Sales

Question 1

Under Maceda Law, if the buyer paid less than 2 years installment, the second grace period is _____ days from notice of cancellation/demand for rescission

Answer 1

30

Question 2

Under the Maceda Law, if the seller cancels the sale and the buyer paid at least 2 years installment, buyer is entitled to _____ of what he has paid if after 5 years of installments, ______ for every year but not to exceed _____ of total payments made.

Answer 2

50%; 5%; 90%

Question 3

The party cannot give consent to any and all contract, which may result in the contract being voidable or void

Answer 3

Absolute Incapacity

Question 4

A consideration that forms part of the purchase price and is a proof of perfection of a contract of sale

Answer 4

Earnest Money

Question 5

Contracts of sale that must be in writing (3)

Answer 5

1. Those NOT to be performed within 1 year
2. Sale of personal property the price not less than (or at least ) P500
3. Sale of real Property

Question 6

This Law applies to contract of sale of personal property, the price of which is payable in installments

Answer 6

Recto Law

Question 7

This Law applies to a contract of sale of residential realty on installments, where the buyer is given protection in case of failure to pay installments

Answer 7

Maceda Law

Question 8

It refers to an agreement that dominion is reserved in favor of the seller until the full payment of purchase price

Answer 8

Pactum Reservati Dominii

Question 9

It refers to a delivery where the seller points out to buyer the things which are transferred

Answer 9

Traditio longa manu

Question 10

It refers to a delivery where the seller continues in possession but under a different title other than ownership

Answer 10

Traditio Constitutum Possessorium

Question 11

It refers to a delivery of rights, credits or incorporeal property, made by placing titles of ownership in the hands of the buyer and allowing buyer to make use of rights

Answer 11

Quasi-tradition

Question 12

Who is preferred in case of double of personal property?

Answer 12

Possessor in good faith

Question 13

4 Remedies of an unpaid seller

Answer 13

1. Possessory lien
2. Stoppage in transitu
3. Resale
4. Rescission

Question 14

It refers to an action to procure the return of a part of the purchase price paid by the vendee to the vendor by reason of such defect

Answer 14

Accion Quanti Minoris

Question 15

It is a mode by which ownership is transferred

Answer 15

Delivery

Question 16

It refers to a delivery where the buyer is in possession of the thing and remains in possession after sale

Answer 16

Traditio Brevi Manu

Question 17

Hierarchy of Place of Delivery in sales

Answer 17

1. Stipulation
2. Usage of trade
3. Seller’s Place of business
4. Seller’s residence
5. Specific goods; known to the parties

Question 18

Order of Preference in case of double sale of real property

Answer 18

1. Registrant in good faith
2. Possessor in good faith
3. Person with the oldest title in good faith

Question 19

A waiver of warranty against eviction when the buyer has no knowledge of a particular risk

Answer 19

Consciente

Question 20

A waiver of warranty against eviction when the buyer has knowledge of risk of eviction and assumed its consequences

Answer 20

Intencionada

Question 21

it is hidden defect on animals that should be of such nature that expert knowledge is not sufficient to discover it

Answer 21

Redhibitory Defect

Question 22

In redhibitory actions based on the faults or defects of animals, the period is ______ days

Answer 22

40

Question 23

The sale with a right of repurchase

Answer 23

Pacto De Retro Sale

Question 24

Maximum period to exercise right of repurchase

Answer 24

10 years

Question 25

What is the period to exercise right of repurchase, if there is no agreement?

Answer 25

4 years from the date of contract