8 Questions
In the scenario provided, what is the nature of the contract between Gabriel and Andre?
Partly sale and partly barter
How is the instrument discharged when an endorser pays a promissory note at or after the maturity date?
Both statements are correct
In a sale with the right to repurchase anytime from the date of sale, how long does the buyer have to repurchase the property sold?
The buyer has 12 years within which to repurchase the property sold
If Atoy sells a residential lot to Bitoy stating it contains 1,000 square meters but it only has 950 sq. meters, what can Bitoy do?
Bitoy can ask for proportionate reduction of the price and rescission
What legal action can be taken if a property owner defaults on a mortgage and there is a deficiency after foreclosure sale?
Deficiency lawsuit
In art commission contracts, what type of ownership rights do artists typically retain?
Absolute ownership rights
When an endorser pays a promissory note before the maturity date, what happens to the note?
It is discharged immediately
Which statement about property redemption rights after foreclosure is correct?
Redemption rights allow the former owner to repurchase the property after foreclosure by paying off the debt
Test your knowledge on copyright ownership and check issuance scenarios. Questions cover topics such as joint ownership of copyrights and legal interpretations of check amounts.
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