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Provides essential knowledge and insights on the legal and regulatory landscape of business, covering topics such as contracts, and intellectual property.
It is a contract in the nature of an option to purchase if the goods prove satisfactory, the approval of the buyer being a condition precedent.
Which of the following is false?
A tool used to identify the potential risk of existing personal or sensitive personal information on all agency's systems, technology, programs/processes, project or activities to an individual's privacy.
It is a grant issued by the government to an inventor, designer or maker, the right to exclude others from making, using or selling his invention, design or utility model within the country for a specific term, in exchange of his patentable disclosure.
It occurs when an insider in possession of material non-public information buys or sells a security.
One employed to transact all the business of his principal, or all business of a particular kind or in a particular place, or in other words, to do all acts, connected with a particular trade, business, or employment.
The Privacy Commissioner must be at least 30 years of age.
It refers to an information that will affect the price of the security or would influence a person in deciding whether to buy, sell or hold a security which is not available to the public.
Splitting of deposit is a criminal act punishable by imprisonment of not less than how many years?
Should the buyer take possession of the goods or should the seller send them? In other words, where is the place of delivery?
Which of the following is incorrect?
Design patent requires novelty and ornamentality.
The person or the legal entity who or which takes the initiative and has the responsibility for the first fixation of the sound of a performance or other sounds or the representation of sounds.
Which is false?
It is the extinction of an obligation through the creation of a new one which substitutes it by changing the object or principal conditions thereof, substituting a debtor, or subrogating another in the right of the creditor.
Which of the following is not one of the characteristics of contact of sale?
It is a warranty that goods are reasonably fit for the general purpose for which they are sold.
Placing of purchase or sale order, at or near the close of the trading period in order to affect the closing price likewise affecting the opening price the following day.
In an "ITF" account (Juan ITF Pedro), who is the depositor?
Republic Act No. 8293 is otherwise known as the
In general, the actions available for breach of the contract of sale of goods are the following except
Years of imprisonment for unauthorized processing of sensitive information range from 3 to 6 years.
It may be deﬁned as a relation which exists where one person has undertaken an obligation and another person is also under a direct and primary obligation or other duty to a third person, who is entitled to but one performance, and as between the two who are bound, the one rather than the other should perform.
It is an agreement whereby one of the parties obligates himself to deliver something to the other who, on his part, binds himself to pay therefor a sum of money or its equivalent.
Constructive delivery is a general term comprehending all those acts which, although not conferring physical possession of the thing, have been held by construction of law equivalent to acts of real delivery. It may be effected in any of the following ways except
Reportorial requirements shall apply to an issuer with assets of at least
FAO stands for
The sale of a thing not yet in existence subject to the condition that the thing will exist and on failure of the condition, the contract becomes ineffective and hence, the buyer has no obligation to pay the price.
One which, although it lacks the proper formalities or other requisites of a mortgage required by law, nevertheless reveals the intention of the parties to burden real property as a security for a debt, and contains nothing impossible or contrary to law.
Which is not a characteristic of a contract of pledge?
Loan where the bailor delivers to the bailee a non-consumable thing so that the latter may use it for a certain time and return the identical thing
Special powers of attorney are necessary in the following cases except
It involves people providing information that the price of any security listed in the exchange will or is likely to rise or fall because of manipulative market operations of any one or more persons conducted for the purpose of raising or depressing the price of the security and thus inducing the purchase or sale of such security.
The offeror will report the results of the tender offer by filing with the Commission, not later than _________ calendar days after the termination of the tender offer, copies of the final amendments to the form.
It is a contract and a receipt for the transport of goods and their delivery to the person named therein, to order, or to bearer.
Which is not one of the similarities between chattel mortgage and pledge?
A unilateral promise or offer to sell or to buy a thing which is not accepted creates no juridical effect or legal bond. Such unaccepted imperfect promise or offer is called
The fine for unathorized processing of personal information ranges from P500,000 to P1,000,000.
Majority of the members of the Secretariat must have served for at least 10 years in any agency of the government that is involved in the processing of personal information.
It is obligatory for every bank to report, in a sworn statement, to the Treasurer of the Philippines of deposits that have not been touched for a period of 10 years or held in favor of persons known to be dead.
It refers to an individual whose personal information is processed.
Anti-Graft and Corrupt Practices Act is also known as Republic Act 3091.
It is a contract whereby one of the parties delivers to another money or other consumable thing with the understanding that the same amount of the same kind and quality shall be paid.
It has been deﬁned as “an establishment which provides lodging and parking and in which the rooms are usually accessible from an outdoor parking area.”
It means the transmission by wireless means for the public reception of sounds or of images or of representations thereof.
One employed to do all acts that the principal may personally do, and which he can lawfully delegate to another the power of doing.
