10 Questions
What is the purpose of the Realty Installment Buyer Act (Maceda Law)?
To provide certain protection to particular buyers of real estate payable on installments
What is a requisite for the application of the Installment Sales Law (Recto Law)?
The contract must be payable in installments
What is the consequence of a seller choosing specific performance as a remedy under the Recto Law?
The seller cannot choose another remedy
What is the effect of rescission as a remedy under the Recto Law?
The seller shall have no further action against the buyer
What is the purpose of a waiver of warranty against eviction?
To limit the liability of the seller in case of eviction
What is the condition for the application of the waiver of warranty against eviction?
The buyer must have knowledge of the risk of eviction
What is a consequence of foreclosure as a remedy under the Recto Law?
The seller shall have no further action against the buyer
What is the purpose of the grace period in installment payment plans?
To give buyers time to pay their installments
What is a consequence of a buyer's failure to pay two or more installments under the Recto Law?
The seller can cancel the contract
What is the purpose of the refund policy in installment payment plans?
To give buyers a refund if they cancel the contract
This quiz covers the remedies available to a buyer in case of a breach of contract by the seller, including acceptance of goods and damages, and express warranties in a sale of goods contract.
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