QUIZ BOWL
I. EASY (10 QUESTIONS)
MULTIPLE CHOICE
1. When ethical principles and methods of analysis are applied to business, it is
called:
A. Corporate Social Responsibility
B. Normative ethics
C. Business ethics
D. Descriptive ethics
2. By the contract of sale, one of the contracting parties obligates himself to:
A. Transfer the ownership and to deliver a determinate thing
B. Transfer possession only
C. Deliver a thing without transferring ownership
D. Lend a determinate thing for a price
3. Which best defines a contract of sale?
A. An agreement to transfer ownership without payment
B. A contract where one party delivers a thing and the other pays a price certain
C. A gratuitous transfer of property
D. A temporary transfer of possession
4. Which of the following is an essential element of a valid contract of sale?
A. Warranty
B. Delivery
C. Consent
D. Written form
5. A contract is a meeting of minds between two persons whereby one binds
himself, with respect to the other, to:
A. Transfer ownership of a thing
B. Give something or to render some service
C. Pay a price certain in money
D. Deliver a determinate thing
6. Which kind of contract is perfected by mere consent?
A. Real
B. Consensual
C. Accessory
D. Aleatory
7. What does Business Ethics mainly talk about?
A. How businesses earn more profit
B. What is right and wrong in business actions
C. How to avoid paying taxes
D. How companies compete with each other
8. Which of the following is NOT an essential element of a contract?
A. Consent
B. Object
C. Cause
D. Profit
9. What is the legal term for a "meeting of minds" where one person binds himself to
give something or render a service to another?
A. Conversation
B. Contract
C. An Argument
D. A Greeting
10. What do you call the stage of a contract where the parties actually perform their
agreed-upon terms, leading to the end of the obligation?
A. Conception
B. Perfection
C. Consummation
D. Negotiation
II. MODERATE (10 QUESTIONS)
TRUE/FALSE
1. Metaethics is the study of ethical action. It deals with the practical side of ethics.
It tells the people what to do and what not to do.
Answer: False
2. A contract of sale is perfected at the moment there is a “meeting of the minds”
upon the thing which is the object of the contract and upon the price.
Answer: True
3. Contracts are perfected by mere consent.
Answer: True
4. Violence is when one of the contracting parties is compelled by a reasonable and
well-grounded fear of an imminent and grave evil to give his consent.
Answer: False
IDENTIFICATION
5. It refers to the stage of a contract of sale where the essential elements concur
and the contract is considered “born.”
Answer: Perfection (or birth) stage of the contract
6. It is the kind of money given when the sale is already perfected and forms part of
the purchase price.
Answer: Earnest money
7. It refers to a business’s commitment to act ethically and help improve society,
communities, and the environment while doing business.
Answer: Corporate Social Responsibility (CSR)
8. It is a type of sale where ownership of the thing sold is transferred to the buyer
immerdiately upon delivery.
Answer: Absolute Sale
9. This branch of ethics is the study of ethical action; it deals with the practical side
of ethics and tells people what to do and what not to do.
Answer: Normative ethics
10. The commitment of business to behave ethically and to contribute to
sustainable economic development by working with all relevant stakeholders to
improve their lives in ways that are good for businesses, the sustainable
developments agenda, and society at large.
Answer: CSR (Corporate Social Responsibility)
III. HARD (10 QUESTIONS)
DEFINITION/EXPLANATION:
1. Define Corporate Social Responsibility (CSR).
Answer:
Corporate Social Responsibility ‘CSR’ is the commitment of business to behave
ethically and to contribute to sustainable economic development by working with
all relevant stakeholders to improve their lives in ways that are good for businesses,
the sustainable developments agenda, and society at large.
2. Define a contract of sale.
Answer:
By the contract of sale, one of the contracting parties obligates himself to transfer
the ownership and to deliver a determinate thing, and the other to pay therefor a
price certain in money or its equivalent.
3. What is Tradition Longa Manu (Long Hand)?
Answer:
Delivery of movable property by mere consent or agreement, if the thing sold cannot
be transferred to the possession of the buyer at the time of sale.
4. What is Implied Warranty?
Answer:
An implied warranty is derived by law, by implication or inference from the nature of
the transaction or relative situation, or circumstances of the parties, irrespective of
any intention of the seller to create it.
5. Define contract.
Answer:
A contract is a meeting of minds between two persons whereby one binds himself,
with respect to the other, to give something or to render some service.
6. Define cause of the contract.
Answer:
The immediate, direct and most proximate reason which explains and justifies the
creation of obligation.
7. Why does the Philippine Constitution require public utilities to be regulated and
mostly owned by Filipinos?
Answer: To protect public interest, prevent abuse of vital industries, and promote a
self-reliant economy controlled by Filipinos.
8. Why is ethical reasoning necessary in business even when laws already exist?
Answer: Because laws do not cover all situations, especially gray areas, and ethical
reasoning helps ensure fairness, justice, and responsible decision-making.
ENUMERATION
9. What are the characteristics of a contract of sales?
Answer : Consensual, Bilateral and Reciprocal, Principal, Onerous, Commutative,
Nominate
10. What are the requisites of double sales?
Answer:
1) two (2) or more valid sales;
2) Same subject matter;
3) two (2) or more buyers with conflicting interests over the rightful ownership of the
thing sold;
4) Same seller.