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WorksheetsBUSINESS LAW QUIZ - Law on Sales - Part I
Total questions: 100
Worksheet time: 8hrs 20mins
A form of delivery which takes place after the seller of the property continues in possession of said property. No longer as owner but as mere possessor:
Traditio constitutum possessorium
Traditio clavís
Traditio brevi-manu
Quasi-Traditio
When goods are delivered to the buyer on 'sale or return', the ownership passes to the buyer:
Upon delivery of the goods
Upon the expiration of the period agreed upon
Upon acceptance of the buyer of the seller's offer
Upon perfection of the sale
When are delivered to the buyer on approval, trial or satisfaction, the ownership passes to the buyer:
Upon delivery of the things
Upon meetings of minds
Upon conception of the sale
Upon the return of the things to the seller
4. P orally appointed A as his agent to sell the formers land. On January 3, 2001, A sold the land to B who took possession thereof. It turned out however, that on January 1, 2001, P, without informing A, had already sold the same land to C, who up to now has not taken possession of the same land. Neither of the sales was registered. Whose contract shall prevail?
The sale to B for he was first in possession in good faith
The sale to C for the land was first sold to him by the owner
Those sale to B for the agent was duly authorized to sell the land
The sale to C because the sale to B was void, A was not duly authorized by P.
S sold to A in a memorandum of agreement of the sale of parcel of land. After a week, S sold the same land to B in a formal deed of sale. Upon buying the land, B who was aware of the sale to A, immediately took possession and registered the sale in his favor. When informed of the second sale, A subsequently registered an adverse claim with the Registry of Deeds. The parcel of land shall belong to:
A because he has the older title
B because the sale to him was in a formal deed of sale
B because he first registered the sale in his favor
B because he was the first possessor of the land.
In case of redemption, which of the following will not be part of the price paid by the seller to the buyer?
Expenses incidental to the sale paid by the buyer
Necessary expenses made on the thing sold
The consideration of the sale paid by the buyer
The interest on the purchase price
Dacion en Pago as distinguished from sale:
Delivery of property is for the satisfaction of a debt.
It involves a transfer of ownership without any debt satisfaction.
It is a type of sale with no obligations.
It requires a formal contract to be valid.
To deliver the immediately since the sale has been perfected
To deliver the immediately since the sale has been perfected
To deliver the car after the buyer demands delivery
Rescind the contract for the time of performance not fixed
A, B and C are co-owners of a parcel of land pro-indiviso. A sold his share to B in an absolute deed of sale. Which is correct?
The deed of sale between A and B is void since it was made not in favor of a third person
B may exercise his right of redemption on the interest of A sold to B
C may redeem only 1/4 of the share sold by A to B
C cannot exercise the right of redemption since the sale was made to a co-owner
If the same thing was sold to different buyers, the ownership shall pertain to the one who has taken possession thereof in good faith if movables. The seller is liable to the buyer for any hidden defect of the thing sold only if it was aware thereof
First statement true second is false
Both are false
Both are true
First is false, second is true
The buyer has the right to the fruits of the things:
From the time the fruits have been delivered
From the time the obligation to deliver the thing bought arises
From the time of perfection of the sale
From the time the thing is about to delivered
S sold his cat to B for 2,000.00. No payment has been made and the sale document does not provide for the date of the delivery. Before the delivery and payment the cat gave birth to a kitten.
Entitled to the kitten which was born after the perfection of the sale
Entitled to the fruit as B has not yet paid the price
Entitled to the fruit because it was born before his obligation to deliver the cat
B should pay an additional amount for the kitten to be entitled to it.
S delivered his car to B by way of a sale with the understanding that on the day following such delivery S will name and fix the price. The said day came and S telephoned B and stated and fixed the price at Php1M. Is the sale perfected?
Yes because the price was named and fixed on the agreed date
No the price was left to the discretion of the seller only
Yes since there was already delivery of the thing sold
The price fixed by the seller was not accepted by the buyer
There is the following are option money. Which is the exception?
