Podcast
Questions and Answers
What is the purpose of the Realty Installment Buyer Act (Maceda Law)?
What is the purpose of the Realty Installment Buyer Act (Maceda Law)?
- To regulate the sale of personal property by installments
- To provide protection to sellers of real estate payable on installments
- To waive the warranty against eviction
- To provide certain protection to particular buyers of real estate payable on installments (correct)
What is a requisite for the application of the Installment Sales Law (Recto Law)?
What is a requisite for the application of the Installment Sales Law (Recto Law)?
- The buyer must have knowledge of the risk of eviction
- The contract must be payable in installments (correct)
- The contract must be a lease of personal property with an option to buy
- The subject matter is real property
What is the consequence of a seller choosing specific performance as a remedy under the Recto Law?
What is the consequence of a seller choosing specific performance as a remedy under the Recto Law?
- The buyer can cancel the contract
- The seller can choose another remedy if specific performance becomes impossible
- The seller cannot choose another remedy (correct)
- The seller can sue the buyer for unpaid installments
What is the effect of rescission as a remedy under the Recto Law?
What is the effect of rescission as a remedy under the Recto Law?
What is the purpose of a waiver of warranty against eviction?
What is the purpose of a waiver of warranty against eviction?
What is the condition for the application of the waiver of warranty against eviction?
What is the condition for the application of the waiver of warranty against eviction?
What is a consequence of foreclosure as a remedy under the Recto Law?
What is a consequence of foreclosure as a remedy under the Recto Law?
What is the purpose of the grace period in installment payment plans?
What is the purpose of the grace period in installment payment plans?
What is a consequence of a buyer's failure to pay two or more installments under the Recto Law?
What is a consequence of a buyer's failure to pay two or more installments under the Recto Law?
What is the purpose of the refund policy in installment payment plans?
What is the purpose of the refund policy in installment payment plans?
