristic of a Joint Venture?
It is a partnership with a determinate object
What is the role of NEDA (National Economic Development Authority) in relation to public utility?
To provide advice to agents of public utility
What is the term for the equitable way to divide shares in a partnership?
Pro rata
Study Notes
International Agreements
- A treaty is a binding formal agreement that establishes obligations between subjects of law
- An international agreement requires ratification by the senate
- Types of international agreements:
- Bilateral: between 2 countries
- Multilateral: between more than 2 countries
Corporation
- A corporation is an artificial being
- Nationality of a corporation: Grandfather Law (60% Filipino, 40% Foreign)
- Liabilities of Directors and Officers:
- Willfully damaging the corporation
- Act without corporation's authority (Estoppel)
- Ultra Vires Act: beyond the law
- Intra Vires Act: within the law
Foreign Investment Act (RA 7042)
- Requisites of Foreign License:
- Date and term of incorporation
- Address of principal office
- Name of resident agent and address
- Place where corporation will operate
- Specific objective of corporation
- Name of directors and officers
- Amount paid in
- Statement of stocks and shares, securities
- Additional information
Public Utility Act (RA 11659)
- Covers:
- Distribution of Electricity
- Transmission of Electricity
- Water and sewage pipeline system
- Petroleum pipeline system
- Seaports and public utility vehicle
- Public Service not qualified as Public Utility is considered a business
NEDA (National Economic Development Authority)
- Provides advice to agents of public utility
- Regulation of Rates: over and above costs for maintenance
Partnership
- Two or more entities dividing profit
- Can be created through mere agreement and consent
- Types of partnerships:
- Particular Partnership: specific object or determinate thing
- Joint Venture: specific project
- Pro rata: equitable way to divide shares
Securities Regulation Code (RA 8799)
- Protects the public who wishes to invest
- Promotes a socially conscious market
- Covers:
- Shares
- Stocks
- Bonds
- Debentures
This quiz covers types of agreements, including treaties, international agreements, bilateral and multilateral agreements, executive agreements, and contracts, including their differences and characteristics.
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