MONDRIAAN AURA COLLEGE

Refresher I
Business Law
BL - 002
Obligations and Contract
1. I.

The law on obligations and contracts is the body of rules that deals with the nature and
sources of obligations and rights and duties arising from agreements and contracts.
II. The source of the Law on Obligations and Contracts is the Civil Code of the Philippines.
a. I True; II false
c. Both are true
b. I False; II True
d. Both are false

2. I.

In an obligation, the debtor or obligor, the person who is bound to the fulfillment of an
obligation is known as the active subject.
II. Prestation is the legal tie which binds the parties to the obligations; otherwise known as
juridical tie or vinculum juris.
a. I True; II false
c. Both are true
b. I False; II True
d. Both are false

3. Which of the following is a source of obligations?

a. Law and contracts
b. Quasi-contracts and quasi-delicts
4. I.

c. Act or omission punishable by law

d. All of the above

Quasi-contract is the juridical relation resulting from lawful, voluntary and unilateral acts
by virtue of which the parties become bound to each other to the end that no one will
be unjustly enriched or benefited at the expense of another.
II. Quasi-delict is one that causes damages to anoter, there being fault or negligence based on
no pre-existing contractual relation between parties.
a. I True; II false
c. Both are true
b. I False; II True
d. Both are false

5. Obligations derived from law shall be governed by ther law, which establishes them.
I. The obligation of the husband and wife to support each other.
II. The obligation of a taxpayer to file his income tax return.
III. The obligation of the legitimate asecendants and descendants to support each other.
a. I True; II false
c. II True; III True
b. I False; II True
d. All are true
6. I.

Voluntary administration of the property, business or affairs of a third person without the
consentor authority of its owner is a quasi-contract known as Solutio Indebiti.
II. Payment by mistake of an obligation which was not due when paid is a quasi delict known
Negotiorum Gestio.

a. I True; II false
b. I False; II True
7. In a civil liabilityy, one of the following is included except:
a. Restitution
b. Conditional punishment

c. Both are true

d. Both are false

c. Reparation of the damaged caused

d. Indemnification for consequential damages

8. Ben, while driving his car negligently he hit a person crossing the road, inflicting upon the latter
bodily injury. Ben is liable because of this negligent act known as:
a. Quasi-delict
c. Quasi-contract
b. Culpa contractual
d. Solutio indebiti
9. Which of the following obligations of a person obliged to give something is false?
a. To preserve and take good care of the thing.
b. To deliver the thing including its fruits.
c. To deliver the accessions and not the accessories.
d. To deliver the accessions and accessories.
10. The creditor has a right to the fruits of the thing from the time the obligation to deliver it
arises. These fruits includes the following except:
a. Natural fruits
c. Industrial fruits
b. Juicy fruits
d. Civil fruits

11. I.

A 2001 pajero wit engine# 2021 and plate# STD 1007 is a determine thing.
II. A 21-inch 2001 model TV set is an indeterminate or generic thing.
a. I True; II false
c. Both are true
b. I False; II True
d. Both are false

12. Which concept of delay, default or mora is creditor's part?

a. Mora solventi
b. Mora accipiendi
13. I.

c. Mora vivendi
d. Compensatio morae

C borrowed P 100,000 from B on Septermer 1, 2006. He executed a promissory note

promising to pay the note on October 15, 2006. Upon arrival of the designated date for
payment, is demand necessary in order tat C incur delay?
II. B and C entered into a contract of partnership for the purpose of buying and selling books
with B as capitalist partner and C as industrial partner. It was agreed that B shall contribute P 200,000 to the common fund on January 1, 2006. Upon the arrival of the designated
date for payment, is demand necessary in order that B incur delay?
1st Statement
2nd Statement

a.
b.
c.
d.