Given when contract of the sale is perfected
Given when there is no contract of sale, but as consideration
Given to bind the offeror in a unilateral promise to buy or sell
Given as the consideration distinct from the price
In a sale, this is actual delivery:
Execution and signing of the deed of sale
Goods sold are placed in the control and possession of the vendee
A offered in writing to sell his house and lot for Php 1M to B on January 20, 2001. B requested A to give him one month to raise the amount. On January 25, 2001 A informed B that he has raised the price to Php 1.5M. Can B compel A to accept the payment to Php 1M for the sale of the house and lot?
Yes because B is already estopped by his written offer of Php 1M
No because the one-month option period has not yet expired
No because there is as yet no perfected sale
No because the seller has the sole discretion in fixing the price with or without the concurrence of the buyer
Which of the following may not be the object of a contract of sale?
The things having potential existence
Things, the acquisition of which depends upon a contingency which may or may not happen.
Vain hope or expectancy
Things subject to resolutory condition
When delivery takes place by mere consent or agreement of the parties as when the vendor merely points to the things sold which shall thereafter be at the disposal of the vendee the thing sold cannot be transferred to the possession of the vendee upon sale:
Traditio symbolica
Traditio brevi manu
Traditio longa manu
Traditio constitutum possessorium
A placed an order with B for one hundred pieces of T-shirts which were then not available but manufactured by B and consigned to its sales outlets regularly. The contract between A and B is:
Contract of lease of service
Contract of lease of service
Contract of sale
Remuneratory contract
A sold a parcel of land to B. Thereafter, A sold the same land to C who immediately took possession of the land in good faith. In this case, the proper remedy of B is:
Ask for the annulment of the sale of C
File an action in court against C to recover the land
Institute an action for damages against A for breach of contract
File an action for rescission of the sale to C due to the damage suffered by B
A seller sold to a buyer a piece of jewelry at the price of Php 6M. The contract provides that the buyer will pay the seller cash of Php 4M and deliver the buyers car worth Php 6M. The contract is:
Barter
Sale
Partly sale and partly barter
Comodatum
A delivers to B his parcel of land worth Php 1M in exchange for that of B worth Php .5M and cash in the amount of Php .5M. The contract is:
Barter
Sale
Dacion en pago
Exchange
When A deprived B the possession of the leased car, he has no further action against the latter for any unpaid rentals.
B may recover the car from C because the former was first buyer
B may claim damages from A for breach of contract of sale
B may claim damages from A for breach of contract of sale
B can file an action to annul the sale to C even if C is in good faith in buying the car
A contract of sale is unenforceable if it is not in public instrument and it refers to a sale of real property. A sale of house through an agent whose authority is oral is void.
Both statements are true
Both are false
Second is true, first is false
First is true, second is false
In case of double sale, priority is given to the buyer in good faith, that is, whether registrant, possessor or with the oldest title.
First statement is false, second is true
First is true, second is false
Both are false
Both are true
27. A sold his own land to B who began to possess it. Later, C, a stranger, sold the same land to D who in good faith registered the sale and thus obtained the title in his name. The owner is:
D is the owner for he was the first to register in good faith
A remains to be owner because C had no authority to sell
A is still the owner because B did not register the sale
B is the owner because the owner is his seller and he has taken possession of the land.
S sold his land to B. Then S became B's tenant on the land. Subsequently, S sold the same land to C. Neither sale was registered. Who should be the owner?
S remains to be the owner because neither of the contracts of sale was registered
C is the owner because the possession of the land was not transferred to B as buyer thereof
B is the owner since he bought the land from S as owner thereof and has possession of the same
S retains the ownership of the land because he still has possession
A sold his land to B. Later A sold the same land to C. B in turn sold the same land to D, who took possession of the land in good faith. C, a purchaser in good faith registered the sale in his favor. Decide:
B is the owner since he bought the land from S as owner thereof and has possession of the same
C is the owner of the land having registered the sale in good faith
A husband and his wife were living together under a conjugal partnership of gains. Later, because of a quarrel the wife left husbands without judicial approval. They have thus been living apart for more than ten years. The wife later sold her land to the said husband. Is the sale valid?
