1. The following requisites are essential to the contracts of pledge.
seal estate mortgage and
chattel mortgage, except a. That they be constituted to secure the fulfillment of a principal obligation such as contract of loan. b. That the pledgor or mortgagor be the absolute owner of the thing pledged or mortgaged. c. That the persons constituting the pledge or mortgage have the free disposal of their property, and in the absence thereof, that they be legally-authorized for the purpose. d. That the thing pledged or mortgaged be places in the possession of the creditor, or of a third person by common agreement.
2. The following are kinds of principal obligations that may be secured by a contracts of pledge, of real estate mortgage or of chattel mortgage, except a. Pure obligations b. Conditional obligation whether suspensive condition or resolutory condition c. Obligations with a period whether suspensive period (ex die) or resolutory period (in diem) d. Null and void obligations
3. When in the pledgor or mortgagor required to be the owner of the thing pledged or mortgaged for the validity of contracts of pledge, of real estate mortgage or of chattel mortgage? a. At the time the principal obligations is constituted. b. At the time the contract of pledge or mortgage is constituted. c. At the time of the failure to pay the principal obligation. d. At the time the thing to be pledged or mortgaged is to be delivered.
4. It is a stipulation whereby the thing pledged or mortgaged shall automatically become the property of the creditor in the event of non-payment of the debt within the term fixed. a. Pactum credatium b. Pactum commissonum c. Pactum debitarium d. Pactum crematorium
5. The following are the instances where the thing pledged or mortgaged may be sold or alienated to pay the principal obligation, except a. If the pledgor or mortgagor fails to fulfill certain conditions and such violation would make the debt due and demandable. b. If the debtor has lost the right to make use of the period or where there is an acceleration clause in the payment of installment. c. Upon default to pay the obligation at maturity. d. Before maturity of the principal obligation.
6. What is the nature of a contract of pledge, of chattel mortgage, of real estate mortgage or of antichresis? a. It is divisible if the principal contract is joint. b. It is indivisible if the principal contract solidary. c. It is divisible whether the principal contract is joint or solidary. d. It is indivisible whether the principal contract is joint or solidary. 7. It is a contract by virtues of which the debtor delivers to the creditor or to a third person a movable, or instrument 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 delivers shall be returned with all its fruits and accessions. a. Contract of Pledge b. Contract of Chattel mortgage c. Contract of Real estate mortgage d. Contract of Antichresis
8. In case the cause or consideration of the contract of pledge is not stipulated, what is the cause or consideration of a contract of pledge? a. It has no cause or consideration. b. The cause or consideration of the principal obligation or contract of loan. c. The cause or consideration is the liberality of the pledgor. d. The cause is the service remenerated.
9. The following are the characteristics of a contract of pledge, except
a. Consesual – It is perfected by mere consent. b. Accessory – It has no independent existence of its own because there must be contract of loan. c. Unilaterial – It creates an obligation on the part of the creditor to return the thing upon the fulfillment of the principal obligation. d. Subsidiary – The obligation incurred does not arise until the fulfillment of the principal obligation which is secured.
10. The following are the essential requisites of conventional pledge, except a. That it be constituted to secure the fulfillment of a principal obligation or contract of loan. b. That the pledgor be the absolute owner of thing pledged. c. That person constituting the pledge has the free disposal of his property,and in the absence theoref,that he be legally authorized for the purpose. d. That the contract of pledge be constituted in public document.
11. What is the nature of a contract to constitute a pledge?
a. Consensual contract b. Real contract c. Formal contract d. Solemn contract
12. What is the legal effect of a promise or contract to constitute a pledge?
a. It is perfected by delivery of the thing pledge. b. It is perfected through the notarization of the promise. c. It is perfected by mere consent and gives gives rise only to a personal action between the contracting parties. d. It gives rise to a real action over the thing pledged.
13. What is the nature of a contract of pledge?
a. Consensual contract b. Real contract c. Formal contract d. Solemn contract
14. The following may become the object of a contract of pledge, except a. All movable b. Personal property susceptible of possession. c. Incorporeal rights which are evidenced by negotiable instruments, bill of lading, shares of stocks, bonds, warehouse receipts and similar documents. d. Real or immovable properties and rights thereon.
15. What is the form of contract of pledge to bind or to affect third person? a. It must be registered in the chattel mortgage registry. b. It must be registered in the registry of deeds. c. It must be in public instrument showing a description of the thing pledged and the date or the pledge d. It must be recorded in the Intellectual Property Office.
Law School Survival Guide (Volume I of II) - Outlines and Case Summaries for Torts, Civil Procedure, Property, Contracts & Sales: Law School Survival Guides