Yes
Yes
No
No

14. Which of the following is a ground for liability?

a. Fraud or dolo
b. Negligence or culpa

Yes
No
No
Yes

c. Contravention of the terms of the agreement

d. All of the above

15. I.

In culpa contractual, there is no pre-existing contractul relation between the parties,

while in culpa aquiliana, there is a pre-existing contractual relation.
II. In culpa contractula, the negligence of the actor is merely an incident in the performance
of the obligation; while in culpa aquiliana, it is substantive and independent.
a. I True; II false
c. Both are true
b. I False; II True
d. Both are false

16. I.

In fraud, there is a deliberate intention to cause damage, while negligence, there is no

intent to casue damage.
II. In negligence, the liability may be reduced by the court; while in fraud, the court cannot
reduce the liability of the actor.
a. I True; II false
c. Both are true
b. I False; II True
d. Both are false

17. M was injured while he was a passenger of Lilian Bus operated by Lilian Bus Company. The
proximate cause of the accident was the failure of the steering knuckle to work causing the
driver to lose control of the wheel as a result of which the buss fell into a ditch.
I. Can the operator of the bus company exempt imself due to fortuitous event?
II. Suppose the proximate cause of the accident was a tire blowout, is that a fortuitous
event?
1st Question
2nd Question
a.
Yes
Yes
b.
Yes
No
c.
No
No
d.
No
Yes
18. In order to satisfy his claim against the debtor, the creditor has the following successive
rights, except:
a. To demand fulfillment of the obligation or specific performance.
b. To attach the properties of the adebtor, except those exempt by law from execution.
c. To exercise all the rights of the debtor including those inherent and personal to him.
d. To ask for the rescission of contracts intended to defraud him.

19. Which of the following is not a primary clasification of obligation according to the Civil Code?
a. Joint and solidary
c. Determinate and indeterminate
b. Unilateral and bilateral
d. Legal and conventional
20. I.

I will give P 50,000 if you will pass the next CPA examination. This condition is:
II.

I will let you use my car until you pass the next CPA examinations. This condition is:
1st - Suspensive
2nd - Resolutory
a.
Yes
Yes
b.
Yes
No
c.
No
No
d.
No
Yes

on punishable by law

ential damages

of the agreement

MONDRIAAN AURA COLLEGE

Refresher I
Business Law
BL - 003
1. A sent B a letter wherein the former offered to sell is car to te latter for Php 1 million. B signified his
intention that e may buy the same. In A's letter, he gave B two weeks to raise the amount. After one week A
raised the price to Php 1.5 million. Can B compel A to accept the Php 1million first offered by A and deliver
to him the car?
a. Yes, since there was already offer and acceptance.
b. Yes, because A cannot change his offer without the consent of B.
c. Yes, because A cannot withdraw the4 offer within two weeks as he is under estoppel.
d. No, because there was no acceptance yet of the offer.
2. A sold a parcel of land to B by word of mouth and delivered to the latter te Transfer Certificate of Title of the
land. Can B compel A to execute the deed of sale of the land?
a. B cannot compel A to execute the deed of sale as the sale being oral is unenforceable.
b. B cannot compel A because the sale is void being oral.
c. B can compel A because the contract is enforceable due to the delivery of the "TCT" to him.
d. B can compel A because te sale is merely voidable and therefore enforceable, binding until annulled.
3.

1st - As a rule, contracts take effect only between the parties.

2nd - Mere incidental benefit of the third person is enough for stipulation pour autri to exist provided he
accepts the same.
a. First statement is true, second statement is true.
b. First statement is true, whicle the second is false
c. Both statements are false.
d. First statement is false while the second is true.

4. Three of the following may objects of contracts, except:

a. Those things within the commence of man.
b. Service which are not contrary to law, morals good customs.
c. Intrasmissible rights
d. Heredity rights
5.

1st - Contracts without cause are voidable because cause is presumed to exist in a contract.
2nd - Offer must be absolute and acceptance must be certain before can there be meeting of the minds
of parties.
a. First statement is false, while the second is true.
b. Both statements are true.
c. Both statements are false.
d. First statement is true while the second is false.

6.

1st - Contract of lease of a parcel of land for a term of one year, must be written otherwise, unenforceable.
2nd - Contract of sale of a parcel of land must be in public instrument otherwise, unenforceable.
a. First statement is false, while the second is true.
b. Both statements are true.
c. First stateent is true, while the second is false.
d. Both statements are false.