The sale is valid because the spouses have been separated for more than ten years
The sale is valid because after the separation there is already a separation of properties between spouses
The sale is void because of the absence of separation of properties between spouses
The sale is valid because after the separation there is already a separation of properties between spouses
The seller of a thing must have right to transfer the ownership thereof at the time of the meeting of the minds parties: The sale of a mere hope or expectancy is deemed subject to the condition that the thing will come into existence It is a sale however of present thing, that is, the hope itself already existing
Both statements are correct
Both are incorrect
First is correct, second is incorrect
First is incorrect, second is correct
A sold to B in a private instrument parcel of land for Php 5,000.00 B now wants A to place the contract in a public instrument so that B could register the sale with the Registry of Deeds and secure the Transfer Certificate of Title in his name. Decide:
A may not be forced or compelled to execute the public instrument since the sale is unenforceable being in private instrument only.
A cannot required to place the contract in a notarized deed of sale because the contract is void not being in public instrument
Can be required to execute the public instrument if only B has paid the purchase price
A has the obligation to execute the public instrument because the contract of sale is enforceable.
A sold to B orally a parcel of land for P.5M. Delivery and payment were made to four months later. When date arrived A refused to deliver the land. Can B compel A to deliver?
Yes because the sale has been perfected already and obligations of the parties are reciprocally demandable
Yes because there was an agreement to deliver after four months and that should be respected by the parties
No because the sale although valid is unenforceable
No because the sale is void, being orally entered into
A sold to B a particular pencil for P250.00. The sale is oral. It was agreed that the payment and delivery are to be made after two years from the sale. At the stipulated period A refused to deliver alleging he has no obligation to do so. Is A correct?
Yes because the sale is voidable and cannot be enforced
Yes because the contract is unenforceable it being an oral contract
No because the contract is enforceable since the price is less than five hundred pesos
No the contract is valid, binding and therefore must be given effect
A bought a car from B who is an insane man; later A sold the same car to C who was in good faith having no knowledge of the voidable character of the sale. In this case, after sale, delivery:
C could not acquire title to the thing because his seller A had no ownership to transfer to him because B was insane person who was not able to give consent to the sale which is void
C cannot acquire title to the thing despite his good faith because the sale by B to A could be annulled since voidable sale
C acquires good title to the thing as an innocent purchaser for value. His seller's title only voidable which
A may demand the delivery of the entire land with proportionate increase of the price
May demand the delivery of the entire land with proportionate increase of the price
May reject the excess of 500 sq. m and accept only the 1,000 sq. m
May rescind the contract of sale because what was delivered is not in accordance with the contract
None of the above
A buys a land from B at the lump sum of P1M. In the contract the area is stated to be 1,000 sq. m. The boundaries were mentioned in the contract. It was discovered, however, that the land within the boundaries really contains 1,500 sq. m. Which of the following is not a right of A?
A may demand the delivery of all the 1,500 sq. m without any price increase
If B refuses to deliver to all the 1,500 sq. m, A may demand proportionate reduction in the price
A may rescind the contract of sale if B does not deliver all that is included in the boundaries
A may treat the contract as void ab initio because the object is not determinate to its kind
Even in the absence of doubt, a sale with right of repurchase is presumed to be an equitable mortgage. In conventional redemption, it is not necessary that the parties agree upon the period within which redemption may be exercised.
Both statements are correct
Both are incorrect
First is correct, second is incorrect
First is true, second is true
A bought pair of shoes from a shoe store and repair shop. It was later discovered, however, that the shoes did not belong to the store but to a customer who had left the same for repair. Did A acquire good title to the shoes?
No because it was sold by the store which is not the owner thereof
No because it is the fault of A in not exercising diligence in buying the shoes as to its real ownership
Yes because it was bought from a store in good faith for value
Yes because the owner of the shoes was preclude from setting up the want of authority of the store in selling the shoes
Warranty against eviction as well as against hidden defect may waived by the vendee provided the vendor in good faith. Waiver interoncianda the part of the vendee will absolutely exempt the vendor from liability.
