Review Material on Blt

po 2011 NATIONAL CPA MOCK BOARD EXAMINATION

In partnership with the Professional Review & Training Center, Inc. and Isla Lipana & Co.

B U S I N E S S L A W & T A X A T I O N

INSTRUCTIONS: Select the best answer for each of the following questions. Mark only one answer for each item on the answer sheet provided. AVOID ERASURES. Answers with erasures may render your examination answer sheet INVALID. Use PENCIL NO.2 only. GOODLUCK!

1. Which of these is not a conditional obligation?

a. D is to pay C P1,000,000 if he finishes his LL.B. at the V.P. College of law.

b. D will pay C P500,000 as soon as his financial means will permit him to do so.

c. D is to pay C P2,000,000 ten days after his

80th birthday.

d. D will pay C P1,000,000 twenty days after he passes the C.P.A. exams for October 2008.

e. None of the above.

2. A, B, & C obligated themselves to deliver to X a specific and determinate car valued at P600,000. Due to the fault of A, the car was not delivered to X causing the latter damages in the amount of P9,000.

a. By specific performance. X can compel B & C to deliver 1/3 each of the car and H to pay damages.

b. The action of X is converted into one for damages where he hold liable A, B & C for P203,000 each.

c. The action of X is converted into one for

damages where he can hold B & C liable for

P200,000 each and A for P209,000.

d. The action being solidary and indivisible only A

can be held liable by X for P609,000.

3. Payment shall be made to, except:

a. Obligee

b. Creditor’s assignee c. Obligor

d. Executor of the deceased obligee

4. The delivery of a private document evidencing a credit, made voluntarily...