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A contract of sale is perfected Upon the meeting of the minds on the thing which is the object of the contract and upon the price. Upon the meeting of the minds on the thing which is the object of the contract and upon the price. Pacto de retro sale A contract whereby one of the contracting parties ...

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A contract of sale is perfected -Upon the meeting of the minds on the thing which is the object of the contract and upon the price. Upon the meeting of the minds on the thing which is the object of the contract and upon the price. -Pacto de retro sale

A contract whereby one of the contracting parties obligates himself to transfer the ownership of and to deliver a determinate thing and the other to pay therefore a piece certain in money or its equivalent is a contract of: -Sales A form of delivery which takes place after the seller of the property continues in possession of said property no longer as owner but as a mere possessor: -Traditio constitutum possessorium A husband and his wife were living together under a conjugal partnership of gains. Later, because of a quarrel, the wife left the husband without judicial approval. They have thus been living apart for more than ten years. The wife later sold her land to the said husband. Is the sale valid? -The sale is void because of the absence of separation of properties between spouses. A sold her specific car to B for P200,000 payable in 5 equal installments. A delivered the car to B but a mortgage was constituted on the car to answer for the unpaid installments B paid the first 2 installments but failed to pay the last 3 installments. A foreclosed the mortgaged property and sold it at public auction for P100,000. Which is correct? -A cannot recover the deficiency even if there is stipulation to the contrary A sold to B land, which at the time of sale did not belong to A. Is the sale valid? -Yes, for the vendor need not own the property at the time of perfection, it being sufficient that he be the owner at the time he is to deliver the object. A sum of money paid, or a thing delivered upon the making of a contract for the sale of goods, to bind the bargain, the delivery and acceptance of which makes the final assent of both parties to the contract. -Earnest Money A, B & C are co-owners of an undivided parcel of land, A sold his 1/3 interest to B absolutely. Which is correct? -C can not exercise the right of redemption because the sale was made in favor of a coowner. A, B, and C are co-owners in equal shares of a one-hectare rural land, the adjoining owner to which are D and E, the latter owning the smaller area. A donated his share of the land owned in common to X who is a rural land owner. Upon proper notice of conveyance, B, C, D and E

sought to exercise the right of legal redemption over the share conveyed. Who among them, if any, should be preferred? -No one will be preferred as there is no right of legal redemption exists because A donated his share to X. There was no purchase, no dation in payment, to transmission by onerous title. A, B, and C are co-owners of a parcel of land pro-indiviso. A sold his share to B in an absolute deed of sale. Which is correct? -C cannot exercise the right of redemption since the sale was made to a co-owner. An Act Strengthening Consumer Protection in the Purchase of Brand-New Motor Vehicles is also known as: -E-Commerce Act An agent, authorized by a special power of attorney to sell a land belonging to the principal succeeded in selling the same to a buyer according to the instructions given the agent. The agent executed the deed of absolute sale on behalf of his principal two days after the principal died, an event that neither the agent nor the buyer knew at the time of the sale. What is the standing of the sale? -Valid. B bought a car on the installment plan, and as security, executed a chattel mortgage on it. B faulted to pay two installments. The seller foreclosed the mortgage, but the sum he obtained was less than what B still owed him. It has been previously agreed in the deed of sale that B would be liable for any deficiency in this matter. May the seller still sue for the deficiency? -No, for the law says that after foreclosure, the seller-mortgagee shall have no further action against the purchaser to recover any unpaid balance of the price. The contrary stipulation in their contract is VOID. B bought a residential condominium apartment from D. He was able to pay 2 years of installments but failed to pay the succeeding installments. What rights does B have in the given circumstance? -To pay, without additional interest, the unpaid installments due within the total grace period earned by him which is one month grace period for every one year of installment payments made. Catriona bought a Sony radio from Sam but he defaulted in the payment of two installments. May Sam ask for the cancellation of the sale? -Yes, because two installments are already in default. Conventional redemption is also called the right to redeem. There cannot be conventional redemption unless it has been stipulated upon in the contract. -Both statements are true. Conventional Redemption shall take place when the vendor reserves the right to repurchase the thing sold, with the obligation to comply with the provision of Art. 1616 and other stipulations which may have been agreed upon.