Both statements are false
Both statements are true
First is false, second is true
First is true, second is false
In waiver consent there is no warranty against eviction but the seller is still liable to pay the value of the thing at the time of eviction if it takes place.
Both statements are correct
Both are incorrect
First is correct, second is incorrect
First is incorrect, second is correct
In case eviction takes place the sells is obliged to return to the buyer the price he paid for the thing sold. In case the thing is lost due to its hidden defect, the vendor shall to the vendee the value at the time of loss.
Both statements are true.
Both are false.
First is false, second is true.
First is true, second is false.
In the sale of goods, if the seller deliver more than the quality agreed upon, the buyer may rescind the Contract of sale. The seller shall have the right of legal redemption only if this right has been agreed upon between the sellers and the buyer.
Both statements are true, second is false.
Both are true.
First is false, second is true.
First is true, second is false.
If several person, jointly and in the same contract, should sell an undivided immovable with a right of repurchase, none of them may exercise this right for more than his respective share. Each one of the co-owners of an individual immovable who have sold his share separately, may independent exercise the right of repurchase as regards his own share, and the vendee cannot compel him to redeem the whole property.
Both statements are true, second is false.
Both are true.
First is false, second is true.
First is true, second is false.
The creditors of the vendor cannot make use of the right of redemption against the vendee, until after they exhausted the property of the vendor. The vendor is responsible to the vendee for any hidden faults or defects in the thing sold if so stipulated by the parties.
First statements are false, second is true.
Second statement is false, first is true.
Both statements are false.
Both statements are true.
Three of the following are the remedies of the buyer in case of the breach of warranty by the seller. Which is not included?
Accept or keep the goods and set up the breach of warranty by way or recoupment or extinction of the price.
Rescind the contract of sale and refuse to accept the thing or if already delivered refuse to return the same.
Accept or keep the goods and claim damages for the breach of warranty.
Refuse to accept the goods and claim damages for the breach of warranty.
In the sale of immovable property, if it has been stipulated that upon failure to pay the price at the time agreed upon, the rescission of the contract shall of right take place, the vendee, upon demand for rescission, may pay the price even after the period agreed upon. In the sale of movable property, rescission shall not take place if the vendee does not appear to receive the thing at the period fixed for delivery, or having appeared, does not receive it. What is the effect of stipulating automatic rescission in the sale of immovable property?
The vendee may still pay the price even after the period agreed upon.
The contract is automatically rescinded without any remedy for the vendee.
The vendor must always wait for court action before rescission.
Rescission is not allowed under any circumstances.
O can recover the ring from B even if he is an innocent purchaser for value because C did not have title to convey to B.
O cannot recover the ring from B because the latter was in good faith when bought the ring from C.
O cannot recover the ring from B because it was lost by him(O) and found by C, therefore C, as finder will be keeper and owner could transfer ownership to B, an innocent purchaser for value.
C is the one liable to O for damages while B becomes owner who could not be disposed being an innocent purchaser for value.
O can recover the ring from B even if he is an innocent purchaser for value because C did not have title to convey to B.
X the owner of a certain jewelry delivered through same to Y "on sale or return" upon a specified period of time. Y sold the said jewelry to Z, but retains the price. Can X recover the jewelry from Z?
X can recover the jewelry from Z being unpaid seller whose ownership was not transferred to Y upon delivery to him.
X cannot recover the jewelry from Z but after reimbursement of the price paid.
X cannot recover the jewelry from Z because his seller (Y) has transferred ownership to him.
X cannot recover the jewelry from Z because it was sold by his agent Y to Z and his only recourse is to go after Y for his failure to remit the payment to him.
A sold his piano to B, who immediately paid the price. Because the piano, was at the repair shop at the time of the sale, no delivery was made. While at the said place, C as a creditor of A who has filed a suit against him attached the piano. May B oppose the attachment?
B may oppose the attachment on the ground that he already was the owner of the same after he immediately paid the price.
B may oppose the attachment because there was already constructive delivery to him of the piano and therefore he is owner of the same.
B may not oppose the attachment because although he is not yet the owner of the piano, he has already paid the price and has preference over the thing than C.
