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Contract Law and Property Rights

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Questions and Answers

Why is the title of B over the bracelet defective?

Because B borrowed money from C
Because B did not own the bracelet (correct)
Because B is a minor
Because B sold the bracelet to D

What is the condition for A to sell the land to C?

With the consent of B in writing (correct)
Without the consent of B in writing
Unless A pays the obligation of $28,000
If A and C enter into a new agreement

Can C recover the deficiency of P5,000 from B?

Yes, if there is a stipulation to this effect (correct)
No, because the pledge is defective
Yes, regardless of any stipulation
No, because the bracelet was sold to D

What is the status of the sale of the bracelet to D?

Valid, because D was a purchaser in good faith (A) Signup and view all the answers

What is the effect of a valid chattel mortgage?

The bracelet is only pledged to C as security (D) Signup and view all the answers

Who can foreclose the chattel mortgage?

Only C, as the creditor (A) Signup and view all the answers

What is required for a written statement by a pledge to extinguish the pledge?

The written statement must be accepted by the pledgor or owner and the thing pledged must be returned (D) Signup and view all the answers

Can a pledge bid at a public auction?

Yes, the pledge can bid at a public auction, and their bid is valid (B) Signup and view all the answers

What happens if the proceeds of the sale of the thing pledged are equal to the amount of the principal obligation?

The principal obligation is fully extinguished (A) Signup and view all the answers

Who is entitled to the excess if the price of the sale is more than the amount of the obligation?

The debtor is entitled to the excess, unless otherwise agreed (D) Signup and view all the answers

What happens if the price of the sale is less than the amount of the obligation?

The creditor is not entitled to recover the deficiency, unless otherwise agreed (B) Signup and view all the answers

If two or more things are pledged, who can choose which one to sell?

The pledgor can choose, unless otherwise agreed (A) Signup and view all the answers

What is a characteristic of pledge and mortgage contracts?

They are accessory contracts and cannot exist by themselves (D) Signup and view all the answers

What happens to the pledge when the obligor fails to pay and there is an agreement to dispose of the thing pledged?

The pledgee can dispose of the thing pledged if there is an agreement to that effect (C) Signup and view all the answers

What is the effect of a written abandonment of the pledge?

The pledge remains unless the debtor has accepted abandonment in writing (D) Signup and view all the answers

What is the 'Tipo' or Upset price in a mortgage contract?

The price agreed upon by the parties below which the property shall not be sold at public auction (C) Signup and view all the answers

What is the effect of the sale of mortgaged property at public auction?

The sale may not extinguish the obligation of the mortgagor to the mortgagee (B) Signup and view all the answers

What is the right of the creditor in case of default in a mortgage contract?

The creditor is entitled to deficiency judgment (A) Signup and view all the answers

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