Legal redemption is the right to be subrogated, upon the same terms and conditions stipulated in the contract, in the place of one who acquires a thing by purchase or dation in payment, or by any other transaction whereby ownership is transmitted by onerous title. -Both statements are true.

If a movable property is sold separately to two or more different vendees, ownership shall belong to the person: - Who in good faith first took possession of the property. If immovable property should have been sold to different vendees, the ownership shall be transferred to the person - Who in good faith first recorded it in the Registry of Property In a contract of sale of personal property the price of which is payable in installments, the vendor may exercise any of the following remedies, except: - Foreclose the chattel mortgage on the property if the vendee’s failure to pay cover two or more installments and recover any deficiency after the foreclosure sale if they have stipulated it. In a sale, this is actual delivery: - Goods sold are placed in the control and possession of the vendee. In a true pacto de retro sale, the title and ownership of the property sold are immediately vested in the vendee a retro subject only to the resolutory condition of repurchase by the vendor a retro within the stipulated period. This is known as - conventional redemption. In case of redemption, which of the following will not be paid by the seller to the buyer? - The interest on the purchase price. In case where less than two years of installments were paid, the seller shall give the buyer a grace period of not less than sixty days from the date the installment became due. If the buyer fails to pay the installments due at the expiration of the grace period, the seller may cancel the contract after thirty days from receipt by the buyer of the notice of cancellation or the demand for rescission of the contract by a notarial act. - Both statements are true. In waiver consiente there is no warranty against eviction but the seller is still liable to pay the value of the thing at the time of eviction if eviction takes place. In case of total eviction, the vendee cannot rescind the sale with damages. - First is incorrect second is correct.

It is an affirmation of fact or any promise by the seller relating to the thing which has a natural tendency to induce the buyer to purchase the same, relying on such promise or affirmation. - Express Warranty Joseph bought a residential condominium apartment from Josue. Joseph was able to pay 1 and 1/2 years of installments but failed to pay the succeeding installments. Josue gave due consideration by giving Joseph a grace period of not less than 60 days from the date the installment became due. However, due to financial constraints, Joseph failed to pay the installments at the expiration of the grace period. Josue thought of cancelling the contract. Is Josue’s action tenable under the Realty Installment Buyer Act? - Josue may cancel the contract after thirty days from receipt by Joseph of the notice of cancellation or the demand for rescission of the contract by a notarial act. Legal redemption can be effected against either movable or immovable property. - True. Legal redemption is created by law. It can be exercised against a transferee who gets the property because of the following, except: - Donation refers to the period ending twelve (12) months after the date of the original delivery of a brand new motor vehicle to a consumer or the first twenty thousand (20,000) kilometers of operation after such delivery, whichever comes first. II. refers to the period ending twenty four (24) months after the date of the original delivery of a brand new motor vehicle to a consumer or the first ten thousand (10,000) kilometers of operation after such delivery, whichever comes first. - Statement I is true. One of the following characteristics of dacion en pago is a characteristic of a contract of sale. Which is it? - Ownership of the object is transferred to the other party. S sold to B his car. It was agreed that B would fix the price a week later. At the appointed time B named the price P900K. S agreed. Is the sale perfected? - Yes, for here there is a true meeting of the minds. 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. - The delivery of the car by S to B is by traditio brevi manu. Subdivision buyer B noticed the major deviations in the subdivision developed by Subdivision developer D and immediately notified the latter to develop the subdivision project according to the approved plans. For failure of Subdivision developer D to comply to the same, B