7. A contract wherein both contracting parties are incapable of giving consent and yet ratified by the guardian
of either of the parties is:
a. Rescissible
b. Voidable
c. Unenforceable
d. Void

8. Three of the following contracts are void. Which one is not?

a. Oral contract of partnership wherein more than P 3,000,000 has been contributed by the partners.
b. Agent gives oral authority to sell the land of the principal.
c. Partnership contracts in private instrument wherein immovables have been contributed.
d. Oral contract of limited partnerships.
9. Which one of the following constitutes fraud?
a. Misrepresentation made not in bad faith.
b. Misrepresentation by a tird person and both parties mistaken.
c. Usual exaggerations in tade or dealer's sale's talk.
d. Failure to disclose facts when there is a duty to reveal them as when the parties are bounded bo confidential relations.
10. There are principles in contracts. Which is not?
a. Freedom or autonomy of contracts.
b. Relativity of contracts
11. I.

c. Perfection by mere consent

d. Binding on third persons

I will give you a specific car if you will not marry Mary this year 2006. This condition is:
II. I will give you a specific car if you will marry Mary this year 2006. This condition is:
1st - Suspensive
2nd - Resolutory
a.
Yes
Yes
b.
Yes
No
c.
No
No
d.
No
Yes

12. An instance when the court may fix the term or period.
a. When the partiesd specified no term because no term was ever intended, in which case it
is considered a pure obligation.
b. When the duration depends upon the will of the debtor.
c. When the obligation is payable on demand.
d. When law provides specified period.
13. I. M obliged himself to give N a toy or a shoe. The contract giving rise to the obligation did not
mention the right to shoose. On the date of maturity, can N demand from M the delivery of
a toy?
II. M obliged himself to give N a toy or a shoue, or a watch at N's option. On the date of
maturity, can N demand from M the delivery of a watch?
1st - Statement
2nd - Statement
a.
Yes
Yes
b.
Yes
No

c.
d.

No
No

No
Yes

14. B insured his specific ouse to C insurer. The contract stated that if the house is damaged or
destroyed by the peril insured against. C will pay the policy or rebuild it in a sufficient manner.
This obligation is a/an:
a. Pure
b. Indivisible
c. Alternative
d. Joint
15. I.

In alternative obligations, there are different prestations but the debtor shall completely
perform one of them whhile in facultative obligation there is only one prestation but the
debtor may perform another in substitution.
II. In facultative obligation, the right to choose may be given either to the debtor or creditor,
while in alternative obligation the right to choose is given only to the debtor.
a. I True; II false
c. Both are true
b. I False; II True
d. Both are false

16. Pedro and Juan are joint debtors of Carlos, Celio, Celina, and Carlota to the amount of
P100,000. How much can Carlota collect from Pedro?
a. P 12,500.00
b. P 25,000.00
c. P 50,000.00

d. P 100,000.00

17. Pedro and Juan are joint debtors of Carlos, Celio, Celina, and Carlota, solidary creditors, to the
amount of P 100,000. How much can Carlota collect from Pedro?
a. P 12,500.00
b. P 25,000.00
c. P 50,000.00

d. P 100,000.00

18. Pedro and Juan are solidary debtors of Carlos, Celio, and Carlota, solidary creditors. Carlos
demands payment from Pedro, but Juan, upon whom no demand is made paid Carlota the entire
obligation.
I. Is Juan allowed to do so?
II. Is the obligation totally extinguished?
1st - Statement
2nd - Statement
a.
Yes
Yes
b.
Yes
No
c.
No
No
d.
No
Yes

19. Which of the following is not a secondary classification of obligations according to the Civil Code?
a. Joint and solidary
c. Determinate and indeterminate
b. Unilateral and bilateral
d. Legal and conventional
20. Novation is the modification of an obligation by the following, except:
a. Changing the principal object and condition.
b. Substituting the person of the creditor.
c. Subrogating a third person in the rights of the creditor.
d. Subsituting the person of the debtor.
21. Which of the following is not correct?
a. A - cash (ltd); B - cash (Gen.); C - service (Gen.)
b. A - property (ltd.); B - cash (Gen.); C - service (Gen.)
c. A - service (Ltd.); B - cash (Gen,); C - service (Gen,)
d. A - service (Ltd.); B - property (Gen,); C - service (Gen.)
22. A and B orally agreed to form a partnership two years from today, each one to contribute P10,000. At the
arrival of the said, if one refuses to go ahead with the agreement, can the other enforce the agreement?
a. Yes, since the agreement is to be enforced after one year from the making thereof, the same should be in
writing to be enforceable.
b. Yes, because the prior agreement was voluntarily made.
c. Yes, because the contract of partnership is not governed by the Statue of Frauds.

d. No, because the agreement was merely oral.

23.

