Question 52Voluntary dissolution of a cooperative requires the approval of:Group of answer choicesMajority of the Board and 2/3 of the membersMajority of the Board and 3/4 of the membersMajority of the Board and Majority of the membersMajority of the Board only Question 53M issued a promissory note to P which states “I promise to pay P P10,000.” The promissory note was issued in exchange for a bag of marijuana. P subsequently indorsed and delivered the said promissory note to A. Which of the following statements is correct?Group of answer choicesA can validly collect from M if A acquired the promissory note in good faith and for value.A can only go after P if M will dishonor the note and only if a corresponding notice of dishonor will be given to P.A cannot validly collect from M if A has knowledge of the infirmity in the instrument thus making A a holder not in due course.A can validly collect from P because the latter violated his warranty. Question 54In which of the following instances is legal redemption of an immovable property allowed?Group of answer choicesAbsolute sale of a share in real property by a co-ownerDacion en pago of rural lot not exceeding one hectare (10,000 sqm) by a farmer to a landlordBarter of urban lot which is so small and which was bought merely for speculationAny of the above Question 55Which of the following is not a mode of extinguishment of contract of sale?Group of answer choicesRedemption, whether legal redemption or conventional redemptionFulfilment of suspensive condition on sale of a determinate thing whose acquisition of ownership by the seller depends upon a contingencyResale of the goods by the unpaid sellerCancellation of sale of personal property in instalments by the seller in case the buyer defaulted in at least two instalments Question 56A cooperative has an approved capital of P1M, the maximum share capital a member can invest is:Group of answer choices10% of P1M25% of P1M20% of P1M30% of P1M Question 57All are requirements for cooperative registration, except:Group of answer choicesEconomic survey including staffing patternArticles of cooperationBy lawsApproval of Affected government agency Question 59In case of double sale of movable or personal property, who among the buyers of the said movable property from the same seller shall prevail?Group of answer choicesBuyer with the oldest titleFirst possessor, either actual or constructive possession, of the movable property in good faithFirst payor of the movable in good faithFirst registrant of the deed of sale of movable property in good faith Question 62In case of breach of warranty of merchantability or quality of a product, which of the following is a remedy not available to the injured buyer?Group of answer choicesAccept or keep the goods and set up against the seller the breach of warranty by way of recoupment or diminution or extinction of the price.Accept or keep the goods and maintain an action against the seller for damages for breach of warranty.Refuse to accept the goods, and maintain an action against the seller for damages for breach of warranty.Ask for declaration of nullity of contract of sale on the ground of absence of subject matter Question 64Which is not a qualification to be a member of the Board of CDA:Group of answer choicesResident of Philippines at least 5 years prior to appointmentNatural born citizenHolder of Bachelor’s DegreeWith Civil Service Eligibility Question 66The minimum paid up capital in a cooperative is:Group of answer choicesP5,000P10,000P15,000P100,000 Question 67A cooperative has an approved capital of P1M. The minimum paid up capital allowed is:Group of answer choicesP62,500P250,000P100,000Any amount Question 68In which of the following instances will the sale with a right to repurchase or pacto de retro sale or deed of absolute sale not be presumed an equitable mortgage?Group of answer choicesWhen the price of a sale with a right to repurchase is inadequate.When the vendor remains in possession as lessee or otherwiseWhen the purchaser retains for himself part of the purchase price.When the vendor binds himself to pay the real property taxes on the thing sold. Question 70Which is false about cooperative BODs?Group of answer choicesNot less than 5 nor more than 15 personsFilipinos and of legal ageElected for a term of 1 year unless by laws will provideNo executive function in the cooperative Question 72All are grounds for CDA to dissolve a cooperative except:Group of answer choicesInsolvencyFailure to operate cooperativelyFraud in the registrationViolation of the Cooperative Code Question 74Which of the following is not a ground for right of possessory lien by an unpaid seller?Group of answer choicesWhere the goods have been sold without any stipulation as to creditWhere the goods have been sold on credit, but the credit term has expiredWhere the buyer is insolventWhere the goods are perishable