It establishes policies and implements measures and procedures that guarantee the safety and security of personal data under control and custody, thereby upholding an individual's data privacy rights.
Years of imprisonment for processing of sensitive personal information for unauthorized purposes.
Republic Act No. 10173 is also known as Data Privacy Act.
Republic Act No. 7942 is also known as the Philippine Mining Act of 1995.
By this, a person binds himself to the creditor to fulﬁll the obligation of the principal debtor in case the latter should fail to do so.
It means any visible sign capable of distinguishing the goods or services of an enterprise and shall include a stamped or marked container of goods.
Selling the security which the vendor does not own and borrowed only from another. This is not illegal per se but only regulated.
Under the law, agency may be terminated by the subsequent acts of the parties. Which of the following is not an example of extinguishment by subsequent acts of the parties?
Republic Act 3936 is known as Unclaimed Balances Law.
Republic Act No. 8293 took effect on what date?
One who is engaged for others on a commission; a negotiator between other parties, never acting in his own name but in the name of those who employed him.
ITF stands for In Trust For.
Goods to be manufactured (like the sale of milk bottles to be manufactured with the name of the buyer pressed in the glass), raised (like the sale of the future harvest of palay from a ricefield), or acquired (like the sale of a definite parcel of land the seller expects to buy).
This sale occurs where a seller sells things as being of a particular kind, the buyer not knowing whether the seller’s representations are true or false, but relying on them as true; or, as otherwise stated, where the purchaser has not seen the article sold and relies on the description given him by the vendor, or has seen the goods but the want of identity is not apparent on inspection.
Elements which may be present or absent depending on the stipulations of the parties, such as conditions, interest, penalty, time or place of payment, etc.
The term of a patent shall be __ years from the filing date of the application.
The rights in a mark shall be acquired through
The Privacy Commissioner shall enjoy the benefits, privileges and emoluments equivalent to the rank of Secretary.
It refers to any and all forms of data which under the Rules of Court and other pertinent laws constitute privileged communication.
Deposit wherein the delivery is made by the will of the depositor or by two or more persons each of whom believes himself entitled to the thing deposited
It means that the property must not be subject to any claim of a third person.
Republic Act No. __ is otherwise known as the National Caves and Cave Resources Management Protection Act.
COP stands for
Which of the following relates to personal acts?
It is the power of the agent to affect the legal relations of the principal by acts done in accordance with the principal’s manifestation of consent to him.
One whose business is to receive and sell goods for a commission, being entrusted with the possession of the goods involved in the transaction
It means the name or designation identifying or distinguishing an enterprise.
DICT stands for
Republic Act 6426 is also known as Foreign Currency Deposits Act.
Which of the following is false regarding earnest money and option money?
Any transaction in a security which involves no change in the beneficial ownership.
One who is given authority by his principal to do a particular act not of a legal character.
Which is not an essential element of agency?
It is the making of one or more copies of a work or a sound recording in any manner or form.
A fine of P100,000 - P500,000 is imposed for improper disposal of personal information.
It is a kind of waiver of eviction where the waiver is voluntarily made by the vendee without the knowledge and assumption of the risks of eviction.
The action for rescission or reduction of the price must be brought within the proper period — 6 months from the delivery of the thing sold or within _____________________ from the date of the delivery in case of animals
No warranty of title is implied in a sale by one not professing to be the owner.
It is a bar which precludes a person from denying or asserting anything contrary to that which has been established as the truth by his own deed or representation either express or implied.
It refers to communication by whatever means of any advertising or marketing material which is directed to particular individuals.
The PDIC, as a receiver and liquidator of closed banks, shall control, manage and administer the affairs of the bank.
The Securities and Exchange Commission is composed of a Chairman and __________ Commissioners who are given a 7-year term and has security of tenure to protect them from political influence.
In a "FAO" account (Juan FAO Pedro), Pedro is the depositor.
The rights to a trademark shall be __ years from registration.
The Privacy Commissioner and the two Deputy Privacy Commissioners shall be appointed by the President of the Philippines for a term of 3 years.
PDIC stands for
It is a statement or representation made by the seller of goods, contemporaneously and as a part of the contract of sale, having reference to the character, quality, or title of the goods, and by which he promises or undertakes to insure that certain facts are or shall be as he then represents them.
DPO stands for
It may be defined as the judicial process, whereby the vendee is deprived of the whole or part of the thing purchased by virtue of a final judgment based on a right prior to the sale or an act imputable to the vendor.
Years of imprisonment for accessing personal information due to negligence.
The seller guarantees that he has a right to sell the thing sold and to transfer ownership to the buyer who shall not be disturbed in his legal and peaceful possession thereof
It is otherwise known as Republic Act No. 8293, as amended by Republic Act No. 10372.