If a partner is insolvent, the first order of preference in the distribution of his assets is:
a. Partnership creditors
b. Partner's contribution to the partnership
c. Separate creditors of the debtor
d. Pro-rata between the separate creditors and the partnership creditors.

24. The following, except one, are common characteristics of partnership and corporation. Which is the exception?
a. The individuals composing both organizations have little voice in the conduct of the business.
b. Both can only act through agents.
c. Both are business organizations composed of a number of individuals.
d. Both have juridical personalities separate and distinct from that of the members composing it.
25. Which of the following is not a requisite prescribed by law in order that the partnerhip may be held liable to a
third party for the acts of one of the partners.
a. The partners bind the partnership by acquiexcence for obligations he may have contracted in good faith.
b. The partners must have the authority to bind te partnership.
c. The contract must be in the name of the partnership or for its own account.
d. The partner must act on behalf of the partnership.

26.

X, Y and Z are partners in Ace & Co. W represented himself as a partner in the said partnership to A, who
on the faith of such representation, granted P1M loan to the partnership. Assuming only X and Y consented
to such representation, who shall be liable to A.
a. Since the partnership benefited from the credit extended by A, all partners X, Y and Z are liable.
b. Only X, Y and W are partners by estoppel and are liable pro rata.
c. Since the loan was extended to the partnership, all the partners and W are liable.
d. Only W who made the representation shall be liable.

27.

A, B and C are general partners in a merchandising firm. Having contributed equal amounts to the capital,
they also agreed on equal distribution of whatever profit is realized per fiscal period. After two years of
operation however, C conveys her whole interest in the partnership to D, without the knowledge and consent
of A and B. Is the partnership dissolved?
a. The partnership is not dissolved because the conveyance of a partner's interest in the partnership does not
of itself dissolve the partnership.
b. The partnership is not dissolved because the assignment made by C of his whole interest was without the
knowledge and consent of A and B.
c. The partnership was dissolved because the assignee D automatically becomes a new partner and strictly
speaking there is a new entity.
d. It is dissolved because A has ceased to be a partner because of the assignment of his whole interest to D.

28.

A, B and C are general partners in a merchandising firm. Having contributed equal amounts to the capital,
they also agreed on equal distribution of whatever profit is realized per fiscal period. After two years of
operation however, C conveys her whole interest in the partnership to D, without the knowledge and consent
of A and B.
a. D can participate in the management of the partnership.
b. D cannot inspect the books nor copy them for any information on the partnership affairs as a partner can.
c. C has ceased to have the rights to use the partnership property.
d. C canot take part in the control of the business anymore.

29.

A, B and C are general partners in a merchandising firm. Having contributed equal amounts to the capital,
they also agreed on equal distribution of whatever profit is realized per fiscal period. After two years of
operation however, C conveys her whole interest in the partnership to D, without the knowledge and consent
of A and B.
a. If A and B want ot dissolve the partnership, C as a partner need not consent thereto because he had
assigned his interest to D.
b. D may himself ask the court for its dissolution being the assignee of C's interest in the partnership.
c. A, B and D may dissolve the partnership even without the consent of C.
d. A, B and C cannot dissolve the partnership without the consent of D.

30. Spouses A and B formed a limited partnership to engage in real estate business and A contributed P1M only.
Is the partnership between the spouses valid?

a. The partnership is not valid because spouses cannot enter into a limited partnership.
b. The partnership is valid because spouses can enter into a partnership, limited or general, universal or
particular.
c. The partnership is not valid because spouses cannot enter into any kind of partnership for business except
conjugal partnership.
d. The partnership is valid because spouses are prohibited to enter into a universal partnership only.

P 100,000.00

P 100,000.00

MONDRIAAN AURA COLLEGE

Refresher I
Business Law
BL - 004
1. The drawee is not primarily liable.
a. Customer's check
b. Manager's check
2.

c. Certified check
d. Traveler's check

If the instrument is payable to the order of a third person.

a. He is liable to all parties subsequent to the payee.
b. He is not liable to any party.
c. He is liable to the payee and to all subsequent parties.
d. He is liable to all parties subsequent to the maker or drawer.

