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CPALE — Regulatory Framework for Business Transactions

CPA board reviewer (RFBT): business law, including RA 9298.

Reviewer for Regulatory Framework for Business Transactions (RFBT) in the CPA Licensure Examination.

1

Obligations and Contracts

An obligation is a juridical necessity to give, do, or not do. A valid contract needs consent, object, and cause.

⚠️ Common Mistake

A contract entered through fraud, mistake, violence, or undue influence is VOIDABLE, not automatically void.

2

Partnership and Corporation

The Revised Corporation Code (RA 11232) governs corporations; the Civil Code governs partnerships. A corporation has separate juridical personality.

3

The Accountancy Act (RA 9298)

RA 9298, the Philippine Accountancy Act of 2004, regulates CPA practice, the PRC Board of Accountancy, the CPALE, and the Code of Ethics.

4

Negotiable Instruments

💡 Exam Hack

Under the Negotiable Instruments Law, an instrument must be in writing, signed, contain an unconditional promise/order to pay a sum certain, payable on demand or at a fixed time, and payable to order or bearer.

📌 Quick Recap — Master These

Before your exam, make sure you can confidently explain and apply each of the following:

  • Obligations and Contracts
  • Partnership and Corporation
  • The Accountancy Act (RA 9298)
  • Negotiable Instruments

Re-read any section above where you hesitate, then explain it aloud in your own words — if you can teach it simply, you understand it. Focus your final review on the tables, formulas, and the common-mistake warnings, since those are where most points are won or lost.