[PINNACLE] FIRST PREBOARD
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100 Terms
X received Php1,000 from Y which needs to be repaid in 90 days. In this situation:
Statement I: X is the active subject while Y is the active subject;
Statement II: The prestation involves doing something; and,
Statement III: The efficient cause or juridical tie is the law.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
B - FFF
D was driving a bus owned by X. D tried to outrun a jeepney which had cut through the lane, but crashed into a car privately owned and driven by C. As result, the passengers in both the bus and car were all either killed or injured. Both vehicles were insured by ABC Insurance Corp. In this situation:
Statement I: The injured passengers may separately claim damages from their respective drivers based on contract;
Statement II: C may be able to claim damages from both D and X liable based on an act or omission punished by law; and,
Statement III: The heirs of the deceased passengers of the car may file suit against the X based on quasi-delict.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
C - FTT
Delay or default is non-fulfillment of an obligation with respect to time. More paticluarly:
Statement I: Mora solved is delay on the part of the debtor;
Statement II: Mora Accipiendi is delay on the part of the creditor; and,
Statement III: compensation morae is default of both parties in any obligation
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
C - TTF
Article 1170 of the Civil Code provides for the sources of liability for damages, such as:
Statement I: Dolo causante;
Statement II: Mora Solvendi; and,
Statement III: Culpa contractual.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
C - FTT
The Civil Code provides as a rule that no person shall be liable for fortuitous events and the corresponding loss of the thing shall extinguish the obligation to give, except:
Statement I: when the debtor has incurred delay;
Statement II: when the obligation involves the assumption of risk; and,
Statement III: when the debt is a result of a criminal offense.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
A - TTT
The Civil Code provides a condition is a future and uncertain event which may result in the demandability or extinguishment of an obligation. The following are valid conditional obligations:
Statement I: X will give Php1M if A does not swim to the earth’s core;
Statement II: X will give Php1M if A’s ticket are does not win in the lottery; and,
Statement III: X will give Php1M if A’s marriage proposal is declined by B.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
A - TTT
The Civil Code provides a “day certain” is that which must necessarily come, although it may not be known when. The following are valid obligations with a period:
Statement I: X will give Php1M when A celebrates her 100th birthday;
Statement II: X will give Php1M when A dies ahead of B; and,
Statement III: X will give Php1M when X recovers from his severe financial difficulties.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
D - FFT
A, B and C are solidarily liable to X for Php18,000 in 1:2:3 proportion, subject to the following stipulations: A’s share is payable on demand, B’s share is payable on the last day of the next year’s October LECPA, and C’s share is due is X’s son gets accredited as an accounting teacher. In relation thereto:
Statement I: X may demand Php3000 anytime from A, but may only demand the same amount from either B or C when the respective stipulations are fulfilled;
Statement II: Upon arrival of the last day of next year’s LECPA, X may demand Php6,000 from either A or B, but may only demand from the same amount from C only upon fulfillment of the related stipulation; and,
Statement III: Upon X’s son is accredited as an accounting teacher, X may demand Php9,000 from any of the solidary debtors.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
B - FFF
X has on obligation to give Php5M, which is secured by a specific horse also worth 5M, to A on July 31 of the current year. On the other hand, A is indebted to X for Php5M due on or before August 31 of the current year. Consider the following:
Statement I: If the horse suddenly dies on July 30, A can decide that the parties will no longer receive anything from each other due to extinguishment of their obligations;
Statement II: On July 31, A can choose not to pay and claim that the obligation as already extinguished; and,
Statement III: If on July 31, X offers the horse as payment instead of the cash and A accepts, the latter can them claim compensation so the parties will no longer have to perform their obligations.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
C - TTF
D owes P2200 to C which is payable in eleven monthly installments beginning the end of the current month. In this case:
Statement I. D can use coins in denominations of 0.01 to 0.25 to pay only if C agrees to accept payment in such a manner;
Statement II. D can use coins in denominations of 1.00 to 20.00 only if C does not object to such payment; or,
Statement III. D can use BSP Bank Notes to pay with or without C’s consent thereto.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
D - FFT
Consent is manifested by the meeting of the offer, which is certain, and the acceptance, which must be absolute, upon the thing and the cause which are to constitute the contract. In relation thereto, consider the following:
Statement I. If at the time of making the offer or acceptance one of the parties was insane, the resulting contract is void;
Statement II. If before the acceptance is conveyed to the offeror, either of the parties becomes insane, the resulting contract is voidable; and,
Statement III. If after the acceptance is conveyed to the offeror, either of the parties becomes insane, the resulting contract is unenforceable.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
B - FFF
Three of the following contracts are void:
Statement I: A contract of pledge where the thing pledged remained with the pledgor;
Statement II: Sale of large cattle which does not follow the prescribed form; and,
Statement III: An undertaking to donate one’s kidneys to science in the event of death.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
C - TTF
S, a minor, orally sold his only iPad Pro for Php50,000 to B, a demented person, during the latter’s lucid interval. The down payment of Php12,500 was paid at the point of perfection. In this situation:
Statement I: The contract is valid;
Statement II: Only one of the parties may file a case to nullify the contract; and/or,
Statement III: Either party may sue the other to compel performance of their respective obligations in case of breach.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
A - TTT
