Sale and Credit Transactions

S sold to B a parcel of land for a lump sum of P50,000. The contract states that the area is 500 square meters. Subsequently, it was ascertained that the area included within the boundaries is really 550 square meters.

a. S is bound to deliver 500 square meters and B to pay P50,000

b. S is bound to deliver 500 square meters and B to pay P55,000

c. S or B can rescind the sale because there is no meeting of the minds

d. None of the above (no remedy)

d. None of the above (no reme

dy)

In the preceding question, if the land contains 445 square meters, which of the following is correct?

a. S is bound to deliver 500 square meters and B to pay P50,000

b. S is bound to deliver 445 square meters and B to pay P44,500

c. B may rescind the sale because the lack in area is more than 1/10 of the total area

d. None of the above (no reme

dy)

d. None of the above (no remedy)

Greg and Brad entered into an agreement wherein Greg will deliver a particular BMW car to Brad for the price of P3M. Upon the execution of the contract, Brad advanced the entire P3M to Greg. It was, however, stipulated that the car shall be delivered to Brad on March 28, 2005. Unfortunately, before the arrival of that date, the BMW was completely destroyed without any fault of Greg. Can Brad recover the P3M he had already advanced to Greg?

a. Yes, the loss is imputable to the vendor, Greg

b. Yes, the ownership of car belongs to Greg when the car was completely destroyed.

c. No, the car was lost without any fault of Greg.

d. No, the ownership of the car belongs to Brad when the car was completely destroyed.

e. Answer not givaen

c. No, the car was lost without any fault of Greg.

Junjun offered to sell for P2M his house and lot to Tonton who was interested in buying the same. In his letter to Tonton, Junjun stated that he was giving Tonton a period of one month within which to raise the amount and that as soon as Tonton is ready, they will sign a deed of sale. One week before the expiration of the one-month period, Junjun went to Tonton and told him that he is no longer willing to sell his property unless the price is increased to P3M.

a. Tonton can compel Junjun to sell the property for P2M because the one-month period has not yet elapsed.

b. Tonton can compel Junjun to sell the property at P2M if he already signified his acceptance before the expiration of the one-month period.

c. Tonton cannot compel Junjun to sell the property at P2M because he never signified his acceptance of Junjun’s offer.

d. Tonton cannot compel to sell the property at P2M even if he signified his acceptance to Junjun’s offer because that is not binding on the latter, being merely an accepted unilateral promise.

e. Both b and c

f. Both a and b

g. Both c and d

h. Answer not given

d. Tonton cannot compel to sell the property at P2M even if he signified his acceptance to Junjun’s offer because that is not binding on the latter, being merely an accepted unilateral promise.

I. A bearer negotiable document of title can be negotiated by mere delivery.

II. A negotiable document of title if marked “non- negotiable” can still be further negotiated.

III. The general rule is that the vendor should not deliver the thing sold if the vendee has not paid the price.

a. All are true.

b. All are false

c. I/II are true; III is false

d. I/II are false; III is true

e. II/III are true; I is false .

f. II/III are false; I is true

g. I/III are true; II is false

h. I/III are false; II is true

a. All are true.

I. The contract of sale is a real contract.

II. The contract of sale is a preparatory contract.

III. The contract of commodatum is perfected from time of the delivery of the object of the contract.

a. All are true.

b. All are false

c. I/II are true; III is false

d. I/II are false; III is tru

e. II/III are true; I is false .

f. II/III are false; I is true

g. I/III are true; II is false

h. I/III are false; II is tru

d. I/II are false; III is true

F4 Company granted Jerry the exclusive right to sell in Mindanao a certain number of F4 T-Shirts, which the company was manufacturing at the invoice price in Manila, with a discount of P20 percent, the price to be paid at the end of 60 days whether or not the T-shirts are sold. The contract between Jerry and F4 company is a:

a. Contract of agency to sell

b. Contract of sale

c. Contract to sell

d. Emptio rei speretae

e. Emptio spei

b. Contract of sale

Antonio sold a piece of land to Renato binding himself not to sell the same to another person. On the following day, Antonio sold the land to Carlos who immediately took possession in good faith. In the case at bar, the proper remedy of Renato is to:

a. institute an action for the annulment of the sale to Carlos;

b. institute an action for the recovery of the land;

c. institute an action for damages against Antonio;

d. answer not given

c. institute an action for damages against Antonio;

The seller warrants that he is the owner at the time of the sale.

The seller is liable for breach of warranties only if he was in bad faith.

a. Both statements are true.

b. Both are false.

c. First is true, second is false.

d. First is false, second is true.

b. Both are false.

A, B, and C as brothers purchased from their parents specific portions of a parcel of land as evidenced by three separate deeds of sale, each deed referring to a particular lot in meters and bounds. A sold his parcel of land to X and B and C want to redeem the same. Decide:

a. Both B and C may exercise the right of redemption in a pacto de retro sale.

b. Either of B and C may exercise the right of redemption given to them by X.

c. B and C have the right of legal redemption

d. B and C have no right of legal redemption.

d. B and C have no right of legal redemption.