Oblicon Sample Exams
Oblicon Sample Exams
Oblicon Sample Exams
007-2008 Instructions: Read, understand and analyze this quastions below. Clearly and briefly state your enswers. Explain your enswers, Unless ottienvise steted, each ltern is for va (5) pts, Wiite legibly. Leave a space in between lines. ‘Do not scrimp on tast booklets; this may be the last time you will write on them. 1. Distinguish resolution under Article 1191 and Tescission under Article 1381 of the Civil Code. (10pts.) 2, Lesser owns a lol along EDSA. eso) leased the lot to \@SSe8sunder the following terms and conditions: (a) the lease shail be for five (5) years; (&) Lessee shall pay monthly rental of Php20,000; (¢) the rental shall be Incre id annually by 10%: and (d) Ceesee shall use the ot cry for_auvellsing parpesoe On he ‘Segond yeaof the lease, Lessor and Lessee verbally agreed that Lessee sha! have the right of first refusal In case the Lessor deciles to selrthe Tat during the lease term, On the pire yeap Lessee leamed thal ‘eesor was shopping for apossible buyer ofthe lot. Is Lessoe's fi of fat elutaT Vad and enforceable? What action can Lessee take to piutect Lessee's right of first refusal? (10pts,) 3. Juan had only three (3) hei’s, namely, Two, Three and Tour. When Juan cied on A Jue 181p(TusS and CHesbsramacatsly ererednte an meeceeal nce es coicyed alte ic tance Wives and acy on hc o-Ps wnerehy The ‘wo look possession ad-agsered ounershi over ie tntes Gr aveaeicied as rears Juan's estate. Four learned of the agreement and Two's possession anc contfol of thé lots only a month aftér Juan's déath (a) “How will you characterize the agreement between Two end Three on the conveyance of the entire estate of Juan to Two? (10 pis.) (allie Teue>> (0) Late last year, Four filed an action to recover his share in the estate of Juan from Two. Cari Four successfully do so? purorgtn 4. XYZ Corp. is a broker in, anid_stockholder of, the Philippine Stock Exchange, Inc. (PSE"), As broker, XYZ Corp.yewes PSE)(a) 100,000 in various fees. and (b) P50,000 in penalties for violation of ceria PSE rules. On 14 February 2007, the PSE ylectared ‘cash, dividends to its stockholders, including, Corp. which was entitled to P7,000,000. When PSE paid the dividends, it paid XYZ Co¥p. only P850,000. XYZ Corp. objected. Can PSE legally justify its payment of P850,000 to XYZ Corp.? Cryer 5. Amin and Lahat incorporated ZYX Corp. (ZYX"). They paid ZY¥ P50,000,000 each in full payment of their subscription to "ZYX shares, Pursuant to a verbal agreement with G, R, E, Ed, and Y, however, all the ZYX shares were placed equally In the names of G. R, E, Ed, and Y, who are reflected as the stockholders of record of ZYX. (2) How wit you characterize the agreement among the parties? 44:7 (b) Amin and Lahat created ZYX for the purpose of obtaining a US$160 milion contract for the supply of telecommunications equipment and system to the Philippine government, The ZYX shares were in the names of G, R, E, Ed and Y to avoid ZYX's Gisquaiication if owned of recor by presidential celatives. Should ZYX get the supply contract, what will be its status? (c) In a separate transaction, Amin and Lahat jointly and severally borrowed 40,000,000 from ABC Bank. Upon maturity of the toan, ABC Bank demanded payment from Amin? How much should Amin pay ABC Bank? Will Amin’ failure to pay affect Lahal?