Three of the following may objects of contracts:
Statement I: All things which are not within the commerce of man;
Statement II: All rights which are not transmissible; and,
Statement III: All services which are contrary to law, morals, good customs, public order or public policy.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
B - FFF
Consider the following:
Statement I: Republic Act 386 recognizes both nominate and innominate contracts;
Statement II: Do ut des (I give that you may give) is a nominate contract; and,
Statement III: Facio u facias (I do that you may do) is an innominate contract.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
A - TTT
Three of the following contracts are defective:
Statement I: A court-approved sale by the guardian of a minor of property worth Php100,000 for a selling price of Php60,000;
Statement II: Sale by a mature-looking minor who pretended to be 25 years old of property worth Php100,000 for a selling price of Php600,000; and,
Statement III: Sale of a minor for a selling price of Php6M in consideration for a better life for the said minor.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
D - FFT
The following contracts are valid:
Statement I: Sale of an son’s prospective share in the net worth his dying father;
Statement II: Sale of a car that is still to be manufactured the seller; and,
Statement III: Sale of a kidney the proceeds of which are earmarked for a new iPhone.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
D - FTF
The following contracts are valid:
Statement I: Sale of car on behalf of another without the latter’s consent;
Statement II: Sale of a car that is still to be bought by the seller from a third person; and,
Statement III: A contract of sale of a car where the true intention of the parties is to transfer it gratuitously.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
A - TTT
In the rules on interpretation of contracts:
Statement I. If the words of the contract are clear and leave no doubt on the intention of the parties, interpretation of contracts may be proper;
Statement II. In case of gratuitous contracts, doubts shall be resolved in favor of greatest reciprocity of interest; and,
Statement III. In onerous contracts, the least transmission of rights and interests shall prevail.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
B - FFF
Consider the following:
Statement I. Mutual error as to the legal effect of an agreement when the purpose of the parties is frustrated may result in the reformation of the instrument;
Statement II. Mutual mistake of the parties and the instrument does not express the true agreement will make the contract voidable; and,
Statement III. Mutual confusion as to the terms of the offer and acceptance will have no effect on the contract.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
B - FFF
X bought a residential house from ABC Realty Corp. for a total contract price of Php6M and made a downpayment of Php600,000 and the remainder is to be paid in equal monthly installments of Php50,000. Consider the following:
Statement I. If X had paid a total of Php1,200,000, he would be entitled to a grace period of not less than 60days;
Statement II. If X had paid a total of Php3,600,000, he would be entitled to a Php1,800,000;
Statement III. If X had paid a total of Php5,400,000, he would be entitled to Php3,510,000.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
A - TTT
The Realty Installment Buyer Act or Maceda Law if Official designated as Republic Act No.:
A. 6550
B. 6551
C. 6552
D. 6553
C
The price in a contract of sale is certain if:
Statement I. the price fixed at the closing price of Meralco Shares on the last trading day of this week;
Statement II. the price is pegged to the value of the one ounce of gold;
Statement III. if the price if fixed by the seller.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
C - TTF
Hamzi, an American citizen based in the USA, went to the Philippines for a vacation. While in Boracay, she met went on a drinking spree and eventually met Jay, a bartender. While under a state of drunkenness, Hamzi orally agreed to buy and paid via check the land of Jay in Boracay for P5,000,000, when its fair market value was P500,000 only. Upon receipt of the check, Jay immediately handed over the Transfer Certificate of Title to Hamzi. What is the status of the contract?
A. Rescissible
B. Voidable
C. Unenforceable
D. Void
D
The law on sales provides for an implied warranty against eviction imposed on the seller. The parties may however provide for an exemption for the seller via stipulation, which produces the following effects:
Statement I. If the seller acted in bad faith, the stipulation is rendered voidable due to fraud;
Statement II. If the seller if in good faith and the vendee assumed the consequences, the stipulation remains enforceable; and,
Statement III. If the seller if in good faith but the vendee was unaware of the consequences, the stipulation becomes unenforceable because all the terms need to be in writing.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
D - FTF
The law on sales provides:
Statement I. If a team of six horses are bought and one of them has a redhibitory defect, accion redhibitoria can be availed of for only two of the horses that constitute a pair;
Statement II. If the guide dog was bought as a companion for a visually impaired person turn out to be blind, the sale is voidable due to fraud;
Statement III. If a goat was bought and it died within 3 days due to a disease, the seller shall be liable for a proportionate reduction in price for the number of days it was alive in relation to the average lifespan of a goat.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
B - FFF
The following are the characteristics of a contract of sale:
Statement I. a contract of sale can exist by itself and is not dependent on any other contract;
Statement II. requires the delivery of the object of the contract of sale for its perfection;
Statement III. rights are acquired in exchange for a valuable consideration.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
C - TFT
On June 1, 20x0, S sold to B 50 units of machines which were scheduled to arrive from Japan. The sale was evidenced by an invoice identifying each machine by serial number. Each machine was priced at P100,000.00. Unknown to the parties, 30 units were damaged beyond repair by seawater on May 31, 20x0. In relation thereto, consider the following:
Statement I. B and S retain their respective rights to compel delivery of 50 machines and to compel payment of the corresponding price;
Statement II. B may rescind the whole contract; and,
Statement III. S may be compelled to delivery of the remaining 20 units subject to payment of the price therefor.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
