What is the law enacting unclaimed balances law

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Reference no: EM133935829

Question

1. What is the law enacting Unclaimed Balances Law?

2. Amending Law for Unclaimed Balances Law?

3. What is the effect of gross inadequacy of price?

a. Null and Void

b. Unenforceable

c. Does not affect a contract of sale

d. Does not affect a contract of sale except as it may indicate defect in consent?

e. No answer applicable

4. In case of legal redemption whereby adjoining rural or urban land and a coowner is present who shall be preferred in the exercise of redemption?

a. Adjoining rural land

b. Adjoining urban land

c. Co-owner

d. Owner with smallest area

e. It is too hard to tell

5. Sydney is the sole owner of a condominium unit. Sydney sold ½ undivided interest therein to Britney. Is the sale Valid?

a. No, sale must be determinate

b. No, sale must be of whole thing

c. Yes, provided it can be divided physically

d. Yes, and they will become co-owners

e. This is against the law

6. Selly sold his car to Buyie for 120,000 payable in 12 equal installments of 10,000 each month. As a security Buyie executed a chattel mortgage on the car. What is the remedy if he defaulted to pay one installment?

a. Exact fulfillment

b. Cancel the sale

c. Foreclose the chattel

d. All of the above

e. None of the Above

7. What is the status of contract of sale entered into by minors with capacitated person?

a. voidable

b. rescissible

c. unenforceable

d. Null and Void

e. Valid always

8. Sining stole a watch of Benita, then sold it to Goreng for the amount of 5,000. Goreng is in good faith. Can Sining recover the watch from Goreng?

a. No, Goreng is good faith

b. Yes, with reimbursement of 5,000 to Goreng

c. Yes, without reimbursement of 5,000

d. No, Sining need to file a court proceeding

e. I don't know what to do

9. A form of delivery which takes place after the seller of the property continues in possession of said property no longer as owner but as mere possessor.

a. Traditio constitutum possessorium

b. Traditio Clavium

c. Traditio brevi-manu

d. Quasi-traditio

10. Catarina bought a residential unit in XYZ Real Estate Co. amounting to 20,000,000. The said unit has a term of: 5,000 reservation fees, 20% down payment payable in 3 years, and the rest of the contract price payable in 20 years. Compute for the annual amortization for the first 3 years.

11. Catarina bought a residential unit in XYZ Real Estate Co. amounting to 20,000,000. The said unit has a term of: 5,000 reservation fees, 20% down payment payable in 3 years, and the rest of the contract price payable in 20 years. Compute for the annual amortization for the next 10 years.

12. Catarina bought a residential unit in XYZ Real Estate Co. amounting to 20,000,000. The said unit has a term of: 5,000 reservation fee, 20% down payment payable in 3 years, and the rest of the contract price payable in 20 years. Compute for the annual amortization for the next 10 years.

13. Catarina bought a residential unit in XYZ Real Estate Co. amounting to 20,000,000. The said unit has a term of: 5,000 reservation fee, 20% down payment payable in 3 years, and the rest of the contract price payable in 20 years. If Catarina did not go on with the sale, can she have the refund on reservation fee?

14. Catarina bought a residential unit in XYZ Real Estate Co. amounting to 20,000,000. The said unit has a term of: 5,000 reservation fee, 20% down payment payable in 3 years, and the rest of the contract price payable in 20 years. If on the 19th year Catarina defaulted and the sale was cancelled, compute for the cash surrender value.

15. Which of the following is not a right of unpaid seller?

a. Right of stoppage intransitu

b. Right of resale

c. Right to rescind

d. Right to declare null and void

e. possesory lien

16. How many days were given to drawer to pay the amount after notice of dishonor were received in case of ESTAFA?

a. 3 DAYS

b. 3 BANKING DAYS

c. 5 DAYS

d. 5 BANKING DAYS

17. Who shall act as the Chairman of the board of PDIC?

a. Secretary of Finance

b. President of the Philippines

c. Governor of the Bangko Sentral

18. What distinguishes ESTAFA from BP 22?

a. It is for value

b. It is for account

c. Both are for Estafa

d. None of the above

19. Celina is a songwriter who has made an original composition together with his son Clemente. If their song has given copyright by the agency for this matter and Celina died on November 3, 2021, until when is the validity of the said copyright? Write your answer in this format:

20. Jena is the owner of Jena's Manukan sa Nayon located in Barangay Ligaw. If Jena was given trademark for her store's logo on November 3, 2021, when will be her next renewal?

Reference no: EM133935829

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