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3rd Year (2nd Sem) > LA- Prelims #2 > Flashcards

LA- Prelims #2 Flashcards

1
Q

two (2) forms of business organizations:

A
  1. sole proprietorship
  2. partnership
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2
Q
  • owner is in command of the whole business
  • ex. small business and sari-sari stores
A

sole proprietorship

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3
Q
  • two or more persons are involved (max of 5) and bind themselves
  • contribute money/property to a common fund with the intention of dividing profits among themselves
A

partnership

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4
Q

three (3) forms of partnership:

A

general partnership
limited partnership
limited liability

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5
Q
  • basic form
  • all partners manage the business and are personally liable for their debts
A

general partnership

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6
Q
  • certain limited partners relinquish their ability to manage the business in exchange for limited liability for partnership debts
  • manager can make/ break a business
A

limited partnership

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7
Q

all partners have limited liability
- limited but still has no control
- ex. hire people to manage/ franchise

A

limited liability

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8
Q

three (3) types of partners:

A
  1. general
  2. limited
  3. silent partners
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9
Q
  • have obligation of strict liability to third parties injured by a partnership
  • “nautangan” (same payment; $3M debt = $1M each)
A

general partners

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10
Q

liability is limited to their investments

A

limited partners

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11
Q
  • share in profit and losses of business
  • uninvolved in the management and association with the business is not publicly known
A

silent partners

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12
Q

according to the nature of a partnership, partners are ___ in character.

A

fiduciary (involves trust)

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13
Q

this means all partners must have trust and confidence in one another

A

fiduciary

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14
Q

the person has the right to choose the person they want to become partners or to occupy a specific position

A

delectus personae

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15
Q

according to delectus personae, you have to consider these:

A
  • honesty
  • integrity
  • trust
  • confidence
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16
Q

seven (7) essential elements

A
  1. valid and voluntary contract to become partners
  2. contribution of money, property, and industry for the common fund to be used exclusively for the common interest and benefits of the partnership
  3. must be an association of profit- intention of dividing profits
  4. partners- mutual agents of each other
  5. lawful purpose
  6. articles of partnership must not be kept secret
  7. juridical partnership
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17
Q

an essential element that refers to the intention of dividing profits

A

must be an association of profit

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18
Q

an essential element that refers to there being mutual agents of each other

A

partners

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19
Q

TRUE/ FALSE: there should be a valid and obligatory contract to become partners

A

FALSE (obligatory- voluntary)

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20
Q

TRUE/ FALSE: contribution of money, property, and industry for the common fund to be used inclusively for the common interest and benefits of the partnership

A

FALSE (inclusively- exclusively)

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21
Q

an essential element that refers to a separate entity and is distinct from the individual personality of each partner

A

juridical partnership

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22
Q
  • an artificial being
  • created by operation of law
  • having the right of succession and powers
  • attributes and properties expressly authorized by law/ incident to its existence
A

corporation

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23
Q

TRUE/ FALSE: a corporation is created by operation of law

A

TRUE

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24
Q

TRUE/ FALSE: if the partnership dies, there is a succession of family.

A

FALSE (partnership- corporation)

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25
Q

TRUE/ FALSE: if a corporation dies, look for a substitute.

A

FALSE (corporation- partnership)

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26
Q

TRUE/ FALSE: if a partnership dies, look for a substitute.

A

TRUE

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27
Q

two (2) classifications of corporation as to place of incorporation:

A
  1. domestic
  2. foreign
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28
Q
  • a classification of corporation wherein it is obtained through incorporation under PH laws
  • ex. Jollibee in the US follows PH laws
A

domestic

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29
Q
  • a classification of corporation wherein one is licensed by SEC to do business in the PH
A

foreign

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30
Q

SEC

A

securities and exchange commission

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31
Q
  • juridical necessity (to give, to do, to not to do)
  • everyone is obligated
  • article 1156 of the civil code of the philippines
A

obligation

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32
Q

TRUE/ FALSE: having rights means having an obligation

A

TRUE

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33
Q

three (3) kinds of obligations under the law:

A
  1. to give
  2. to do
  3. to not to do
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34
Q

a kind of obligation wherein the debtor is obliged to deliver the movable/ immovable thing to creditor

A

to give

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35
Q

TRUE/ FALSE: to give means that the creditor is obliged to deliver the movable/ immovable thing to the debtor

A

FALSE

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36
Q

a kind of obligation wherein all kinds of works/ services either physical/ mental are covered by this obligation

A

to do

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37
Q

a kind of obligation that means refraining from doing some acts. one can refuse if unlawful/ dishonest (article 56)

A

to not do

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38
Q

to not do- what article?