C - FTT
S and B entered into an agreement and executed a document entitled “Contract of Sale” whereby S transferred to B a specific car for specific price, while B gave to S a specific amount of cash and a diamond ring valued at a specific amount. In relation thereto, consider the following:
Statement I. The contract here is a Sale regardless of the values of the items therein;
Statement II. The contract here is a Barter or an Exchange if the value of the thing exceeds the money given as part of the consideration; and,
Statement III. The contract here is a Sale if the value of the money given is greater than the thing given as part of the consideration.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
D - TFF
In foreclosures of Real Estate Mortgages:
Statement I. There is generally no right of redemption in judicial foreclosure;
Statement II. In case of judicial foreclosures where the bank is the creditor and extrajudicial foreclosures, there is a 1-year redemption period for natural persons;
Statement III. In case of extrajudicial foreclosures where the mortgagor is a juridical person, the redemption period is at least 90 days.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
C - TFT
Pledges are extinguished:
Statement I. Upon appropriation by the creditor of the thing pledged if there is a failure to sell in the first and second notarial sale;
Statement II. Renunciation or abandonment, whether express or implied, of the pledge by the pledgee;
Statement III. Return of the thing pledged to the pledgor.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
C - TFT
In a Notarial sale of pledges:
Statement I. This sale will extinguish the pledge (accessory contract) but not the principal obligation in case the proceeds are deficient;
Statement II. In case the proceeds of the sale are deficient, the creditor cannot recover the deficiency even if there is a stipulation;
Statement III. In case the proceeds exceed the principal obligation, the excess goes to the creditor even if there is a stipulation.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
D - FTF
If in a pledge or mortgage where there are several things are pledged or mortgaged:
Statement I. the debtor who has paid a part of the debt can ask for the proportionate extinguishment of the pledge or mortgage;
Statement II. the debtor’s heir who has paid a part of the debt can ask for the proportionate extinguishment of the pledge or mortgage; and,
Statement III. the creditor’s heir who received his share of the debt can return the pledge or cancel the mortgage.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
B - FFF
Pledges and mortgages have common characteristics, such as:
Statement I. The contract of pledge or mortgage may secure all kinds of obligations, be they natural, pure or subject to a suspensive or resolutory condition, valid obligations embodied in voidable or unenforceable contracts, even those which are void;
Statement II. It is the essence of pledges and mortgages that when the principal obligation becomes due, the things in which the pledge or mortgage consists may be alienated for the payment to the creditor;
Statement III. The creditor cannot appropriate the things given by way of pledge or mortgage, or dispose of them. The parties, however, can stipulate to the contrary.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
D - FTF
Chattel mortgages:
Statement I. require the existence of a principal contract because the chattel mortgage cannot exist on its own;
Statement II. require registration and an affidavit of good faith to be binding upon third persons; and,
Statement III. can only cover obligations existing at the time of execution and cannot extend to after-incurred obligations.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
A - TTT
In pledges created by operation of law:
Statement I. a thing under a pledge by operation of law may be sold only after demand of the amount for which the thing is retained and the public auction shall take place within one month after such demand;
Statement II. if, without just grounds, the creditor does not cause the public sale to be held within such period, the debtor may require the return of the thing; and,
Statement III. after payment of the debt and expenses, the remainder of the price of the sale shall be delivered to the obligor; however, in case of a deficiency, the rules on conventional pledges shall apply.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
C - TTF
In relation to the contract of real estate mortgage:
Statement I. In addition to the requisites stated in article 2085, it is indispensable, in order that a mortgage may be validly constituted, that the document in which it appears be recorded in the Registry of Property, otherwise, it is void;
Statement II. The persons in whose favor the law establishes a mortgage have no right to demand the execution and the recording of the document in which the mortgage is formalized; and,
Statement III. A contract of mortgage is essentially a formal contract.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
B - FFF
D borrowed 1M from C. The is secured by the property of X worth 1.5M. On due date, D was not able to pay the proper amount. Consider the following:
Statement I. If this were a chattel mortgage, the excess of the proceeds from the foreclosure sale will go to D;
Statement II. if this were a pledge, the excess of the proceeds from the notarial sale would not go to C; and,
Statement III. if this were a real estate mortgage, C cannot demand payment from X.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
B - FFF
Republic Act No. 3591 is the law that created the Philippine Deposit Insurance Corporation or PDIC. It has been amended several time over the years, and the most recent amendatory law is Republic Act No:
A. 10864.
B. 11840.
C. 10149.
D. 11211.
B
RA 3591 as amended provides:
Statement I. PDIC is a Government Owned and Controlled Corporation attached to the Bangko Sentral ng Pilipinas for policy and program coordination;
Statement II. The Vice President and other officials of PDIC shall be appointed and may be removed by its (PDIC’s) President; and,
Statement III. PDIC enjoys fiscal and administrative autonomy.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
D - FFT
RA 3591 as amended provides PDIC shall exercise its authority to examine banks and deposit records, jointly with the BSP, in the following cases:
Statement I. There is finding of unsafe and unsound banking related to deposit-taking;
Statement II. There is a failure of prompt corrective action as declared by the Monetary Board due to capital deficiency; and,
Statement III. Whenever the PDIC deems it appropriate and necessary to join BSP in the conduct of the examination of a bank..
