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  • Regulatory Framework For Business Transactions Madbolivar: Quiz 2-Contracts

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    This document contains a 20-question quiz on the regulatory framework for business transactions and contracts. The questions test the ability to determine the legal status of various contracts described in different scenarios, including contracts entered into by minors, insane persons, through threats or misrepresentation, and contracts for unusual subject matters like the sale of planets. The possible statuses provided for each contract are: perfectly valid, rescissible, voidable, unenforceable, or void.

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    Contracts

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    This document contains a 20-question quiz on the regulatory framework for business transactions and contracts. The questions test the ability to determine the legal status of various contracts described in different scenarios, including contracts entered into by minors, insane persons, through threats or misrepresentation, and contracts for unusual subject matters like the sale of planets. The possible statuses provided for each contract are: perfectly valid, rescissible, voidable, unenforceable, or void.

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    183 views2 pages

    Regulatory Framework For Business Transactions Madbolivar: Quiz 2-Contracts

    Uploaded by

    CPA
    This document contains a 20-question quiz on the regulatory framework for business transactions and contracts. The questions test the ability to determine the legal status of various contracts described in different scenarios, including contracts entered into by minors, insane persons, through threats or misrepresentation, and contracts for unusual subject matters like the sale of planets. The possible statuses provided for each contract are: perfectly valid, rescissible, voidable, unenforceable, or void.

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    © All Rights Reserved
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    of 2

    UNIVERSITY OF NUEVA CACERES

    COLLEGE OF BUSINESS AND ACCOUNTANCY


    COMPREHENSIVE ACCOUNTING (BATCH 2019)

    REGULATORY FRAMEWORK FOR BUSINESS TRANSACTIONS


    MADBOLIVAR

    Quiz 2-Contracts
    This is a self-assessment quiz, you should at least get 15 to pass, good luck!
    For the following scenario, determine the status of the contract entered into:
    A- Perfectly Valid
    B- Rescissible
    C- Voidable
    D- Unenforceable
    E- Void

    1. A 17-year old student orally entered into a contract of service involving sexual intercourse
    with a prostitute at a price of P500 which will be performed after 2 years. Payment has not
    yet been made.
    2. A 16 year old student orally entered into a 5-year contract of lease of car at a rent of
    P500/year with a leasing company.
    3. A written contract of donation of cellphone with a value of P5,001 with acceptance also
    made in writing made be a married man to his insane concubine.
    4. An oral contract of sale of land with a selling price of P6M and book value of P10M
    wherein delivery shall be made after 3 years. The buyer has already paid a down payment
    of P1M at the perfection of the contract.
    5. A written contract of sale of planet Jupiter at a selling price of P10M.
    6. A is a judgment debtor in an action to collect a sum of money. A writ of attachment has
    been issued against A. A sold in writing his laptop at a selling price of P500 to B.
    7. Written contract of sale of Presidential Chopper to President Rodrigo Duterte at a selling
    price of P10M when its book value is still P40M.
    8. Written contract of Real Estate Mortgage entered into by A and B after B threatened to file
    a collection suit against A if A will not execute the real estate mortgage to secure his
    matured and demandable obligation to pay a sum of money.
    9. Written contract of sale of cellphone at a price of P500 entered by A and B after B pointed
    a gun to A’s wife in order for A to give consent.
    10. Oral contract of sale of T-shirt at a price of P500 entered between SM and A after the
    saleslady of SM said that A is handsome wearing that T-shirt. A has already paid the price.
    11. Written contract of sale of authentic Coach Bag between A and B at a price of P10,000. At
    the time of delivery, A delivered a counterfeited Coach Bag.
    12. Oral contract entered between A and B when A thought that the contract is one of
    commodatum while B thought that the contract is one of real deposit.
    13. A farmer and a bank entered into a contract of loan amounting to P500 with real estate
    mortgage over the farmer’s land. The amount of cash has already been delivered to the
    farmer. However, the bank’s legal counsel executed a deed, pacto de retro sale. What is the
    status of the contract of loan and real estate mortgage?
    14. Oral contract of antichresis entered into between the debtor and creditor with consensual
    agreement on the principal and interest of the loan.

    Page 1 of 2
    15. Written contract of sale of piece of land at a price of P1M when its book value is P1.5M.
    The purchaser is the trial court judge in the levy and execution of such land for satisfaction
    of judgment debt.
    16. Written contract of sale of laptop at a price of P10,000 entered into by an insane agent, in
    behalf of his capacitated principal, with a domestic corporation.
    17. Oral contract of lease of laptop for a period of 3 years entered into between a demented
    lesee and an insane lessor, perfected during the lucid interval of the latter. The rental is
    P500 per month.
    18. Oral contract of agency entered into between a minor agent and an adult principal when the
    commission is P500 per transaction.
    19. Written contract of sale of minor’s bag entered into by his parents at a price of P600 when
    its book value is P800.
    20. Oral contract of lease for 2 years of absentee’s bike at a rental of P500 per month when
    prevailing monthly rental is P800 per month entered into by his legal representative with a
    lawyer.

    Page 2 of 2

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