B may oppose the attachment because he is not yet the owner despite payment of the price as there is no delivery yet.
A sold to B his car. There was no fixed date for the performance of their respective obligations. The obligation of A as vendee is:
To immediately pay the price because their obligations are demandable at once being pure obligation.
To pay upon the demand by the vendor
To resold the sale because there was no agreement as to when their obligations shall performed
To pay at the time of delivery
A authorized P to sell the former's car. P sold the car to X. Without knowledge of the sale to X, A sold the same car to Y. Between X and Y, to whom shall the buyers be preferred?
X shall be preferred over Y
Y shall be preferred over X
Both X and Y have equal rights
Neither X nor Y has any right
S sold to B his parcel of land valued at P1M only for the meagerly sum of P.5M because of his poor judgment on the real value of the land and the ability of B to bargain for a low price. The sale therefore is:
Voidable due to inadequacy of the price
Rescissible because S suffered lesion or damage
Presumed equitable mortgage due to the unusually inadequate price
Valid although may be annulled because of vitiated consent of S.
In payment of his debt to X, A ceded his one half (1/2) share in a parcel of land he co-owned with B. B therefore:
Has the right of pre-emption as a co-owner
Has the right of redemption as a co-owner
Has no right of redemption nor pre-emption since the transfer was not of sale
Has the right to compel X to buy his ½ share of the land to prevent co-ownership between X and himself
In case of doubt, a sale with a right of repurchase or without a right of repurchase shall be construed as an equitable mortgage. The seller therefore:
May ask for the reformation of the instrument
May ask for the annulment of the contract
May ask the court for the declaration of nullity of the contract
Shall be bound to perform his obligation as seller
A sold to X his ½ share of the parcel of land he co-owns with B. B owns the parcel of the land adjoining that of A and B. Both B and C want to redeem the share of A which latter sold to X.
C shall be preferred to B in the redemption form X
B’s right as co-owner excludes that of C, the latter being only an adjoining owner
C has a better right to the redemption as an adjoining owner
B and C shall equally redeem the share of A
In contract to sell of a parcel of land it was stipulated that upon failure to pay the price at the time agreed upon for payment, the sale is automatically rescinded. Hence, if the buyer fails to pay as agreed upon:
The sale shall not be rescinded as a matter of right and the buyer may still pay as long as there is no demand for rescission
The rescission of the contract of sale shall of right take place
The rescission of the contract to sell shall of right take place
Contract to sell or contract of sale, rescission of the sale shall of right take place
60. S sold to B his dog which he knew was afflicted with disease. The parties agreed that there is no warranty against hidden defect. After, delivery, the dog was struck by lightning and thus died.
S is not liable to pay B any amount because the latter knows about the disease
S is not liable because of the waiver agreed upon between S and himself
S is not liable to return the price paid by B because the waiver is void
S is liable for the price less the value of the dog at the time the disease was contracted
A contract whereby the contracting parties obligate him to transfer the ownership of and to deliver a determinate thing and the other to pay therefore a piece certain money or its equivalent is a contract of:
Barter
Sales
Dacion en Pago
Mortgage
The following are the essential elements of a contract of sale except
Consent of the contracting parties
Subject matter which would be determinate
Price which is certain in money or its equivalent
Warranty against eviction and against hidden defects
The following are the characteristics of a contract of sale, except
Principal which means that a contract of sale can exist by itself
Real which requires the delivery of the object of the contract of sale for its perfection
Onerous. Where rights are acquired in exchange of a valuable consideration
Bilateral which means that both parties are bound reciprocally to each other
One of the following characteristics of Dacion en Pago is a characteristic of a contract of sale. Which is it?
there is a pre-existing credit
obligation are extinguished
there is less freedom in fixing the price
ownership of the object is transferred to the other party
The following are characteristics of a contract of sale except one which refers to payment by cession
there is a pre-existing credit
obligation are extinguished
there is less freedom in fixing the price
assignee of the property acquires the right to sell the thing but not the ownership thereof
The following items pertain to either a contract of sale or a contract to sell. I. Ownership of the thing sold is transferred upon delivery II. Ownership of the thing transferred to the buyer at some future time III. The risk of loss on the buyer IV. The risk of loss on the seller Based on the above data, which of the following is correct?