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
C - TTF
RA 3591 as amended provides:
Statement I. PDIC is now mandated to provide insurance cover to Islamic bank products or arrangements classified as deposits by the BSP;
Statement II. PDIC may adjust the maximum deposit insurance coverage (beyond Php500,000.00) based on inflation and other relevant economic indicators without the need for legislation; and,
Statement III. PDIC shall exclude from deposit insurance coverage deposit account/s or transaction/s subject of the Directive to Cease and Desist (DCD) issued by the BSP which exclusion shall be effective upon the publication of the DCD.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
A - TTT
The New Central Bank Act as amended (RA 7653) provides for the “close now, hear later” policy. This is allowed whenever, upon report of the head of the supervising or examining department, the Monetary Board finds that a bank:
Statement I. has notified the Bangko Sentral or publicly announced a unilateral closure;
Statement II. has been dormant for at least thirty (30) days or in any manner has suspended the payment of its deposit/deposit substitute liabilities;
Statement III. or is unable to pay its liabilities as they become due in the ordinary course of business.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
C - TFT
How much may X collect from PDIC?
A. P525,000
B. P625,000
C. P975,000
D. P1,000,000
A
AMLA and its implementing regulations provide for certain principles in the country’s fight against money laundering. In relation thereto, consider the following:
Statement I: Covered persons may be held liable for violation of the Data Privacy Act for reporting covered and suspicious transactions;
Statement II: Covered persons are required to keep records even for longer than 5 years as long as the case is active relative to said transactions; and,
Statement III: Lawyers are generally required to file suspicious transaction reports.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
D - FTF
In determining the identity of the beneficial owners, CPs should establish the customer’s ownership structure and understand the ownership at each layer. Usually, the beneficial owner is not one individual; there may be several beneficial owners in a structure. When there are complex ownership layers and no reasonable explanation for them, CPs should consider the possibility that the structure is being used to hide the beneficial owner. In relation thereto:
Statement I. Any natural person who directly or indirectly owns more than twenty percent (20%) of the legal person who is a customer of the CP (“Ownership Prong”) shall be considered the beneficial owner; and,
Statement II. Any individual who has “significant” responsibility to control, manage, or direct the legal person (“Effective Control Prong”) will be also be considered the beneficial owner.
A. Both are true.
B. None are true.
C. Only I is true.
D. Only II is true.
D - FTF
The following circumstances warrants the filing of a suspicious transaction report:
Statement I: The client is a politically exposed person;
Statement II: The client is a casino junket operator; or,
Statement III: The client is not properly identified.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
D - FFT
The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions.
Statement I. The Financial Action Task Force (FATF) is the global money laundering and terrorist financing guide dog;
Statement II. The mandate of the FATF is to set standards and to promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and the financing of proliferation, and other related threats to the integrity of the international financial system; and,
Statement III. In collaboration with other international stakeholders, the FATF also works to identify national-level vulnerabilities with the aim of protecting the international financial system from misuse.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
C - FTT
AMLA defines several terms, and one of which is “Unlawful activity,” which includes any act or omission or series or combination thereof involving or having direct relation to a violation of Section 254 of Chapter II, Title X of the National Internal Revenue Code of 1997, as amended:
Statement I. where the deficiency basic tax due in the preliminary assessment is in excess of Twenty-five million pesos (P25,000,000.00) per taxable year, for all tax types covered and there has been a finding of probable cause by the competent authority;
Statement II. Provided, further, That there need not be a finding of fraud, willful misrepresenting or malicious intent on the part of the taxpayer; and,
Statement III. Provided, finally, AMLC shall institute forfeiture proceedings to recover monetary instruments, property or proceeds representing, involving, or relating to a tax crime, even if the same has already been recovered or collected by the Bureau of Internal Revenue (BIR) in a separate proceeding.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
B - FFF
Under the AMLA, the Anti-Money Laundering Council or AMLC, which shall act unanimously in the discharge of its functions, is tasked to implement targeted financial sanctions:
Statement I. in relation to proliferation of weapons of mass destruction and its financing;
Statement II. including ex parte freeze, within 24 hours, against all funds and other assets that are owned and controlled, directly or indirectly, including funds and assets derived or generated therefrom;
Statement III. by individuals or entities designated and listed under United Nations Security Council Resolution Numbers 1718 of 2006 and 2231 of 2015 and their successor resolutions as well as any binding resolution of the Security Council.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
C - TFT
AMLA defines several terms, and one of which is “Covered Transaction,” which is:
Statement I. a transaction in cash or other equivalent monetary instrument involving a total amount in excess of Five hundred thousand pesos (P500,000.00) within one (1) banking day;
Statement II. for covered persons under Section 3(a)(8), a single casino cash transaction involving an amount in excess of Five million pesos (P5,000,000.00) or its equivalent in any other currency; and,
Statement III. for covered persons under Section 3(a)(9) herein, a single cash transaction involving an amount in excess of Seven million five hundred thousand pesos (P7,500,000.00) or its equivalent in any other currency.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
A - TTT
What term refers to the statement “no administrative, criminal, or civil proceedings, shall lie against any person for having made a covered transaction report of a suspicious transaction report in the regular performance of his duties and in good faith, whether or not such reporting results in any criminal prosecution under this Act or any other Philippine law”?