3. Which of the following is not negotiable?

a. Pay to D or order P 10,000 on or before dec. 31, 1997 (Sgd. E)
b. Pay to A or order P10,000. Notice of dishonor waived. (Sgd. B)
c. Pay to B or order P 5,000 or deliver two horses at the option of the older. (Sgd. D)
d. Pay to C or order P 10,000 and to deliver 10 sacks of rice. (Sgd. D).
4. A bill of exchange drawn on a bank and payable on demand is:
a. Check
b. Treasury bill

c. Domestic bill
d. Bill of lading

5. Which is not correct? The acceptor by accepting this instrument.

a. Admits the existence of the payee and his capacity to indorse;
b. Admits the existence of the drawer, the gaenuiness of his signature and his capacity and authority to
draw the instrument.
c. Engage that he will pay it according to the tenor of his acceptance.
d. Admits the existence of the indorser, the genuiness of his signature and his capacity and authority to
indorse the instrument.
6.

Case 1:

Angel buys a diamond ring for P 50,000 for which he issued a check. Later Angel found out the
diamond to be an ordinary glass.
Case 2:
Ben obtains the signature of Cris for autograph purposes. Ben writes a promissory note above
Cris signature and indorses the note to Dan, a holder in due course.
a. Real defense in Case 1, personal defense in Case 2
b. Personal defense in case 1, real defense in case 2.
c. Real defense in both cases.
d. Personal defenses in both cases.

7.

Maturity of an undated negotiable instrument issued payable 30 days after sight is computed from:
a. Date of indorsement
c. Date of first presentation for acceptance
b. Date of last indorsement
d. Date of first presentation for acceptance

8. When a negotiable instrument payable to order?

a. When payable to the order of a specified person or to im or his order.
b. When payable to the order of a fictious person or non-existing person and such fact was known to the
person making it so payable.
c. When the name of the payee does not purport to be the name of a person.
d. When only or last indorsement is in blank.
9. Which of the following is not a characteristic of a bill of exchange?
a. Original parties are th drawer, drawee and payee;
b. Acceptance is generally required;
c. Drawer is primarily liable.
d. Contains an unconditional order to pay.
10. A holder not in due course has the following rights, except:
a. He may receive payment and if in due course, the instrument is discharged;
b. He may sue on the instrument in his own name;
c. He cannot recover on the instrument;
d. He holds the instrument as if it were non-negotiable.
11. A corporation cannot enter into a partnership contract with a natural person but with a juridical person it can.
A general partner is always the capitalist in a limited partnership.
a. Both statements are false.
c. Both are true
b. First is tru, second is false
d. First is false, second is true.
12. W, X, Y and Z organized a general partnership with W and X as industrial partners and Y and Z as capitalist
partners. Y contriubted P0.5M and Z contributed P0.2M to the common fund. By a unanimous vote of the
partners, W and X were appointed managing partners, without specification of atheir duties and powers. A
applied as secretary and B applied as accountant of the partnership. The hiring of A was decided upon by W
and X but was opposed by Y and Z. Whose decision shall prevail?
a. The decision of W and X shall prevail because the hiring is an act of management and as managers they
can do so.
b. That of Y and Z shall prevail because they are the capitalist partners.
c. The decision of Y and Z because they ave the controlling interest.
d. The decision of W and X because it is an act of ownership.
13. W, X, Y and Z organized a general partnership with W and X as industrial partners and Y and Z as capitalist
partners. Y contriubted P0.5M and Z contributed P0.2M to the common fund. By a unanimous vote of the

partners, W and X were appointed managing partners, without specification of their duties and powers. A
applied as secretary and B applied as accountant of the partnership. The hiring of B was decided upon by W
and Z but was opposed by X and Y, whose decision shall prevail?
a. The decision of W and Z because W is the managing partner and the hiring is an act of administration.
b. The decision of X and Y bercause in case of tie in the decision of managing partners, that of the controlling
interest shall prevail.
c. That of W and Z because Z is also a capitalist partner.
d. None of the decision because of the statement of equal rights.
14. If a partner is insolvent, the first in the order of preference is:
a. Partnership creditors
b. Partner's coantribution to the partnership
c. Separate creditors of the partner
d. Pro rata between the separate creditors and the partnership creditors.
15. A, B and C are partners in a partnership. A and B contributed P 10,000 each while C contributed is service.
after payment of the partnership liabilities to creditors, only P6,000 remains. In the absence of stipulation to the
contrary, the share of C shall be:
a. Equal to the share of A.
c. P 2,000.00
b. Equal to the share of B.
d. Nothing