Items I and II pertain to a contract to sell
Items III and IV pertain to contract to sell
Items I and III pertain to contract of sale
Items II and IV pertain to contract of sale
Items I and III pertain to a contract of sale
Which of the following is not a requisite of the object of a contract of sale?
it must be within the commerce of men
it must be licit
it must be determinate thing
vendor must have the right transfer the ownership of the thing at the time of sale
S sells to B 500 sacks of rice at 1,000.00 per sack from the stock then stored in the warehouse of S. Unknown to both parties, the warehouse contains only 480 sacks of rice. What is the status of the contract?
The sale is void since the quantity available is less than the quantity sold
The sale is valid up to 480 sacks of rice but void as to the deficiency of 20 sacks of rice
The entire sale is valid up to 500 sacks of rice becomes. B becomes the owner of the whole stock available and S must deliver the deficiency of 20 sacks of rice
The sale is valid up to 480 sacks of rice but rescissible as to the deficiency of 20 sacks of rice by reason of damage suffered by B.
What is the status of the contract of sale between S and B?
The sale is void since the quantity available is less than the quantity sold
The sale is valid up to 300 liters of gasoline. B must pay for the additional 200 liters
The entire sale is valid up to 500 gallons of liters. B becomes the owner of 3/5 whole of the stock, while S becomes the owner of 2/5 thereof
The sale is rescissible because S will suffer loss of more than ½ of the value of the whole stock
The seller must be the owner of the property he sells because he must transfer ownership thereof to the buyer. The delivery of the thing may sold may be mere agreement of the parties
Both statements are true
Only the first is true
Both are true
Only the second is true
12. S and B entered into a contract whereby S transferred to B specific car for the price of 200,000.00, while B gave S 90,000.00 in cash and a diamond ring worth 110,000.00. The heading of the written contract reads 'Contract of Sale'
The contract is void because the intention of the parties is sale but the diamond ring is more than monetary consideration given
The contract is valid contract as intended by the parties regardless of monetary consideration less than the value of the property consideration
The contract is valid contract of the barter since the value of the ring is more than the monetary consideration. The intention of the parties is immaterial
The contract is partly a contract of barter and partly a contract of sale
The price in a contract of sale is certain except
When the parties have fixed or agreed upon definite or fixed amount
If the price is certain with reference to another thing certain
The contract is perfected on January 5 when the thing is delivered by S to B
The contract is perfected on January 1 when the parties had a meeting of minds on the object and the price
The contract is perfected on January 7 when the price is paid since both parties would then have performed their obligations in the contract
There is no perfected contract because the sale was made orally
A sum of money paid or a thing delivered upon making of a contract for the sale of goods to bind the bargain and the delivery and acceptance of which makes the final assent of both parties to the contract.
Option Money
Earnest Money
Reservation Money
Down payment
16. S orally offered to sell a certain diamond ring to B for 50,000.00. B accepted the offer and to prove that he was earnest, he gave S 1,000.00. The parties agreed that the delivery of the ring and the payment of the price would be 30 days later. On due date:
S may collect from B P50,000.00
S may collect from B P49,000.00
S cannot enforce payment because the contract was verbal
S cannot enforce payment because there was no contract of sale yet.
On June 1, 2006 S sold to B 50 units of machines which were scheduled to arrive from Japan. The sale was evidenced by an invoice identifying each machine by serial number. Each machine was priced at 10,000.00. Unknown to the parties, 30 units were damaged beyond repair by seawater on May 31, 2006. Based on the foregoing, which of the following statements is incorrect?