A. Safe harbor provision
B. Prosecutorial Immunity
C. Nulla Poena Sine Lege
D. These all mean the same thing
A
The law entitled “An Act Defining The Crime Of Money Laundering, Providing Penalties Therefor And For Other Purposes” or The Anti-Money Laundering Act of 2001 is designated as Republic Act No. 9160. Over the years, it have done through several amendments, the latest one being Republic Act No.:
A. 11520.
B. 11521.
C. 11522.
D. 11523.
B
The Guidelines provide that should the beneficial owner be determined to be a “Politically Exposed Person” (“PEP”), Covered Persons:
Statement I. need not obtain senior management approval before establishing (or continuing, for relationships; existing customers) such business;
Statement II. Conduct enhanced ongoing monitoring on that relationship; and,
Statement III. Reassess the risk profile of the customer and beneficial owner based on the CPs existing policy.
A. All are true.
B. Only two are true.
C. Only one is true.
D. None are true.
B - FTT
Under BP 22, consider the following:
Statement I: It shall not be the duty of the drawee of any check, when refusing to pay the same to the holder thereof upon presentment, to cause to be written, printed, or stamped in plain language thereon, or attached thereto, the reason for drawee’s dishonor or refusal to pay the same;
Statement II: When there are no sufficient funds in or credit with such drawee bank, such fact shall always be explicitly stated in the notice of dishonor or refusal; and,
Statement III. Where the check is drawn by a corporation, company or entity, the person or persons who actually signed the check on behalf of such drawer shall not be liable.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
D - FTF
Under B.P. 22, the prosecution must prove:
Statement I. the accused issued a check that was subsequently dishonored;
Statement II. the accused was actually notified, via written or oral notice, that the check was dishonored; and,
Statement III. the accused failed, within three banking days from the date of the check, to pay the holder of the check the amount due thereon or to make arrangements for its payment.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
D - TFF
Our Supreme Court has sanctioned numerous defenses which have acquitted individuals charged with a violation of BP 22, such as:
Statement I. payment of the value of the dishonored check within three banking days from receipt of the notice of dishonor;
Statement II. payment of the value of the check while the criminal case is pending in court; and,
Statement III. failure to properly serve a notice of dishonor, orally or in writing, to the issuer.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
B - FFF
Consider the following distinctions:
Statement I. a drawer of a dishonored check may be convicted under Article 315 (2-d) of the Revised Penal Code even if he had issued the same for a pre-existing obligation, while under BP 22, such circumstance negates criminal liability;
Statement II. estafa is essentially a crime against property, while violation of BP 22 is principally a crime against public interest as it does injury to the entire banking system; and,
Statement III. violations of Article 315 of the Revised Penal Code are mala prohibita, while those of BP22 are mala in se.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
D - FTF
As such, this type of estafa (under Art. 315, paragraph 2(d) of the RPC) has the following elements:
Statement I. the offender has postdated or issued a check on account or for value;
Statement II. at the time of postdating or issuance of said check, the offender has no funds in the bank or the funds deposited are not sufficient to cover the amount of the check; and,
Statement III. regardless of whether or not the payee has been defrauded.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
D - FTF
According to the General Banking Act (RA 8791) and related issuances:
Statement I. the fiduciary nature of banking that requires high standards of integrity and performance;
Statement II. the diligence of good father of a family required of banks where the fiduciary nature of their relationship with their depositors is concerned; and,
Statement III. operations and activities of banks shall be subject to supervision of the Bangko Sentral.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
C - TFT
In relation to the laws on bank secrecy, consider the following:
Statement I. According to RA 8791, no director, officer, employee, or agent of any bank shall, without order of a court of competent jurisdiction, disclose to any unauthorized person any information relative to the funds or properties in the custody of the bank belonging to private individuals, corporations, or any other entity, including bank deposits;
Statement II. When the bank deposit is denominated in pesos, the provisions of RA 6426 shall govern; and,
Statement III. If, on the other hand, the deposit is in foreign currency, RA 1405 should be followed.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
B - FFF
Notwithstanding the laws on bank secrecy, the following are the exceptional cases when the Commissioner of Internal Revenue may inspect bank deposits:
Statement I. When there is application of compromise liability by a taxpayer on the ground of financial incapacity;
Statement II. To determine the gross estate for computation of estate tax’s liability; and,
Statement III. To determine the taxable income of politicians pursuant to a duly issued letter of authority (LOA) from the Commissioner of Internal Revenue.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
C - TTF
In relation to bank secrecy of foreign currency deposits, consider the following:
Statement I. The AMLC can perform a bank inquiry if the deposit is in foreign currency;
Statement II. The heirs can look into the foreign currency deposit previously opened by the deceased; and,
Statement III. The foreign currency deposit of a tourist who committed rape and escaped can be garnished to satisfy a judgment for damages in favor of the victim.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
A - TTT
In relation to the laws on bank secrecy, the following are considered exceptions common to both Peso and Foreign currency deposits:
Statement I. The Financial Rehabilitation and Insolvency Act (RA 10142);
Statement II. The Plunder Law (RA 7080); and,
Statement III. Unclaimed Balances Act (Act 3936).
