Regulatory Framework

John sold his car worth P2,000,000.00 to Bryan for only P1,000,000.00. Is the contract of sale valid?

• Yes, even if the price is grossly inadequate.

• Yes, but Bryan needs to pay the remaining amount at a latter time.

• No, it will be null and void

• No, execute another contract

1. CJ sold a parcel of land to Aiza for P100,000. They executed a contract of sale which was not acknowledged before the notary public. Was the contract of sale valid?

• No. It needs a binding agreement to be executed before the notary public.

• Yes, but there was no binding agreement of the third party.

• No, the contract of sale is deemed void.

• Cannot be determined

It is also known as Installment Law.

• MACEDA LAW

• CIVIL CODE

• RECTO LAW

• CONTRACT OF SALE

In Article 1484 of the Civil Code, if the buyer fails to pay the contract of sale of personal property, which of the following is the remedy of the seller?

• Bring the case in court

• Cancel the sale immediately.

• Wait for the buyer to pay in full.

• Cancel the sale if the buyer fails to pay 2 or more installments.

According to Article 1489, all persons, whether natural or juridical, having legal capacity to contract, can be parties to a contract of sale.

 

• YES

• NO

• MAYBE

• SOMEWHAT

What are the obligations of the vendor?

• To transfer the ownership of the determinate thing sold (Article 1495)

• To deliver the thing and to deliver its accessories. If any, in the condition in which they were upon the perfection of the contract (Article 1537)

• To warrant against eviction and against hidden defects (Article 1495 and 1547)

• All of the above

It is a constructive delivery where there is no actual delivery since the buyer is now in the possession of the object of sale.

• Symbolical tradition or tradition symbolica

• Traditio longa manu

• Traditio brevi manu

• Traditio constitutum possesorium

The husband and wife are prohibited to sell property to each other

• YES

• NO

• MAYBE

• UNDEFINED

If the object is only partially lost, the buyer may choose between withdrawing from the contract or demanding the remaining part, but must pay the proportionate price.

• True

• False

• Somewhat true

• Somewhat false

John agreed to pay his loan to Alma P1,000.00 in four equal monthly installments

• Indivisible Obligation

• Divisible Obligation

• Demand

• Proportionate price