30 Questions
What remedy may the vendor exercise if the vendee fails to pay any installment in a contract of sale of personal property?
Exact fulfillment of the obligation
When can the vendor cancel the sale in a contract where the price is payable in installments?
After two or more missed installments
According to Article 1484, are the remedies for vendor's non-payment cumulative or alternative?
Alternative
Under the Maceda Law, how many years of default in payment must be reached for the law to apply?
2 years
How often can a buyer exercise the one-month grace period under the Maceda Law?
Once every 5 years
What happens to the unpaid balance of the price if the vendor forecloses the chattel mortgage due to non-payment of multiple installments?
The vendor cannot recover any unpaid balance of the price
What is the implied warranty on the part of the seller according to Article 1547 of the Civil Code?
Warranty of quiet possession
Which situation does not render a person liable under the implied warranties outlined in Article 1547 of the Civil Code?
Auctioneer selling without full knowledge
Under what circumstances does an affirmation or promise by the seller become an express warranty according to Article 1546?
If it influences the buyer's decision to purchase
What does Article 1546 consider as an express warranty in a contract of sale?
Affirmation influencing buyer's decision
Which warranty ensures that the seller has the right to sell and assures peaceful possession upon transfer of ownership?
Implied warranty on quiet possession
Who is not held liable under the implied warranties described in Article 1547 of the Civil Code?
Auctioneer selling goods without complete knowledge
In a contract of sale, when does title pass to the buyer?
Upon delivery of the thing sold
What distinguishes a contract of sale from a contract to sell?
In a contract to sell, title passes upon full payment
What is the purpose of earnest money in a sale transaction?
To serve as full payment for the purchase
What is the key difference between earnest money and option money?
Option money is given as an option contract consideration
When does a contract of sale become demandable?
Upon delivery of the thing sold
In a contract of sale, when does the seller's obligation arise?
Upon perfection of the contract
When can an affirmation of the value of the thing be construed as a warranty?
When it is made by an expert seller and relied upon by the buyer
What is required for an express warranty to be valid according to the text?
Identification of the party to whom the warranty is extended
In the context of warranties, what should a consumer do to avail of their rights according to the text?
Follow procedures stipulated in the warranty terms
When do written warranties issued by manufacturers become operative based on the text?
At the moment of sale
What should a seller do to give a valid express warranty as per the text?
Clearly identify themselves as the warrantor
Under what conditions shall an affirmation of value be construed as a warranty according to the text?
When made by an expert seller and relied upon by the buyer
When can actual cancellation take place according to the text?
After 30 days from receipt of the notice of cancellation
How much refund is the seller obligated to provide to the buyer after 5 years of installments?
50% of total payments made
What can the buyer do in order to reinstate the contract before actual cancellation according to the text?
Buyer can update the account during the grace period
What are included in the computation of the total number of installment payments made as per Section 3?
Down payments, deposits, or options on the contract
What right does the buyer have regarding full payment of the purchase price, as stated in Section 6?
To pay in advance without interest and have it annotated in the title
How long is the grace period given for payments before actual cancellation for less than 2 years of installments?
60 days
Learn about the warranty provisions in the Civil Code and additional provisions on warranties for consumer products. Explore the conditions under which affirmations or statements by a seller can be construed as warranties.
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