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
C - TFT
The Implementing Rules and Regulations of the Securities Regulation Code define define:
Statement I. "Registration statement" as the application for the registration of securities required to be filed with the Commission; and,
Statement II. "Prospectus" as the document made by or on behalf of an issuer, underwriter or dealer to sell or offer securities for sale to the public through a registration statement filed with the Commission.
A. Both are true.
B. None are true.
C. Only I is true.
D. Only II is true.
A - TT
The Implementing Rules and Regulations of the Securities Regulation Code state that no securities shall be sold or offered for sale, or distributed by any person or entity within the Philippines:
Statement I. unless such securities are duly registered with the Commission through Form 12-1, and the registration statement has been declared effective by the Commission;
Statement II. except of a class exempt under Section 9 of the Code or unless sold in any transaction exempt under Section 10 thereof and these Rules; and,
Statement III. no information relating to an offering of securities shall be disseminated unless a registration statement has been filed with the Commission and the written communication proposed to be released contains the required information under SRC Rule 8.3.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
A - TTT
According to the Securities Regulation Code, the requirement of registration under Subsection 8.1 shall not apply to the sale of any security in any of the following transactions:
Statement I. Any evidence of indebtedness issued by a financial institution that has been licensed by the BSP to engage in banking or quasi-banking shall be exempt from registration under Section 8.1 of the Code;
Statement II. Evidence of indebtedness issued to the BSP under its open market and/or rediscounting operations; and,
Statement III. Bills of exchange arising from a bona fide sale of goods and services that are distributed and/or traded by banks or investment houses duly licensed by the Commission and BSP through an organized market that is operated under the rules approved by the Commission.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
B - FFF
The law entitled “The Securities Regulation Code” is designated as Republic Act No.:
A. 8798.
B. 8799.
C. 8797.
D. 8796.
B
The Implementing Rules and Regulations of the Securities Regulation Code also state that public and reporting companies shall file with the Commission:
Statement I. An annual report on SEC Form 17-A for the fiscal year in which the registration statement was rendered effective by the Commission, and for each fiscal year thereafter, within one hundred five (105) calendar days after the end of the fiscal year;
Statement II. A quarterly report on SEC Form 17-Q within forty five (45) calendar days after the end of each quarter of each fiscal year; and,
Statement III. A current report on SEC Form 17-C, as may be necessary, to make a full, fair and accurate disclosure to the public of every material fact or event that occurs which would reasonably be expected to affect the investors' decisions in relation to those securities.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
C - TFT
The mandatory tender offer requirement shall not apply to the following:
Statement I. Purchases in connection with corporate rehabilitation under court supervision;
Statement II. Any purchase of securities from an increase in authorized capital stock;
Statement III. Purchase in connection with foreclosure proceedings involving a duly constituted pledge or security arrangement where the acquisition is made by the debtor or creditor.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
A - TTT
According to the Securities Regulation Code, proxies must be issued, and proxy solicitation must be made in accordance with rules and regulations to be issued by the Commission. As such:
Statement I. Proxies must be in writing, signed by the stockholder or his duly authorized representative and filed before or after the scheduled meeting with the corporate secretary;
Statement II. Unless otherwise provided in the proxy, it shall be valid until it is revoked;
Statement III. No proxy shall be valid and effective for a period longer than five (5) years at one time.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
D - FFT
Under the SRC, an issuer also shall devise and maintain a system of internal accounting controls sufficient to provide reasonable assurances that:
Statement I. Transactions and access to assets are pursuant to management authorization;
Statement II. Financial statements are prepared in conformity with generally accepted accounting principles that are adopted by the Accounting Standards Council and the rules promulgated by the Commission with regard to the preparation of financial statements; and,
Statement III. These are so that recorded assets are accurate and need not be compared with existing assets..