B may rescind the whole contract
B may demand delivery of the remaining 20 units and pay the price therefore
S may require payment of the whole shipment from B since S was not aware of the damage caused on machines at the time of sale
S has no option to rescind the whole contract or require payment of the remaining 20 units
It refers to the delivery of the thing, from hand to hand in case of movables, or the taking or possession with respect to immovable, in the presence with the consent of the vendor
Actual or real delivery
Traditio longa manu
Traditio brevi manu
Delivery of incorporeal property may be through any of the following means except
Execution of public document
Placing the titles of ownership in the possession of the vendee
Used by the vendee of his rights, with debtors consent
Execution of private instrument
Which of the following statements on the transfer of ownership of the thing sale in trial is incorrect?
On March 1, 2006 S sold and delivered to B a television set for 10,000.00 on sale or return giving B up to March 16, 2006 within which to return the television set. On March 16, 2006 the television set was burned through no fault of B. Based on the foregoing, which of the following statements is incorrect?
S does not have to replace the TV set.
S must be the loss since the time for the return of the television set had not yet expired.
The ownership of the television set was transferred to B upon delivery to him.
B must bear the loss of the television set.
In a contract of sale of personal property the price of which is payable in installments, the vendor may exercise any of the following remedies, except.
Exact fulfillment of the obligation, should the vendee fail to pay any number of installments.
Cancel the sale should the vendee's failure to pay cover two or more installments.
Foreclose chattel mortgage on the property if the vendee's failure sale if they have a stipulated.
Foreclose chattel mortgage on the property if the vendee's failure two or more installments but he may no longer recover any deficiency after the foreclosure sale.
23. T stole a ring belonging to O. Subsequently, the offered for sale at public auction where X, who was not aware that the ring was stolen, bought it. A few weeks later, O saw the ring and recognized it as his. Based on the foregoing information, which of the following statements is correct?
O may recover the ring from X without reimbursing X since O was unlawfully deprived of the ring.
O may recover the ring from X but he has to reimburse X since X acquired title of the ring.
O may no longer recover the ring even if he is willing to reimburse X.
X did not acquire title to the ring since the auctioneer had no valid title thereto.
Where the seller of goods has a voidable title thereto, but his title has not been avoided at the time of the sale, the buyer acquires title to the goods. Such acquisition still following regulates except
The buyer must have bought the goods in good faith.
The buyer must have bought the goods in good faith.
The buyer bought them without notice to the seller's defect of title.
The seller is good faith.
S, R and T are co-owners of an undivided parcel of the land. S sold 1/4 of his share in fee of absolute Which is correct?
S may exercise the right of redemption on the interest he sold.
S cannot exercise the right of redemption.
The sale made by R to T is voidable.
S may redeem only 1/4 of the interest sold by R to T.
Obtained from C a loan amounting to P50,000.00 the same being secured by a mortgage on D's lot. Thereafter, C assigned his credit right to T with notice to D. The following facts, which of the following statements are incorrect?
T cannot collect from D if D did not give his consent to the assignment.
T can collect from D and D cannot pay T, nor C.
T can collect from D and D cannot pay T, nor C.
T can collect from D and D cannot pay T, nor C.
Which is a mortgage that is not registered?
Legal mortgage
Equitable mortgage
Conventional mortgage
Voluntary mortgage
If a movable property is sold separately to two or more different vendees, ownership shall belong to the person:
Who is good faith first paid the purchase price in full
Who is good faith first recorded the sale in the Registry of Property
Who is good faith first presents the oldest title
Who is good faith first took possession of the property
A contact of sale is perfected:
Upon compliance with the requirements of the law as to form
Upon delivery of the object of the contact
Upon the meeting of the minds on the thing which is the object of the contact and upon the price
Upon demand
A contact of a sale is not a:
Principal contact
Nominate contact
Consensual contact
Real contact
The following may not be valid objects of a contact of sale except:
Objects outside the commerce of men
Illicit thing
Future goods
Impossible service
This is a kind of symbolic delivery where the vendor remains in possession of the property sold, such as by virtue of a lease agreement with the vendee.