discontinues from further payments, prompting D to forfeit B’s installment payments. Is D’s action compliant with the Subdivision and Condominium Buyer’s Protective Decree? - No, because when the buyer, after due notice to the owner or developer, desists from further payment due to the failure of the owner or developer to develop the subdivision or condominium project according to the approved plans and within the time limit for complying with the same, no installment payment made by a buyer shall be forfeited in favor of the owner or developer The following are the characteristics of a contract of sale, except: - Real, which requires the delivery of the object of the contract of sale for its perfection. The following are the essential elements of a contract of sale, except: - Warranty against eviction and against hidden defects. The following are the obligations of the vendor, which one is not? - To determine the price. The following may not be valid objects of a contract of sale except: - Future goods The price in a contract of sale is certain, except: - If the fixing of the price is left to the discretion of one of the contracting parties. The Recto Law covers contracts of sale of personal property by installments. The Recto Law is also applied to contracts purporting to be leases of personal property with option to buy, when the lessor has deprived the lessee of the possession or enjoyment of the thing. - Both statements are true. The redhibitory action based on the faults or defects animals must be brought within - 40 days from delivery to the vendee The right to redeem in conventional redemption states that, if no time agreed upon, it shall be 4 years from date of contract and if there is time agreed upon, period cannot exceed 10 years. - True This is a kind of symbolic delivery where the vendor remains in possession of the property sold, such as by virtue of a lease agreement with the vendee. - Traditio constitutum possessorium This refers to the warranty of the seller that he has the right to sell the thing at the time when ownership is to pass, and which can be enforced if the buyer is deprived of the property sold by a final judgment in court. - Warranty against eviction.

Three of the following are remedies of the buyer in case of the breach of warranty by the seller. Which is not included? - Rescind the contract of sale and refuse to accept the thing or if already delivered refuser to return the same. Under the Maceda Law, I. the buyer is prohibited to sell his rights or assign the same to another person or II. to reinstate the contract by updating the account during the grace period and before actual cancellation of the contract. III. The deed of sale or assignment shall be done by notarial act. - Statement I is incorrect, Statements II and III are correct. Under the Realty Installment Buyer Act, buyer after paying at least 2 years of installments is entitled to the following rights in case he defaults in the payment of succeeding installments, which one is not: - To pay, with additional interest, the unpaid installments due within the total grace period earned by him which is fixed at the rate of two months grace period for every one year of installment payments made. Under the Subdivision and Condominium Buyer’s Protective Decree, the owner or developer shall be answerable and liable for the facilities, improvements, infrastructures or other forms of development represented or promised in brochures, advertisements and other sales propaganda disseminated by the owner or developer or his agents. The same shall form part of the sales warranties enforceable against said owner or developer, jointly and severally. Failure to comply with these warranties shall also be punishable. - Both statements are true. Under the “Realty Installment Buyer Act”, the buyer of real estate on installment payments may pay an installment defaulted without additional interest if he has paid at least two years of installments. The law is applicable to sales/transactions involving: - Residential lots When delivery takes place by mere consent or agreement of the parties as when the vendor merely points to the thing sold which shall thereafter be at the disposal of the vendee if the thing sold cannot be transferred to the possession of the vendee upon sale: - Traditio longa manu When goods are delivered to the buyer on “sale or return”, the ownership passes to the buyer: - Upon delivery of the goods When things are delivered to the buyer on approval, trial, or satisfaction, the ownership passes to the buyer: - Upon delivery of the things Which of the following cannot be an object of a contract of sale

- bject outside the commence of man Which of the following is not a requisite of the object of a contract of sale? - Vendor must have the right to transfer the ownership of the thing at the time of sale. Vendor must have the right to transfer the ownership of the thing at the time of sale. - I shall give the X a grace period of not less than sixty days from the date the installment became due. X sold Y 100 sacks of rice that Y was to pick up from X’s rice mill on a particular date. Y did not, however, appear on the agreed date to take delivery of the rice. After one week, X automatically rescinded the sale without notarial notice to Y. Is the rescission valid? - Yes, automatic rescission is allowed since, having the character of movables and consumables, rice can easily deteriorate....