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
C - TTF
According to the Securities Regulation Code, in relation to “Fraudulent Transactions,” it shall be unlawful for any person, directly or indirectly, in connection with the purchase or sale of any securities to:
Statement I. Employ any device, scheme, or artifice to defraud;
Statement II. Obtain money or property by means of any untrue statement of a material fact of any omission to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading; or,
Statement III. Engage in any act, transaction, practice or course of business which operates or would operate as a fraud or deceit upon any person.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
A - TTT
The Implementing Rules and Regulations further provide that Issuers of Registered Securities:
Statement I. shall enter into an underwriting agreement with a commercial bank, investment house or any other financial institution duly licensed under the Investment Houses Law; however,
Statement II. if the underwriter is part of a group composed of such institutions, the group shall agree on a syndicate manager that shall act on behalf of, and be responsible to, the group and whose actions shall be binding on the members of the group; but,
Statement III. An underwriting agreement shall be always be necessary, including for issuers proprietary/non-proprietary securities and timeshares.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
D - FTF
Republic Act No. 10173 refers to:
A. Intellectual Property Code
B. Data Privacy Act
C. Electronic Commerce Act
D. Ease of Doing Business and Efficient Government Service Delivery Act
B
Under RA 8293, in relation to copyright, consider the following:
Statement I. A satirical version of a song cannot be fair use of the original song;
Statement II. The photo-copying of a book which is out of stock made by a library is may not be shown; or,
Statement III. The public performance of a work by a charitable organization where no admission fee is charged is not allowed.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
B - FFF
Under RA 8293, in relation to trademarks, consider the following:
Statement I. A trademark need not be a visible sign as long as it has the quality of distinctiveness;
Statement II. A trademark requires no actual use prior to registration or even thereafter; or,
Statement III. A trademark registration once granted by the IPO is already conclusive regardless of the circumstances.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
B - FFF
RA 8293 provides for the following: Statement I. An invention qualifies for registration as a utility
model if it is new, industrially applicable, and involves an inventive step; Statement II. a “mark"
cannot be registered if it consists of the name, signature, or portrait of Benigno S. Aquino, Jr.; or,
Statement III. a copyright can be obtained for the original iPhone model.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
B - FFF
Under RA 8293, in relation to patents, consider the following: Statement I. A device which can quickly detect fake coins being used in self-operated gambling machines used in non-PAGCOR accredited venues is patentable; Statement II. If Albert Einstein were alive today and applied for a patent over his theory of general relativity (E = mc2), the application will be granted by the IPO; or, Statement III. X, the wife of Y, together with Atty. M formed a corporation for the purpose of filing a patent application for X’s invention. Shortly after filing the application, X died due to undisclosed causes. Thereafter, Y (who, while still married, has long been living separately from X) opposed the application and filed an application of his own. In this case, IPO should decide against of Y.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
B - FFF
RA 8293 and jurisprudence provide for the following definitions:
Statement I. An invention patent is a government-issued grant, bestowing an exclusive right to an inventor over a product or process that provides any technical solution to a problem in any field of human activity which is new, inventive, and industrially applicable;
Statement II. "Mark" means any visible sign capable of distinguishing the goods (trademark) or services (service mark) of an enterprise and shall include a stamped or marked container of goods; or,
Statement III. “Copyright” is the legal protection extended to the owner of the rights in an original or derivative work.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
A - TTT
Republic Act No. 11032 refers to:
A. Intellectual Property Code
B. Data Privacy Act
C. Electronic Commerce Act
D. Ease of Doing Business and Efficient Government Service Delivery Act
D
RA 10173 defines the term “Personal Data Breach,” which may be in the nature of:
Statement I. an availability resulting from the unauthorized disclosure of or access to personal data;
Statement II. an integrity breach resulting from alteration of personal data; and/or,
Statement III. a confidentiality breach resulting from loss, accidental or unlawful destruction of personal data.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
D - FTF
RA 10173 and its related issuances require the mandatory registration of the Data Processing Systems of the following:
Statement I. A PIC or PIP that employs one hundred fifty (150) or more persons;
Statement II. those processing sensitive personal information of one hundred (100) or more individuals; or,
Statement III. those processing data that will likely pose a risk to the rights and freedoms of PICs or PIPs.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
B - FFF
Under the Data Privacy Act, the data subject has the right to furnished certain information before the entry (or at the next practical opportunity) of personal information into a processing system of a PIC. However, this is not applicable if the:
Statement I. personal information be needed pursuant to a subpoena;
Statement II. collection and processing are for obvious purposes; or,
Statement III. information is being collected and processed as a result of legal obligation.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
A - TTT
RA 10173 defines the term “Personal Information Controller” as:
Statement I. a person or organization who controls the collection, holding, processing or use of personal information;
Statement II. a person or organization who instructs another person or organization to performs such functions; and/or,
Statement III. an individual who performs such functions in connection with the individual’s personal, family or household affairs.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
C - TTF
Under the RA 10173, the following are considered personal information:
Statement I. Data collected discloses the number of PhilHealth-covered persons;
Statement II. Data collected is composed of fingerprints; and/or,
Statement III. Data collected reveals 20% of the employees in a company are between 25 to 35 years old.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
D - FTF
Under RA 10173 “Sensitive Personal Information” may refer to:
Statement I. any and all forms of data which under the Rules of Court and other pertinent laws constitute privileged communication;
Statement II. personal information specifically established by an executive order or an act of Congress to be kept classified; and/or,
Statement III. personal information issued by government agencies peculiar to an individual.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
C - FTT
In relation to the right to privacy, one of the following statements is not correct:
A. The right to privacy means “to be free from unwarranted publicity,” or “to live without unwarranted interference by the public in matters in which the public is not necessarily concerned.”
B. Our Constitution and other laws have created “zones of privacy which are recognized and protected in our laws. Within these zones, any form of intrusion is impermissible unless excused by law and in accordance with customary legal process.”
C. The three strands of the right to privacy, are: (1) locational or situational privacy; (2) informational privacy; and (3) interdimensional privacy.
D. The Data Privacy Act is concerned with only one strand of the right to privacy.
C
Republic Act No. 8293 refers to:
A. Intellectual Property Code
B. Data Privacy Act
C. Electronic Commerce Act
D. Ease of Doing Business and Efficient Government Service Delivery Act
A
RA 8792 provides for the following concepts:
Statement I. Statutory Interpretation - Unless otherwise expressly provided for, the interpretation of this Act shall give due regard to its national origin and the need to promote uniformity in its application and the observance of good faith in domestic trade relations.
