435369446 Sales Quiz for 2nd Year PDF

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Summary

Law on Sales FIRST QUIZ A contract whereby one of the parties obligates himself to transfer the ownership of and to deliver a determinate thing and the other to pay there for a price certain in money or its equivalent is a contract of: a. Barter b. Sale c. Dacion en pago d. Mortgage The following ar...

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Law on Sales FIRST QUIZ

1. A contract whereby one of the parties obligates himself to transfer the ownership of and to deliver a determinate thing and the other to pay there for a price certain in money or its equivalent is a contract of:

2.

3.

a.

Barter

b.

Sale

c.

Dacion en pago

d.

Mortgage

The following are the essential elements of a contract of sale, except: a.

Consent of the contracting parties

b.

Subject matter which should be determinate

c.

Price which is certain in money or its equivalent

d.

Warranty against eviction and against hidden defects

The following are the characteristics of a contract of sale, except: a.

principal , which means that a contract of sale can stand by itself

b.

real, which requires the delivery of the object of the contract of sale for its perfection.

c.

onerous, where rights are required in exchange of a valuable consideration.

d.

Bilateral, which means that both parties are bound reciprocally to each other.

4.

The following items pertain to either a contract- of sale or a contract to sell.

I.

Ownership of the thing sold is transferred upon delivery.

II.

Ownership of the thing is transferred to the buyer at some future time.

III.

The risk of loss is on the buyer.

IV.

The risk of loss is on the seller.

Based on the above data, which of the following is correct? a.

Items I and III pertain to a contract to sell.

b.

Items II and III pertain to a contract to sell.

c.

Items II and IV pertain to a contract of sale.

d.

Items I and III pertain to a contract of sale.

5.

One of the following is not a requisite of the object of a contract of sale. Which is it?

a.

It must be within the commerce of men.

b.

It must be licit.

c.

It must be determinate or determinable.

d.

Vendor must have the right to transfer the ownership of the thing at the time of sale.

6. S and B entered into a contract whereby S transferred to B a specific car for the price of P200,000.00, while B gave to SP90,000.00in cash and a diamond ring worth P110,000.00.The heading of the written contract signed by the parties reads “Contract of Sale". a. The contract is void because the intention of the parties is void since the value of the diamond ring is more than the monetary consideration given. b. The contract is a valid contract of sale as intended by the parties regardless of whether the monetary consideration is more or less than the value of the property consideration. c. The contract is a valid contract of barter since the value of the property given is more than the monetary consideration. The intention of the parties is immaterial. d.

7.

The contract is partly a contract of barter and partly a contract of sale.

The price in a contract of sale is certain, except:

a.

When the parties have fixed or agreed upon a, definite amount.

b.

If the price is certain with 'reference to another thing certain.

c. If the fixing of the price is left to the discretion of one of the contracting parties and the price fixed is not accepted by the other party.

d. If the price fixed is that which the thing sold would have on a definite day or in a particular exchange or market

8. On January 1, S orally sold to B a specific ring for P450.00. The parties agreed that S shall deliver the ring to B on January 5, while B shall pay the price on January 7. a.

The contract is perfected on January 5, when the ring is delivered by S to B.

b. The contract is perfected on January 1, when the parties had a meeting of mind on the object and the price. c. The contract is perfected on January 7, when the price is paid, since both parties would by then have performed their obligations in the contract. d.

There is no perfected contract because the sale was made orally.

8. Warranty against hidden defects is A. An essential element B. A natural element C. An accidental element D. An artificial element

9. X needs a size of 10 of model 101 of Leather Shoes regularly available to the public for her boyfriend Z, but the same is out of stock so she placed an order for one. On the other hand, Z placed an order for size No. 8, colored violet, (something not ordinarily made by the company) to be given to X. Which is correct? A. Both are contracts of sale B. Both are contracts for a piece of work C. First is a contract of sale second is a contract for a piece of work D. First is a contract for a piece of work, second is a contract of sale

10. If immovable property should have been sold to different vendees, the ownership shall be transferred to the person A. Who have first taken possession in good faith B. Who presents the oldest title in good faith C. Who in good faith first recorded it in the Registry of Property D. Who have paid in good faith the purchase price in full

11. Vi imported radios from Taiwan and asked for 220 volts radios. The radios arrived clearly labeled 220 volts and Vi sold them to the public as such. Later the customer complained that the radios have been mislabeled by the manufacturer and that they were good only for 110 volts. As a consequence A. Vi is liable to the vendees for any hidden defects even though he is not aware. B. Vi is not liable because he is in good faith C. Vi is not liable under the principle of “caveat emptor” or let the buyer beware D. The vendees may hold the manufacturer liable but not Vi because Vi specifically asked for 220 volts

12. X sold his motor vehicle to V who bought it for P200,000. It turned out however, that X has 2 motor vehicles: Toyota valued at P230,000 and Lancer valued at P220,000. Which is correct? A. There is no contract of sale between X and V B. The parties may ask for interpretation or reformation C. The parties can ask for annulment of the contract D. V may choose between the Toyota or Lancer

13.

I. The vendor need not be the owner at the time the sale is perfected. It is sufficient that he is

the owner at the time the thing sold is delivered. II. The sale of a vain hope or expectancy is voidable. A. First statement is true, second statement is false. B. First statement is false, second statement is true. C. Both statements are true. D. Both statements are false

14.

I. There may be a contract of sale of goods, whose acquisition by the seller depends upon a contingency which may or may not happen. II. If the consideration of the contract consists partly in money and partly in another thing, it shall be considered a barter if the value of the thing given as a part of the consideration exceeds the amount of the money or its equivalent. A. First statement is true, second statement is false. B. First statement is false, second statement is true. C. Both statements are true. D. Both statements are false

15.

I. The ownership in the thing shall not pass to the purchaser until he has fully paid the price. II. If at the time the contract of sale is perfected, the thing which is the object of the contract has been partially lost, the contract shall be without effect. A. First statement is true, second statement is false. B. First statement is false, second statement is true. C. Both statements are true. D. Both statements are false...