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Contract of Sale: Remedies and Express Warranties

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Contract of Sale: Remedies and Express Warranties

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Questions and Answers

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)?

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?

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?

The seller shall have no further action against the buyer Signup and view all the answers

What is the purpose of a waiver of warranty against eviction?

To limit the liability of the seller in case of eviction Signup and view all the answers

What is the condition for the application of the waiver of warranty against eviction?

The buyer must have knowledge of the risk of eviction Signup and view all the answers

What is a consequence of foreclosure as a remedy under the Recto Law?

The seller shall have no further action against the buyer Signup and view all the answers

What is the purpose of the grace period in installment payment plans?

To give buyers time to pay their installments Signup and view all the answers

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 Signup and view all the answers

What is the purpose of the refund policy in installment payment plans?

To give buyers a refund if they cancel the contract Signup and view all the answers