Statement II. Variation by Agreement - As between parties involved in generating, sending, receiving, storing or otherwise processing electronic data message or electronic document, any provision of this Act shall be obligatory and may not be varied by agreement between and among them.
Statement III. Reciprocity - All benefits, privileges, advantages or statutory rules established under this Act, including those involving practice of profession, shall be enjoyed only by parties whose country of origin grants the same benefits and privileges or advantages to Filipino citizens.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
D - FFT
RA 8792’s IRR provides a service provider shall not be subject to any civil or criminal liability in respect of the electronic data message or electronic document for which it merely provides access to as long as the service provider:
Statement I. is not aware of the facts or circumstances from which it is apparent, that the making, publication, dissemination or distribution of such material is unlawful or infringes any rights subsisting in or in relation to such material; or,
Statement II. does not knowingly receive a financial benefit directly attributable to the unlawful or infringing activity; or
Statement III. does not directly commit any infringement or other unlawful act and does not induce or cause another person or party to commit any infringement or other unlawful act and/or does not benefit financially from the infringing activity or unlawful act of another person or party.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
A - TTT
RA 8792 provides for the following violations and penalties:
Statement I. Hacking or cracking shall be punished by a minimum fine of one hundred thousand pesos (P100,000.00) and a maximum commensurate to the damage incurred and a mandatory imprisonment of six (6) months to three (3) years;
Statement II. Piracy shall be punished by a minimum fine of one hundred thousand pesos (P100,000.00) and a maximum commensurate to the damage incurred and a mandatory imprisonment of six (6) months to three (3) years; and,
Statement III. Other violations of the provisions of RA 8792 shall be penalized with a maximum penalty of one million pesos (P1,000,000.00) or six-(6) years imprisonment.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
A - TTT
According to RA 8792, the State recognizes:
Statement I. the vital role of information and communications technology (ICT) in nation-building;
Statement II. the need to create an information- friendly environment which supports and ensures the availability, diversity and affordability of ICT products and services; and,
Statement III. the primary responsibility of the public sector in contributing investments and services in telecommunications and information technology.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
D - FFT
According to RA 8792, the State recognizes:
Statement I. the vital role of information and communications technology (ICT) in nation-building;
Statement II. the need to create an information-friendly environment which supports and ensures the availability, diversity and affordability of ICT products and services; and,
Statement III. the primary responsibility of the public sector in contributing investments and services in telecommunications and information technology.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
C
Republic Act No. 8792 refers to:
A. Intellectual Property Code
B. Data Privacy Act
C. Electronic Commerce Act
D. Ease of Doing Business and Efficient Government Service Delivery Act
C
RA 11032 provides that all offices and agencies providing government services shall be subjected to a Report Card Survey (“RCS”). Its objectives are to:
Statement I. obtain feedback on ow the provisions in the Citizen’s Charter and provisions of RA No. 11032 are being followed and how the agency is performing;
Statement II. obtain information and/or estimates of hidden costs incurred by applicants or requesting parties to access government service which may include, but are not limited to, bribes and payment to fixers; and,
Statement III. provide for the basis for the grant of awards, recognition and/or incentives for excellent delivery of services in all government services.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
A - TTT
RA 11032 provides for the adoption of a zero-contact policy which means contact with any applicant or requesting party is prohibited unless contact is allowed by law or is strictly necessary, such as when:
Statement I. during preliminary assessment of the request and evaluation of sufficiency of submitted requirements;
Statement II. it is time for payment of required fees when the government agency or office does not have an electronic/online payment facility; and,
Statement III. inspection, training or meeting with the applicant is an integral part of the application process for a simple, complex, or highly technical transaction.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
C - TTF
RA No. 11032 provides that the processing and approval or licenses, clearances, permits, certifications or authorizations for the installation and operation of telecommunication, broadcast towers, facilities, equipment and service shall be:
Statement I. a nonextendible period of seven (7) working days for those issued by the barangay, LGUs and NGAs;
Statement II. a nonextendible period of twenty (20) working days when the approval of the appropriate local legislative body is necessary; and,
Statement III. a nonextendible period of thirty (30) working days is granted the officers of the homeowners association to give its consent or disapproval for homeowners and other community clearances.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
D - FTF
RA No. 11032 provides for the following members of the Anti-Red Tape Authority:
Statement I. the Director General whose tenure is co-terminous with the President of the Philippines;
Statement II. the three (3) Deputy Directors General whose tenure is co-terminous with the President of the Philippines; and,
Statement III. the Secretaries of DTI, DICT, DILG and DOF whose tenure is co-terminous with the President of the Philippines:
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
D - TFF
RA No. 11032 applies to all government offices and agencies whether located in the Philippines or abroad, that provide services covering business and nonbusiness related transactions as defined in this Act, including:
Statement I. Business Permits and Licensing Department Quezon City;
Statement II. RDO No. 39 of the Bureau of Internal Revenue; and,
Statement III. Notarial Division of the Regional Trial Court of Makati.
A. All are true.
B. All are false.
C. Only two are true.
D. Only two are false.
C - TTF