Lump Sum Sale of Real Estate Practice Question

Flashcards covering the vocabulary and key scenario details of a lump sum real estate sale with an area discrepancy.

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 contract in which a parcel of land is sold for a single fixed price, such as P50,000, rather than at a rate per unit of measurement.

Area Included Within Boundaries

The actual physical area enclosed within the property boundaries, which was ascertained to be 550 square meters despite the contract stating 500 square meters.

Correct Answer Choice for Question 7

Option d: None of the above (no remedy), because options a, b, and c fail to correctly state the seller's obligation under a lump sum sale where the boundary includes 550 square meters.