Warranty Provisions in Civil Code and Consumer Protection Act

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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 (correct)

Seek punitive damages

Extend the payment deadline

Foreclose the chattel mortgage

When can the vendor cancel the sale in a contract where the price is payable in installments?

After consulting a lawyer

After three missed installments

After two or more missed installments (correct)

After one missed installment

According to Article 1484, are the remedies for vendor's non-payment cumulative or alternative?

Alternative (correct)

Cumulative

Both cumulative and alternative

Sequential

Under the Maceda Law, how many years of default in payment must be reached for the law to apply?

2 years Signup and view all the answers

How often can a buyer exercise the one-month grace period under the Maceda Law?

Once every 5 years Signup and view all the answers

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 Signup and view all the answers

What is the implied warranty on the part of the seller according to Article 1547 of the Civil Code?

Warranty of quiet possession Signup and view all the answers

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 Signup and view all the answers

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 Signup and view all the answers

What does Article 1546 consider as an express warranty in a contract of sale?

Affirmation influencing buyer's decision Signup and view all the answers

Which warranty ensures that the seller has the right to sell and assures peaceful possession upon transfer of ownership?

Implied warranty on quiet possession Signup and view all the answers

Who is not held liable under the implied warranties described in Article 1547 of the Civil Code?

Auctioneer selling goods without complete knowledge Signup and view all the answers

In a contract of sale, when does title pass to the buyer?

Upon delivery of the thing sold Signup and view all the answers

What distinguishes a contract of sale from a contract to sell?

In a contract to sell, title passes upon full payment Signup and view all the answers

What is the purpose of earnest money in a sale transaction?

To serve as full payment for the purchase Signup and view all the answers

What is the key difference between earnest money and option money?

Option money is given as an option contract consideration Signup and view all the answers

When does a contract of sale become demandable?

Upon delivery of the thing sold Signup and view all the answers

In a contract of sale, when does the seller's obligation arise?

Upon perfection of the contract Signup and view all the answers

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 Signup and view all the answers

What is required for an express warranty to be valid according to the text?

Identification of the party to whom the warranty is extended Signup and view all the answers

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 Signup and view all the answers

When do written warranties issued by manufacturers become operative based on the text?

At the moment of sale Signup and view all the answers

What should a seller do to give a valid express warranty as per the text?

Clearly identify themselves as the warrantor Signup and view all the answers

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 Signup and view all the answers

When can actual cancellation take place according to the text?

After 30 days from receipt of the notice of cancellation Signup and view all the answers

How much refund is the seller obligated to provide to the buyer after 5 years of installments?

50% of total payments made Signup and view all the answers

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 Signup and view all the answers

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 Signup and view all the answers

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 Signup and view all the answers

How long is the grace period given for payments before actual cancellation for less than 2 years of installments?

60 days Signup and view all the answers