RFBT REO Final PB May 2026

Which of the following is an incorrect characteristic of a partnership contract?

Accessory

Where one partner acting within the scope of his apparent authority receives money or property of a third person and misapplies it, who becomes liable for the misappropriation?

All the partners and the partnership

King, Queen and Jack formed the Beast Pirates Partnership, Ltd., where Jack is a limited partner. King was in charge of preparing the Certificate of Limited Partnership and failed to submit the same to the SEC. After three years of operations, the partnership had total assets of P12,000,000, while it owed third party creditors P18,000,000. How much will be the liability of the partners?

King, Queen and Jack for P2M each

What is/are the requirement/s for there to be apparent authority of a partner and the act becomes binding upon the partnership?

I. When the partner apparently carries on the usual business of the partnership

II. The person to whom the partner is dealing has no knowledge of the fact that the partner has no such authority.

Both I and II

In a Universal Partnership of All Present Property, profits derived from properties other than those that are contributed are considered

Property of the partnership only if there is a stipulation to that effect

A partner’s right to compensation is considered a/an:

Accidental element

Under the Revised Corporation Code, if the number of directors of a corporation vested with public interest is 12, how many independent directors are required?

3

A corporation’s directors and officers are generally not personally liable for acts done in their official capacity, this comes from which principle applicable to a corporation?

Corporate Entity Theory

There is dissolution but no liquidation in:

I. Merger

II. Consolidation

Both I and II

Voluntary dissolution where no creditors are affected would necessitate submission of a request for dissolution with the SEC. A withdrawal of that request can be made in writing signed by the same number of directors, trustees, shareholders, members necessary to request for dissolution. Within how many days can the withdrawal be filed from the time the request for dissolution is filed with the SEC?

15 days

Kanjuro is the secretary of Oden, a director in, and the President of, Wano Corporation. In the course of his employment, Kanjuro obtained material non-public information which he shared with his friend Orochi. All three of them purchased shares of Wano Corporation prior to the information becoming public but for Kanjuro he did so after he resigned therefrom. Who may be considered insiders?

Kanjuro, Orochi and Oden

A par value share’s voting rights can only be limited by the existence of what type of shares?

Founders’ shares

A member of the board of directors had a transaction with the Corporation where his presence was necessary to constitute a quorum and/or his vote was necessary to approve the transaction. What would be the required votes to ratify this transaction?

2/3 of the stockholders

The number of directors in a corporation

May be less than 5 but not more than 15

If a corporation has 10 directors, 8 of which are present in the meeting to elect corporate officers, how many votes are required?

6