A

article 56- you can refuse as long as it follows

39
Q

four (4) elements of obligation:

A
  1. active subject
  2. passive subject
  3. presentation/ object
  4. efficient cause
40
Q
  • the one who demands the performance of an obligation
  • it is he who is in his favor the obligation is constituted, established, or created
  • called the creditor/ obligee
A

active subject

41
Q

TRUE/FALSE: the passive subject is called the creditor/ obligee

A

FALSE (passive- active)

42
Q
  • bound to perform the presentation on to give, to do, or to not do
  • called the debtor/ obligor
  • ex. hotel owners
A

passive subject

43
Q

TRUE/ FALSE: hotel owners cannot be both active and passive subjects.

A

FALSE (cannot- can)

44
Q
  • the subject matter of the obligation
  • has an economic value/ susceptible/ pecuniary substitution in case of non-compliance
  • exx. applying for a car loan (bank ask for collateral)
A

presentation/ object

45
Q
  • juridical tie/ vinculum juris (bond of the law) by virtue
  • the debtor has become bound to perform the presentation
  • if you are expected to do, you are bound to do
A

efficient case

46
Q

meaning of vinculum juris

A

bond of the law

47
Q

TRUE/ FALSE: in an efficient cause, the creditor has become bound to perform the presentation

A

FALSE (creditor-debtor)

48
Q

kinds of obligations- as to judicial enforceability:

A
  1. civil obligation
  2. natural obligation
  3. moral obligation
49
Q
  • an obligation
  • if not fulfilled when it becomes due and demandable, it may be enforced in court through action
  • whatever is stipulated in the contract, must be complied
A

civil obligation

50
Q

TRUE/ FALSE: in the case of a big debt, the contract should be notarized by an attorney.

A

TRUE

51
Q
  • special kind of obligation
  • cannot be enforced in court, but which authorizes the retention of the voluntary payment/ performance
  • ex. promissory note without a due date
A

natural obligation

52
Q

arises not from the positive law but from the moral law developed by the church and not enforceable by the court

A

moral obligation

53
Q

TRUE/ FALSE: a moral obligation arises not from the positive law but from the moral law developed by the church and is enforceable by the court

A

FALSE (enforceable- not enforceable)

54
Q

kinds of obligations- as to numbers of persons bound to perform:

A
  1. unilateral obligation
  2. bilateral obligation
55
Q

a kind of obligation wherein only one of the parties is bound to fulfill a presentation

A

unilateral obligation

56
Q

a kind of obligation wherein both parties are bound to perform a part in the obligation

A

bilateral obligation

57
Q

three (3) sources of obligation (article 1157)

A
  1. obligations arising from law
  2. arising from contracts
  3. arising from quasi-contracts
  4. arising from quasi-delict
58
Q
  • an obligation of a party to fulfill an obligation arises from the law itself, rules, and regulations, jurisprudence
  • ex. duty of spouses + taxpayer’s duty
A

obligation arising from law

59
Q
  • duty of the party to fulfill their undertaking in the contract
  • must be binding/ mutual (no coercion)
  • the contract must be notarized
  • ex. payment of interest as stipulated in the contract
A

obligations arising from contracts

60
Q
  • judicial relation arises from a lawful, voluntary, and unilateral
  • based on the maxim that no one shall unjustly enrich themselves at the expense of another
A

obligations arising from quasi-contracts

61
Q

TRUE/ FALSE: The obligation arising from quasi-delict is based on the maxim that no one shall unjustly enrich themselves at the expense of another.