Question

Question 52Voluntary dissolution of a cooperative requires the approval of:Group of answer choicesMajority of the Board and 2/3 of the membersMajority of the Board and 3/4 of the membersMajority of the Board and Majority of the membersMajority of the Board only Question 53M issued a promissory note to P which states “I promise to pay P P10,000.” The promissory note was issued in exchange for a bag of marijuana. P subsequently indorsed and delivered the said promissory note to A. Which of the following statements is correct?Group of answer choicesA can validly collect from M if A acquired the promissory note in good faith and for value.A can only go after P if M will dishonor the note and only if a corresponding notice of dishonor will be given to P.A cannot validly collect from M if A has knowledge of the infirmity in the instrument thus making A a holder not in due course.A can validly collect from P because the latter violated his warranty. Question 54In which of the following instances is legal redemption of an immovable property allowed?Group of answer choicesAbsolute sale of a share in real property by a co-ownerDacion en pago of rural lot not exceeding one hectare (10,000 sqm) by a farmer to a landlordBarter of urban lot which is so small and which was bought merely for speculationAny of the above Question 55Which of the following is not a mode of extinguishment of contract of sale?Group of answer choicesRedemption, whether legal redemption or conventional redemptionFulfilment of suspensive condition on sale of a determinate thing whose acquisition of ownership by the seller depends upon a contingencyResale of the goods by the unpaid sellerCancellation of sale of personal property in instalments by the seller in case the buyer defaulted in at least two instalments Question 56A cooperative has an approved capital of P1M, the maximum share capital a member can invest is:Group of answer choices10% of P1M25% of P1M20% of P1M30% of P1M Question 57All are requirements for cooperative registration, except:Group of answer choicesEconomic survey including staffing patternArticles of cooperationBy lawsApproval of Affected government agency Question 59In case of double sale of movable or personal property, who among the buyers of the said movable property from the same seller shall prevail?Group of answer choicesBuyer with the oldest titleFirst possessor, either actual or constructive possession, of the movable property in good faithFirst payor of the movable in good faithFirst registrant of the deed of sale of movable property in good faith Question 62In case of breach of warranty of merchantability or quality of a product, which of the following is a remedy not available to the injured buyer?Group of answer choicesAccept or keep the goods and set up against the seller the breach of warranty by way of recoupment or diminution or extinction of the price.Accept or keep the goods and maintain an action against the seller for damages for breach of warranty.Refuse to accept the goods, and maintain an action against the seller for damages for breach of warranty.Ask for declaration of nullity of contract of sale on the ground of absence of subject matter Question 64Which is not a qualification to be a member of the Board of CDA:Group of answer choicesResident of Philippines at least 5 years prior to appointmentNatural born citizenHolder of Bachelor’s DegreeWith Civil Service Eligibility Question 66The minimum paid up capital in a cooperative is:Group of answer choicesP5,000P10,000P15,000P100,000 Question 67A cooperative has an approved capital of P1M. The minimum paid up capital allowed is:Group of answer choicesP62,500P250,000P100,000Any amount Question 68In which of the following instances will the sale with a right to repurchase or pacto de retro sale or deed of absolute sale not be presumed an equitable mortgage?Group of answer choicesWhen the price of a sale with a right to repurchase is inadequate.When the vendor remains in possession as lessee or otherwiseWhen the purchaser retains for himself part of the purchase price.When the vendor binds himself to pay the real property taxes on the thing sold. Question 70Which is false about cooperative BODs?Group of answer choicesNot less than 5 nor more than 15 personsFilipinos and of legal ageElected for a term of 1 year unless by laws will provideNo executive function in the cooperative Question 72All are grounds for CDA to dissolve a cooperative except:Group of answer choicesInsolvencyFailure to operate cooperativelyFraud in the registrationViolation of the Cooperative Code Question 74Which of the following is not a ground for right of possessory lien by an unpaid seller?Group of answer choicesWhere the goods have been sold without any stipulation as to creditWhere the goods have been sold on credit, but the credit term has expiredWhere the buyer is insolventWhere the goods are perishable

Accepted Answer

Note: As per the norms of the Barleby, in case of multiple sub parts been asked, only answer to 3…