It is the remedy available to the mortgagee by which he subjects the mortgaged property to the satisfaction of the obligation to secure which the mortgage was given.
In a "By" account (Juan by Pedro), Juan is the depositor.
It is a contract whereby the debtor secures to the creditor the fulﬁllment of a principal obligation, specially subjecting to such security immovable property or real rights over immovable property which obligation shall be satisﬁed with the proceeds of the sale of said property or rights in case the said obligation is not complied with at the time stipulated.
Which of the following rights may be the object of a contract of sale?
Agency where the agent receives compensation for his services.
By this, one acquires ownership and other real rights through the lapse of time in the manner and under the conditions prescribed by law. In the same way, rights and actions are lost by prescription.
The Privacy Commissioner and the two Deputy Privacy Commissioners may be reappointed for another term of how many years?
They are private directions which the principal may give the agent in regard to the manner of performing his duties as such agent but of which a third party is ignorant.
Actors, singers, musicians, dancers and other persons who act, sing, declaim, play in, interpret or otherwise perform literary and artistic work.
He is the natural person who has created the work.
Which is not a security?
By this contract, a person binds himself to render some service or to do something in representation or on behalf of another, with the consent or authority of the latter.
It is a crime committed by any person knowing that any monetary instrument or property represents, involves or relates to the proceeds of any unlawful activity.
It is a contract by virtue of which the debtor delivers to the creditor or to a third person a movable or document evidencing incorporeal rights for the purpose of securing the fulﬁllment of a principal obligation with the understanding that when the obligation is fulﬁlled, the thing delivered shall be returned with all its fruits and accessions.
Trust accounts are also covered by the bank secrecy law.
The principal cannot deny the existence of the agency after third parties, relying on his conduct, have had dealings with the supposed agent. This method of creating an agency is known as
Which of the following is not a principal obligation of the vendor?
One whose business is to represent clients in legal proceedings.
Right of the mortgagor in case of judicial foreclosure to redeem the mortgaged property after his default in the performance of the conditions of the mortgage but before the conﬁrmation of the sale of the mortgaged property.
He is a person whose relationship or former relationship to the issuer gives or gave him access to material non-public information.
As a deposit insurer, the PDIC is empowered to examine and investigate banks.
Principle of Proportionality: The processing of personal data by the company shall be compatible with a declared and specified purpose which must not be contrary to law, morals or public policy.
The making, using, offering for sale, selling or importing a patented product or a product obtained directly or indirectly from a patented process, or the use of a patented process without the authorization of the patentee constitutes
Which of the following is not a characteristic of contract of agency?
Guaranty required by a court to guarantee the eventual right of one of the parties in a case.
It implies the possession by two or more creditors of equal rights or privileges over the same property or all of the property of a debtor.
Under Section 21 of the PDIC Charter, payment of an insured deposit to any person by PDIC shall discharge the PDIC.
An uncertain event upon the happening of which the obligation (or right) subject to it is extinguished. Hence, the right acquired in virtue of the obligation is also extinguished.
It is a contract whereby the parties, by reciprocal concessions, avoid a litigation or put an end to one already commenced. It is the amicable settlement of a controversy.
Mandatory Tender Offer applies to any person who intends to acquire at least _________ over a period of 12 months (previously 30, increased by the SEC pursuant to Section 72.1 of the SRC) of any class of any equity security of listed corporations or corporations with assets of at least P50,000,000 and having at least 200 shareholders who each have at least 100 shares .
By this contract, the creditor acquires the right to receive the fruits of an immovable of his debtor, with the obligation to apply them to the payment of the interest, if owing, and thereafter to the principal of his credit.
If the vendor was aware of the hidden defects in consequence of which the thing sold was lost, he shall bear the loss because he acted in bad faith. In such case, the vendee has the right to recover
It refers to the transfer of possession of the original or a copy of a work or sound recording for a limited period, for non-profit purposes, by an institution the services of which are available to the public, such as public library or archive.
It is any practice or method of dealing having such regularity of observance in a place, vocation or trade as to justify an expectation that it will be observed with respect to the transaction in question.
Republic Act No. __ is otherwise known as the Terrorism Financing Prevention and Suppression Act of 2012.
It involves an intensive selling campaign through numerous salesmen by telephone or through direct mail offerings for securities of either a certain type or from a specific issuer.
The second procedure in the registration for sale and distribution of securities is the payment of the filing fees which shall not exceed 1/10 of ____________ of the aggregate price at which such securities are proposed to be offered.
It is constituted from the moment a person receives a thing belonging to another, with the obligation of safely keeping it and of returning the same.
This mode of delivery takes place by the mere consent or agreement of the contracting parties as when the vendor merely points to the thing sold which shall thereafter be at the control and disposal of the vendee.
Agency where the agent acts in the name and representation of the principal.
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