RFALIB Finals

1. The following items pertain to either emptio rei speratae or emptio spei.

I. Sale of a future thing

II. Sale of hope or expectancy

III. Sale of a present thing

IV. Thing sold must come into existence

• Items I and II pertain to emptio rei speratae

• Items II and III pertain to emptio spei

• Items II and III pertain to epmtio rei speratae

• Items III and IV pertain to emptio spei

I. The vendor is responsible to the vendee for any hidden defects in the thing sold only if he was aware thereof.

II. The parties may stipulate that ownership of the thing sold shall not be transferred to purchaser until he has fully paid the price.

• Only I is true

• Only II is true

• Both are true

• Both are false

Camille borrowed a car from Christian for one week. Christian couldn’t say no to his crush so he gave the key of the car to Camille immediately. One week after, Camille said that she liked the car a lot and asked Christian if she could buy the car from him. Christian couldn’t say no to his crush so he immediately nodded and the latter paid the price of the car. Camille couldn’t contain her happiness to she kissed Christian on his cheeks. How is the car delivered?

• Traditio symbolica

• Traditio longa manu

• Tradition constitutum possesorium

• Traditio brevi manu

To which of the following is the Recto Law applicable?

• Sale of house and lot on installment with mortgage constituted in favor of the seller

• Sale of house and lot on installment with mortgage constituted in favor of the buyer

• Sale of car on installment with mortgage constituted in favor of the seller

• Sale of car on installment with mortgage constituted in favor of the buyer

Rachel offered to sell for Php2,000,000.00 her house and lot to Eugene who was interested in buying the same. In her letter to Eugene, Rachel stated that she is giving Eugene a period of one month within which to raise the amount and that as soon as Eugene is ready, they will sign the deed of sale. Five days before the expiration of the one month period, Rachel went to Eugene and told him that she is no longer willing to sell the property unless the price in increased to Php 2,500,000. Which is correct?

• Eugene may compel Rachel to accept the Php 2,000,000.00 first offered

• Rachel may compel Eugene to pay Php 2,500,000.00

• Rachel and Eugene should shoulder the Php 500,000 difference jointly and solidarily

• Eugene cannot compel Rachel to accept the Php 2,000,000.00 first offered

The following are the obligations of the seller except:

• To deliver the object of the sale

• To transfer ownership

• Either of the two

• Neither of the two

Princess Jean Gems Company, a jewelry manufacturer shipped 3 dozens of necklaces to Queen Lira Jewelry Store. The shipment was made under a written agreement allowing Queen Lira Jewelry Store to return the necklaces with a period of one month from the date of delivery. Base on the facts provided, which of the following statements is incorrect?

• If the necklaces are destroyed by a fortuitous event without the fault of Queen Lira, Queen Lira need not to pay the purchase price.

• Title to the necklaces passed to Queen Lira upon delivery.

• If the necklaces are destroyed through the fault of Queen Lira, Queen Lira need to pay the purchase price.

• If Queen Lira did not return the necklaces within one month, the sale becomes absolute.

Antonette offers to Maradel to 10 accounting books for P8,000 payable in 120 days with 12% interest per annum. Maradel accepted the offer through messenger provided that interest is reduced to 6%. If there is no further communication between Antonette and Maradel relating to the terms of the contract.

• The contract is perfected because of the acceptance by Maradel

• There is no contract yet unless Maradel gives earnest money

• The contract is perfected under the terms of Antonnete

• There is no contract yet between the two because Maradel made a counter offer

Ruth sold her bracelet to Alex who bought it for Php 10,000. She paid an earnest money worth Php501.00. It turned out however, that Ruth has 3 bracelets on her jewelry box:

· Bracelet A, gold, with butterfly design worth Php 10,000.00

· Bracelet B, silver, with heart design worth Php7,000.00 and

· Bracelet C with diamonds worth Php10,000.00

Which is correct?

• Ruth may deliver Bracelet A or C

• The contract of sale is valid because there is an earnest money as proof of perfection.

• Both statements are correct

• Both statements are wrong

What is the common characteristic of dacion en pago and contract of sale?

• Extinguishment of the obligations.

• Less freedom in fixing the price.

• Transfer of ownership to the other party

• All of the statements are true