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Regulatory Framework for Business Transactions (RFBT)
Practice Test

1
...
The contract of real estate mortgage provides that Anna is prohibited form selling the
mortgaged house in case of default of Anna at the maturity date of the loan, Beth will become
the automatic owner of the mortgaged house
...
Anna may still sell the house to third person despite the prohibition in the contract of real
estate mortgage
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Beth becomes the owner of the mortgaged house upon the default of Anna
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The contract of real estate mortgaged is null and void because of the stipulation of pactum
commissorium which is contrary to law and public policy
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The contract of real estate mortgage is unenforceable because it is not in public document
and not registered with Registry of Deeds
...
Which of the following is a defense that is available against a holder in due course?
a
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Acquisition of instrument by force or duress
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Illegality of consideration
d
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3
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The fixing of the price can never be left to the decision of one of the contracting parties
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II
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a
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b
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c
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d
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4
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a
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Conditional sale
c
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Agency to sell

5
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a
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Waver of rights
c
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Stipulation pour autruie
6
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Two weeks later, Tiger died
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Should annulment be
allowed?
a
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b
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c
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d
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7
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If all objects were lost
thru Atoy’s fault, which is correct?
a
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The value of the last thing lost plus damages must be given to Bitoy
c
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The obligation is extinguished
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“Dout Facias” means
a
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I do and you give
c
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I do and you do
9
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2nd statement: In cession en pago, what is being transferred is the universality of the debtor’s
property
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Both statements are wrong
b
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Both statements are correct
d
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A condition which, if imposed on an obligation will be disregarded and will therefore make the
obligation immediately demandable
a
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b
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c
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d
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11
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a
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Application of payment
c
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Novation
12
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How will Jay require the fulfillment of the obligation?
a
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b
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c
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d
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13
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2nd statement: Whoever pays for another’s debt may demand from the debtor what he has paid
a
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b
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c
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d
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14
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X owes Mr
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X knows that on maturity date, he will not be able to pay Y, and in
order to prevent attachment of his property, X, before maturity of his debt, executed a contract
pretending to sell to Mr
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Which of the following statements is not correct?
a
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b
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c
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d
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Y can seek rescission of the fictitious contract
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What is an example of a natural element of a contract?
a
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Warranty against eviction

c
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Consideration
16
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a
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Cognition theory
c
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Expedition theory
17
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On March 6, 1956,
at 1:00 pm, B sent a letter of acceptance which was received by A at 4:00 pm that day
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When was the contract perfected?
a
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The contract has not been perfected
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At 2:00 pm
d
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Carlos agreed orally to repair Ive’s rare book for P450
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After Carlos completed the work, Ivan refused to pay and Carlos sued
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What total amount will Carlos recover?
a
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P200
c
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P650
19
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Within a period of 60 days
b
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Within a period of 20 days
d
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What is the voting requirement for registration or formation of an electric cooperative with
Cooperative Development Authority?
a
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b
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c
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d
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Answer Key
1
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A
3
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C
5
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A
7
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C
9
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B
11
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B
13
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B
15
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A
17
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D
19
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C



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