MGT 205 Obligations and Contracts: Essential Elements and Sources

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What is the definition of an obligation based on the New Civil Code?

A social necessity to give, to do or not to do

A juridical necessity to give, to do or not to do (correct)

A moral necessity to give, to do or not to do

An ethical necessity to give, to do or not to do

Which of the following is NOT an essential element of obligations?

Object or prestation

Active subject

Contractual tie (correct)

Passive subject

According to the New Civil Code, where do obligations arise from?

Customs and traditions

Social interactions

Law, contracts, quasi-contracts, and acts or omissions punished by law (correct)

Common practices and norms

What are the elements of a cause of action as per the given text?

Right in favor of the plaintiff, obligation on the part of the named defendant, and act or omission on the part of the defendant violative of the right of the plaintiff (D) Signup and view all the answers

According to Article 1144, when must the following actions be brought?

Within ten years from the time the right of action accrues (D) Signup and view all the answers

When does a mortgage action prescribe according to Article 1142?

After ten years (B) Signup and view all the answers

What is the time limit for commencing an action upon an oral contract?

Six years (A) Signup and view all the answers

Under which provision of the Civil Code must actions upon a quasicontract be instituted within four years?

Art. 1147 (D) Signup and view all the answers

What is the time limit for filing an action for forcible entry and detainer?

One year (A) Signup and view all the answers

What is the definition of a contract according to Civil Code, Art. 1305?

An agreement between two parties to give something or render some service (D) Signup and view all the answers

What is the effect of obligations arising from contracts, according to Art. 1159 of the Civil Code?

They have the force of law between the contracting parties (C) Signup and view all the answers

What is the definition of a contract of sale according to Art. 1458 of the Civil Code?

A meeting of minds between two persons whereby one obligates himself to transfer ownership and deliver a determinate thing (D) Signup and view all the answers

What do obligations derived from quasicontracts ensure, according to the Civil Code?

They prevent unjust enrichment at the expense of another party (A) Signup and view all the answers

Under what principle does negotiorum gestio operate?

'No one shall be unjustly enriched or benefited at the expense of another' (A) Signup and view all the answers

When is money paid under the influence of a mistake of fact considered a quasicontract?

'When it is paid on the mistaken supposition of the existence of a specific fact which would entitle the other to' (B) Signup and view all the answers

Who has an obligation to reimburse Bong on the principle of quasicontract in the given scenario?

David (D) Signup and view all the answers

What is the purpose of taxation?

To fund various social services and infrastructure crucial for nation-building and economic growth (C) Signup and view all the answers

Why do credit card and personal loan applications require an income tax return (ITR)?

To serve as proof of income for the borrower (A) Signup and view all the answers

What are the consequences of failing to pay taxes in the Philippines?

Serious and costly consequences (A) Signup and view all the answers

Who collects national taxes in the Philippines?

Bureau of Internal Revenue (BIR) (C) Signup and view all the answers

On what income is a Resident Citizen taxed in the Philippines?

Income from both within and outside the Philippines (D) Signup and view all the answers

Which type of individual taxpayer in the Philippines is considered a non-resident alien who is not doing business in the country?

Non-resident alien not doing business in the Philippines (B) Signup and view all the answers

What type of income tax applies to minimum wage earners in the Philippines?

Minimum Corporate Income Tax (A) Signup and view all the answers

Under what tax scheme in the Philippines are certain businesses subject to an 8% tax rate?

Business income (C) Signup and view all the answers

What is the Philippine Economic Zone Authority (PEZA) primarily related to?

Regional operating headquarters (A) Signup and view all the answers

What does the term 'tax' primarily refer to in the context of government finance?

'Mandatory contribution levied on corporations or individuals' (C) Signup and view all the answers