Traditio longa manu
Traditio brevi manu
Traditio constitutum possessorium
Delivery to common carrier
When the goods are delivered to the buyer, the ownership thereof passes to the buyer in:
Sale on approval
Sale or return
Sale on trial
Contact to sell
S promised to sell his car to B for P200,000.00 giving B 30 days to decide. B accepted the promise of S and informed S that he (B) would make known his decision before the lapse of 30 days. He also gave S P 2,000.00 as consideration so that S would hold on to his promise. The contact entered into between S and B and consideration given by B to S are known as:
Option contact and adoption money, respectively
Contact of sale and earnest money, respectively
Contact of sale and down payment, respectively
Contact of sale and reservation money, respectively
Refer to No.34. a. S may withdraw his offer to sell before the lapse of 30 days by informing B b. S may not withdraw his offer before the lapse of 30 days c. S may withdraw his offer by returning the amount paid to him by B d. S may withdraw his offer even before the lapse of 30 days if a favorable price, i.e., more that P 200,000.00, is offered to him by another prospective buyer
S may withdraw his offer to sell before the lapse of 30 days by informing B
S may not withdraw his offer before the lapse of 30 days
S may withdraw his offer by returning the amount paid to him by B
S may withdraw his offer even before the lapse of 30 days if a favorable price, i.e., more that P 200,000.00, is offered to him by another prospective buyer
The Rebar Law appears with the following examples of sale: a. Sale of a car on trial b. Sale or return c. Sale on approval d. Sale on trial
Sale of a car on trial
Sale or return
Sale on approval
Sale on trial
X sold a lot to Y, also through a deed of sale duly acknowledged before a notary public. X had the sale registered with the Register of Deeds. Neither B nor X was aware of the same sale made by S to the other and neither took physical possession of the lot. Who is the present owner of the lot?
B, because he was the first purchaser in good faith
X, because he registered the sale in good faith
Neither B or X
S, as long he does not surrender physical possession of a lot.
B purchased from S a laptop computer worth P100,000.00. The term of sale provide for a down payment of P20,000.00 with the balance payable in 8 equal monthly installments. To secure the balance, S required B to execute Chattel mortgage on the laptop computer and B's lot. B complied with all the requirements but defaulted in the payment of the third and fourth installments. These remedies are available to S except one. Which is it?
Cancel the sale.
Exact fulfillment of the obligation.
Foreclose the real mortgage and thereafter recover any deficiency from B.
Foreclose the chattel mortgage and thereafter foreclose the real mortgage incase of deficiency.
S and B entered into a contract where S transferred to B a specific piano for the price of P80,000.00, while B gave to S cash of P50,000.00 and a diamond ring worth P50,000.00. What kind of contract was entered into between S and B?
A contract of barter.
A contract of sale.
The contract of sale.
The contract is in an nominate contract because the intention of the parties cannot be determined.
One of the distinctions between option money and earnest money is;
The consideration paid for the purpose of holding one to his promise to buy or sell a determinate thing for a certain period of time.
Not part of the purchase price.
Proof of the perfection of the contract of sale.
Paid before the perfection of the contract of sale.
This refers to the warranty of the seller with the right to sell the thing at the time when ownership is to pass, and which can be enforce if the buyer is deprived of the property sold by a final judgment in court
Warranty against hidden defects.
Warranty against eviction.
Warranty against eviction.
Warranty of merchantable quality.
Who was in Hong Kong, made an overseas call to a, his friend, to sell P's lot in Quezon City immediately as needed cash. Accordingly, A sold the lot to B. The deed of sale is in a public document. The sale of P's lot is;
Valid
Rescissible
Unenforceable
Void
Has for its consideration the price of the thing
a. Has for its consideration the price of the thing
b. Has for its consideration the price of the thing
c. Has for its consideration the price of the thing
d. Has for its consideration the price of the thing
A and B are co-owners of a rural lot not exceeding 1 hectare. The lot is surrounded on its sides as follows; on the North, by the road, on the East, by the lot of X consisting of 2 hectares, on the south, by the lot of Y consisting of 2 1/2 hectare, and on the west, by Z's lot consisting of 2 1/2 hectare. A sells his undivided interest in the agricultural lot to T, who owns hectares of rural land in the area. Who has the right of legal redemption over the undivided interest in the lot sold by A to T?
B
X
Y
Z
