Prescription and Natural Obligations in Obligations and Contracts

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What is the strongest proof of ownership for a property?

Deed of sale

Warranty against eviction and defects

Certificate of title (correct)

Special power of attorney

Who is responsible for paying the Capital Gains Tax when transferring the title of a property?

The real estate agent

The buyer

The government

The seller (correct)

What is the obligation of the seller under Article 1163 of the Civil Code?

To give diligence of a good father of a family over the thing sold until delivered (correct)

To give delivery of the property to the buyer

To pay the Capital Gains Tax

To avoid delay in the transaction

What is the consequence if the sale needs a public instrument (notarized) but the deed of sale is not notarized?

The sale is not executed Signup and view all the answers

What is the buyer's remedy if the goods sold are destroyed or in bad condition due to the seller's fault?

The buyer can sue the seller for damages Signup and view all the answers

What is the obligation of the seller under an absolute sale, even if the property is still in the seller's possession and the buyer has not yet made payment?

The seller must deliver the property to the buyer Signup and view all the answers

According to Article 1249 of the Civil Code, what is the preferred method of payment for debts?

Payment in the stipulated currency Signup and view all the answers

What is the key difference between a contract of sale and a barter or exchange agreement?

In a sale, the consideration must be in money, while in a barter it can be in the form of goods or other negotiable instruments Signup and view all the answers

What is the effect of delivering promissory notes, bills of exchange or other mercantile documents as payment, according to Article 1249 of the Civil Code?

It has the effect of payment only when they have been cashed Signup and view all the answers

In a barter or exchange agreement, which of the following statements is correct?

The parties have the right to sue for damages if they receive something not belonging to the other party Signup and view all the answers

If a car is exchanged for another car, how would this transaction be considered under the Civil Code?

It would be considered a contract of sale Signup and view all the answers

If a party in a barter or exchange agreement receives something not belonging to the other party, what is their legal recourse?

The party can sue for damages Signup and view all the answers

What is the purpose of filing an ejectment suit?

To recover possession of property from someone who has no legal right to occupy it Signup and view all the answers

When does the prescriptive period for filing an ejectment suit begin?

Immediately after the tenant's legal right to occupy the property ends Signup and view all the answers

What is the effect of prescription on a legal right?

It terminates the right if action is not taken within the prescribed time Signup and view all the answers

In the context of debts, when does the right of action arise?

When the debtor fails to make a payment on the due date Signup and view all the answers

What is the purpose of the prescriptive period in legal matters?

To limit the amount of time a party can take legal action Signup and view all the answers

If Colton fails to pay his debt to Dawson by February 14, 2023, what can Dawson do?

File a lawsuit to recover the debt immediately Signup and view all the answers

What is required for a mortgage to be valid according to the text?

The mortgage must be written, notarized, and registered. Signup and view all the answers

What can the mortgagor do with the property, according to the text?

The mortgagor can sell the property with or without the mortgagee's consent. Signup and view all the answers

What is the relationship between a mortgage and an unenforceable contract, according to the text?

The law says that a mortgage can be used to secure an unenforceable contract. Signup and view all the answers

How does a registered mortgage affect third persons, according to the text?

A registered mortgage affects the current possessor of the property, even if it changes hands. Signup and view all the answers

What is the consequence of keeping a mortgage in a place unknown to the mortgagee or creditor, according to the text?

It is a crime to keep the mortgage in a place unknown to the mortgagee or creditor. Signup and view all the answers

What is a necessary characteristic of a negotiable instrument according to the text?

It must be payable to order or to bearer Signup and view all the answers

If a negotiable instrument is addressed to a drawee, what requirement is mentioned in the text?

The drawee must be named or otherwise indicated with reasonable certainty Signup and view all the answers

Which type of entity is considered a 'natural person'?

An individual human being Signup and view all the answers

Which of the following entities are regulated by the Bangko Sentral ng Pilipinas (BSP) according to the text?

Both a) and b) Signup and view all the answers

What is the purpose of an insurance contract?

To indemnify the insured against loss, damages, or liability Signup and view all the answers

Based on the information provided, which of the following statements about pre-need plans is true?

They are contracts that provide for the delivery of goods or services in the future Signup and view all the answers