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Questions and Answers
What is the minimum price of a sale that requires a written instrument under the Statute of Frauds?
What is the minimum price of a sale that requires a written instrument under the Statute of Frauds?
What is the consequence of a contract that violates the Statute of Frauds?
What is the consequence of a contract that violates the Statute of Frauds?
What is a condition for a contracting party to compel the other to observe a specific form, as stated in Art. 1357?
What is a condition for a contracting party to compel the other to observe a specific form, as stated in Art. 1357?
What is the right of a contracting party under Art. 1357?
What is the right of a contracting party under Art. 1357?
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What is the requirement for a contract to be enforceable under the Statute of Frauds?
What is the requirement for a contract to be enforceable under the Statute of Frauds?
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What is the consequence of a contract that does not violate the Statute of Frauds?
What is the consequence of a contract that does not violate the Statute of Frauds?
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What is the general rule on the amount that can be successfully demanded by the seller?
What is the general rule on the amount that can be successfully demanded by the seller?
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What is the effect of exercising one of the alternative remedies?
What is the effect of exercising one of the alternative remedies?
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What is the minimum number of default installments required for the seller to exact fulfillment of the obligation?
What is the minimum number of default installments required for the seller to exact fulfillment of the obligation?
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What happens if there is a deficiency in the amount collected at the levy on execution?
What happens if there is a deficiency in the amount collected at the levy on execution?
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What is the purpose of a chattel mortgage?
What is the purpose of a chattel mortgage?
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What happens when the seller forecloses the mortgage but the sum obtained is less than what the buyer still owes?
What happens when the seller forecloses the mortgage but the sum obtained is less than what the buyer still owes?
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What happens to the contract if the third person or persons are unable or unwilling to fix the price?
What happens to the contract if the third person or persons are unable or unwilling to fix the price?
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In what circumstance may the courts fix the price?
In what circumstance may the courts fix the price?
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What is the consequence if a party is prevented from fixing the price or terms due to the fault of the other party?
What is the consequence if a party is prevented from fixing the price or terms due to the fault of the other party?
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What does gross inadequacy of price not affect in a contract of sale?
What does gross inadequacy of price not affect in a contract of sale?
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What is the rule regarding absolutely simulated contracts?
What is the rule regarding absolutely simulated contracts?
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What can be inferred from the example of the Igorot selling a mining claim for a ridiculously low sum?
What can be inferred from the example of the Igorot selling a mining claim for a ridiculously low sum?
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Study Notes
Contract Execution
- A party to a contract can compel the other party to observe the required form, such as a public instrument, once the contract is perfected (Art. 1357).
- This right can be exercised simultaneously with the action upon the contract.
Statute of Frauds
- The Statute of Frauds applies if the price of the sale is P500 or more, and the sale must be in writing (Art. 1403, No. 2).
- If the price is less than P500, an oral sale is enforceable.
Alternative Remedies
- Remedies are alternative, and exercising one remedy waives the right to resort to others.
- If one remedy is fully exercised, another remedy can still be availed of.
Installment Plan and Chattel Mortgage
- The seller has the right to exact fulfillment of the obligation to pay if the buyer defaults on an installment payment (Art. 1484(1)).
- The seller can recover the defaulted installments, and if there is a deficiency, it can still be collected.
- Foreclosure of a chattel mortgage is not required for the seller to exact fulfillment of the obligation.
Uncertain Price
- If the price is uncertain, the contract is inefficacious, unless the parties subsequently agree upon the price.
- If a third person or persons are unable to fix the price, the court may fix the price.
Gross Inadequacy of Price
- Gross inadequacy of price does not affect a contract of sale, except as it may indicate a defect in the consent or that the parties intended a donation or some other act or contract (Art. 1470).
- A contract is not void or voidable simply because the price is inadequate.
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Description
Test your knowledge of contract law, specifically Article 1357, which deals with the required form of contracts and the rights of contracting parties. Learn about the obligations of parties to observe a specific form once the contract is perfected. Evaluate your understanding of this important concept in contract law.
