457015036 DONE Law1301 Topic Law on Sales NA docx PDF

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Name: _________________________________Homework 1 – Law1301 – Topic Law on Sales – Part 2 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 some future tim...

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Name: _________________________________ Homework 1 – Law1301 – Topic Law on Sales – Part 2 1. 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 some future time. III. The risk of loss in 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. 2. Sony sells to Billy his 2013 Honda car, and leaves to Billy to determine the price. Billy refuses to fix the price but took the car for his use. Which of the following statements is correct? a. No sale, because the price is not fixed by the parties. b. There is a sale; Billy must pay a reasonable price. c. No sale until a third person fixes the price. d. Sony may go to court and ask for damages. 3. If the price is uncertain a. The transaction is void b. The price is to be fixed by the court. c. The sale is unenforceable d. The buyer must pay a reasonable price 4. Three of the following are conditional sale. Which is the exception? a. Sale of expectancy b. Sale of a vain hope c. Sale with a right to repurchase d. Sale subject to a contingency 5. In one of the following cases, delivery of the goods to a carrier for the purpose of transmission to the buyer transfers ownership to the latter. Which one is it? a. When by the terms of the bill of lading, the goods are to be delivered to the seller or his agent. b. When by the terms of the bill of lading, the goods are to be delivered to the order of the buyer or his agent but the seller retains the bill of lading. c. When the seller draws a bill of exchange on the buyer for the price of the goods and transmits such bill of exchange and the bill of lading to the buyer to secure acceptance or payment of the bill of exchange and the buyer dishonors the bill of exchange. d. When the owner does not reserve the, right of possession or ownership of the thing sold upon delivery to the carrier. 6. Solo sold to Bolo a specific car for P200,000 payable in four equal installments. Solo delivered the car to Bolo but required Bolo to mortgage it back to Solo to answer for the unpaid installments. Bolo paid the first installment, but the last three he failed to pay. Solo foreclosed the mortgaged property and sold it at public auction for P130.000. a. Solo can recover from Bolo the balance of P20.000. b. Solo can recover from Bolo the balance of P20,000 if there is stipulation to that effect. c. Solo cannot recover the deficiency anymore even if there is stipulation to that effect. d. Solo can recover from Bolo part of the balance of P20.000. 7. Adel sold to Bella the former's horse for P50,000. No date is fixed by the parties for the performance of their respective obligations. The obligation of Adel is a. To deliver the horse immediately as there is a perfected contract. b. To deliver the horse upon payment by Bella of P50,000. c. To deliver the horse within a reasonable time of two months from the contract of sale. d. To rescind the contract as there is no time fixed for the delivery and payment. 8. Can future inheritance be the subject of a contract of sale? a. No, since it will put the predecessor at the risk of harm from a tempted buyer, contrary to public policy. b. Yes, since the death of the decedent is certain to occur. c. No, since the seller owns no inheritance while his predecessor lives. d. Yes, but on the condition that the amount of the inheritance can only be ascertained after the obligations of the estate have been paid.

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9. Where the seller of goods has a voidable title thereto, but his title has not been avoided at the time of the sale, the buyer acquires title to the goods. Such acquisition of title has the requisites, except: a. the buyer must have bought the goods in good faith b. the buyer must have bought them for value. c. the buyer bought them without notice of the seller’s defect of title. d. the party from whom the seller obtained the goods must ratify the sale. 10. S, the owner of a rent-a-car business, leased one of his cars to B for one month. On the day of the expiration of the lease and while B was still in possession of the car, B offered to buy the car from S for P200.000.00. Believing the price to be a good one, S readily accepted B's offer and then and there executed a deed of absolute sale in favor of B who immediately paid the price in cash. Thereafter, B drove away from place of S. a. The delivery of the car by S to B is by constitutum possessorium. b. The delivery of the car by S to B is by traditio tonga manu. c. The delivery of the car by S to B is by traditio brevi manu. d. There was no delivery because B should have turne over the possession of the car to S upon the expiration of the lease so that S could make the proper delivery to him upon the execution of the contract of sale. 11. In distinguishing Earnest Money from Option Money, Earnest Money is: a. Given when there is no contract of sale. b. Given only when there is a perfected contract of sale. c. Given to bind the offeror in a unilateral promise to sell or buy. d. Given as a separate consideration from the purchase price. 12. One of the following is not a remedy granted to an unpaid seller: a. Right of stoppage of goods in transit b. Right of lien over the goods c. Right of resale. d. Right to demand a security for the payment of the price. 13. A sold and delivered her diamond ring to B. It was agreed upon that within 10 days B will state and fix the price. On the 10th day, B called up by telephone A and stated the price at P20,000 which A agreed. Is the sale perfected? a. No, at the time of the sale the price was not fixed. b. Yes, at the time of the sale the price was already known. c. Yes, the price stated and fixed by the buyer was accepted by the seller. d. No, the price was left to the discretion of one of the parties. 14. The Recto Law is applicable a. Sale of car on straight term b. Sale of house on installment c. Sale of car on installment where the buyer constituted a mortgage on his truck d. In the foreclosure sale, should the vendee's failure to pay cover two or more installments. 15. A Seller sold to a Buyer a piece of jewelry at a price of P20,000. The contract provides that the Buyer will pay the Seller cash of P15,000 and for the balance the Buyer will give the Seller a micro wave oven worth P5,000. What is the nature of the contract? a. Sale b. Partly sale and partly barter. c. Barter d. Commodatum. 16. A sold to B a parcel of land for P30,000. The sale is evidenced by a memorandum of agreement of sale written in Cebuano dialect. One week later, A sold the same parcel of land to C for P40,000 which was evidenced by a formal deed of sale. Upon buying the property, C, who was aware of the first sale, immediately took possession of the land and registered the deed of sale in her favor with the Register of Deeds. When informed of the second sale, B subsequently registered an adverse claim to the property. The parcel of land shall belong to: a. B, because she has got an older title b. C, because the sale was made on a formal deed of sale c. C, because she is the first to register the deed of sale d. C, because she is the first to take possession of the land 17. Lino entered into a contract to sell with Ramon, undertaking to convey to the latter one of the five lots he owns, without specifying which lot it was, for the price of P1 million. Later, the parties could not agree which of five lots he owned Lino undertook to sell to Ramon. What is the standing of the contract? a. Unenforceable c. Rescissible b. Voidable d. Void.

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