16. X, Y and Z are partners who contributed equally to the capital of the partnership. A owes the partnership
P 9,000. Z collected from A P 3,000 before X and Y could receive anything from A, who later became
insolvent and therefore they could not collect their shares.
a. Partner Z shall share the P 3,000 with his co-partners X and Y.
b. Z cannot be required to share what he already received from A.
c. X and should first exhaust all remedies to collect from A.
d. X and Y can automatically deduct from the capital contribution of Z in the partnership their
17. A and B are partners in real estate business. The partnership owns a parcel of land which C desires to buy.
C contacted A and informed him of his intention to buy the said land. A did not tell B such intention of C. A
bought B out of the partnership and afterwards sold the land to C at a profit.
a. The partnership was dissolved when A became the sole owner.
b. The sale is void because it was without the knowledge of B.
c. A is not liable to B for his share of the profits.
d. A is liable to B for his share in the profit.
18. A, B and C are partners in ABC Company. D represented himself as a partner in the partnership to E who,
on the belief of such representation, extended credit of P50,000 to the partnership. Assuming only B and C
consented to such representation, who shall be liable to E?
a. All of A, B, C and D are liable because of partnership liability for the credit extended to the partnership by E.
b. B, C and D are partners by extoppel and thus, are liable to E.
c. Partners A, B and C are liable to E for the benefit extended to them.
d. Only D who made the representation is liable to E.
19. May contribute money, property or industry to a comon fund:
a. Limited partner
b. General partner

c. Both limited and general partner

d. Both limited and industrial partner

20. One of the following incidents is a cause for involuntary dissolution of the partnership:
a. Termination of the definite terms of partnership.
b. Insolvency of the partner.
c. Express will of partner in a partnership at will
d. Expulsion of a partner for cause as stated in the articles of partnership
21. Which of the following constitutes an offer?
a. Business advertisements of things for sale.
b. Advertisements for bidders.
c. An offer made through an agent.
d. Before acceptance is conveyed, either of the parties dies, civilly intaerdicted, becomes insane or insolvent.
22. 1st - There is acceptance of the offer only after it has come to the knowledge of the offerer.
2nd - Lesion or inadequacy of cause shall as a rule make a contract defective.

a. Both statements are true.

b. 2nd statement is true; 1st is false.

c. Both statements are false.

d. First statement is true; second is false.

23. 1st - if the cause is not stated in the contract it is presumed that it does not exist and therefore the contract
is void.
2nd - In order that a contract may be voidable, there must be damage.
a. Both statements are false.
c. First statements is false; second is true.
b. Both statements are true.
d. First statements is true; second is false.
24. The action to annul a voidable contract is extinguished by:
a. Novation
b. Ratification

c. Rescission

d. Estopper

25. Which of the following contracts is unenforceable?

a. One of the contracting parties is incapable of giving consent.
b. Contract of lease of a car for two years orally entered into:
c. Oral contract of sale of land.
d. Mortgage contract in private instrument.
26. Which of the following contracts is not void ab initio?
a. Those whose object is outside the commer.
b. Tose whose object did not exist at the time of transaction.
c. Those which contemplate an impossible service.
d. Those undertaken in fraud of creditors.
27. Contract which cannot be sued upon unless ratified, thus it as if they have no effect yet:
a. Voidable
b. Rescissible
c. Void

d. Unenforceable

28. Which of the following contracts is valid?

a. Oral contract of agency giving authority to an agent to sell the land of the principal.
b. Oral partnership agreement where immovable are contributed.
c. Oral contract of sale of an immovable, entered into by an agent who was given oral authority by the
principal.
d. Oral agreement to answer all the expenses for the wedding reception if A marries B.
29. A sold to B a genuine bottle of Fundador brandy. However, upon delivery tahe former substituted a fake. B
now wants to annul the sale. Decide:
a. The contract is void ab initio therefore it can be annulled.
b. The contract can be annulled since it is voidable due to fraud.
c. The contract cannot be annulled because it is only incidental fraud.
d. Tere is dolo incidente therefore it can be annulled.
30. G was appointed as the guardian of M who owns a parcel of land valued at P1,000,000. M sold the land
only for P700,000 to B. The contract is defective because:
a. Unenforceable
b. Rexcissible
c. Voidable
d. Void

found out the

econd is true.

ulation to the

nership by E.

nd general partner
nd industrial partner

is true; second is false.

s is false; second is true.

s is true; second is false.

Unenforceable