A

FALSE (quasi-delict = quasi-contract)

62
Q

a term used in civil law to refer to a negligent act or omission that results in harm or damage to an individual or to the property of another

A

quasi-delict

63
Q

a term used wherein an obligation of one party to another imposed by law independently of an agreement between the parties

A

quasi- contract

64
Q

2 (two) common forms of quasi-contracts:

A
  1. solutio indebti
  2. negotiorum gestio
65
Q

payment by mistake

A

solutio indebti

66
Q

takes place when a person without consent of owner assumes the management of an abandoned business

A

negotiorum gestio

67
Q
  • any act of omission which causes damage to another
  • being at fault/ negligence
  • there is no pre-existing contractual relation between parties
  • ex. duty to pay damages due to one’s fault, omission, and negligence
A

obligation from quasi-delict

68
Q

three (3) classifications of obligation:

A
  1. pure obligation
  2. conditional obligation
  3. obligation with a period
69
Q
  • no specific date is mentioned for its fulfillment
  • not subject to any condition
  • immediately demandable
  • promissory notes
A

pure obligation

70
Q

it is a contract signed by two parties

A

promissory notes

71
Q

consequences are subject in one way or another to the fulfillment of a condition

A

conditional obligation

72
Q
  • consequences are subject in one way or another to the expiration of the said period/ term
  • ex. incentive program for staff
A

obligation with a period

73
Q

five (5) modes of extinguishing obligation:

A
  1. payment/ performance
  2. upon the loss of thing due
  3. condonation/ remission
  4. compensation
  5. novation
74
Q

in a fine dining restaurant, an obligation of a customer to management who served food is extinguished
- upon payment: customer of exact amount of food consumed
- upon performance: of obligation for which the entertainer was commissioned

A

payment/ performance

75
Q

obligation from contract may be extinguished upon loss of thing due

A

upon loss of thing due

76
Q

“when the thing perishes, goes out of commerce, or disappears in such a way that its existence is unknown/ cannot be recovered

A

loss in article 1189

77
Q
  • needs to be delivered after a year but pulled out of stock/ market
  • cannot claim for damages
  • disappearance is unknown
A

goes out of commerce

78
Q

act of liberality on the part of the creditor wherein he/she forgives or remits a debt

A

condonation/ remission

79
Q
  • the offsetting of the respective obligations of 2 persons who stand as principal creditors and debtors of each other resulting in the extinguishment of their obligation to the concurrent amount
A

compensation

80
Q
  • means of extinguishing an obligation
  • collateral should be present- offsets the amount you cannot pay
A

compensation

81
Q

it offsets the amount you cannot pay

A

collateral

82
Q

the change/ modification of an obligation by another resulting in the extinguishment of an obligation

A

novation

83
Q

three (3) requisites for a valid novation:

A
  1. previous valid obligation
  2. agreement by parties to extinguish/ modify
  3. validity of new obligation
84
Q

means ended/ cancelled

A

extinguished

85
Q

a) obligee
b) obligor

A

a) creditor- nagpautang
b) debtor- nagutang

86
Q

these are necessary in the conduct of the hospitality business

A

civil code provisions

87
Q
  • those who are obliged to deliver or do something incur a delay from the time the obligee judicially/ extra-judicially demand from them the fulfillment of their obligation
  • no room for delays
A

article 1169

88
Q

exception of article 1169

A
  1. against the law
  2. time constraints
  3. obligor cannot perform it
89
Q

when law expressly so declines

A

against the law

90
Q

designation of time when the thing to be delivered/ service rendered was the controlling motive for establishment of the contract

A

time constraints- delay

91
Q

when demand would be useless, as when the obligor has rendered it beyond hos power to perform

A

obligor cannot perform it

92
Q
  • provides those who in performance of obligation are guilty of fraud, negligence, or delay
  • those who in any manner contravene the tenor thereof are liable for damages
  • negligence= liable of damages
  • burden lies of staff
  • no room for mistakes/ excuses
A

article 1170

93
Q

TRUE/ FALSE: according to article 1171, those who in any manner contravene the tenor thereof are liable for damages.

A

FALSE (1171- 1170)

94
Q
  • the responsibility arising from fraud is demandable in all obligation
  • any waiver of an action for future fraud is void
A

article 1171

3rd Year (2nd Sem) (18 decks)

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