Podcast
Questions and Answers
What remedy may the vendor exercise if the vendee fails to pay any installment in a contract of sale of personal property?
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?
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?
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?
Under the Maceda Law, how many years of default in payment must be reached for the law to apply?
How often can a buyer exercise the one-month grace period under the Maceda Law?
How often can a buyer exercise the one-month grace period under the Maceda Law?
What happens to the unpaid balance of the price if the vendor forecloses the chattel mortgage due to non-payment of multiple installments?
What happens to the unpaid balance of the price if the vendor forecloses the chattel mortgage due to non-payment of multiple installments?
What is the implied warranty on the part of the seller according to Article 1547 of the Civil Code?
What is the implied warranty on the part of the seller according to Article 1547 of the Civil Code?
Which situation does not render a person liable under the implied warranties outlined in Article 1547 of the Civil Code?
Which situation does not render a person liable under the implied warranties outlined in Article 1547 of the Civil Code?
Under what circumstances does an affirmation or promise by the seller become an express warranty according to Article 1546?
Under what circumstances does an affirmation or promise by the seller become an express warranty according to Article 1546?
What does Article 1546 consider as an express warranty in a contract of sale?
What does Article 1546 consider as an express warranty in a contract of sale?
Which warranty ensures that the seller has the right to sell and assures peaceful possession upon transfer of ownership?
Which warranty ensures that the seller has the right to sell and assures peaceful possession upon transfer of ownership?
Who is not held liable under the implied warranties described in Article 1547 of the Civil Code?
Who is not held liable under the implied warranties described in Article 1547 of the Civil Code?
In a contract of sale, when does title pass to the buyer?
In a contract of sale, when does title pass to the buyer?
What distinguishes a contract of sale from a contract to sell?
What distinguishes a contract of sale from a contract to sell?
What is the purpose of earnest money in a sale transaction?
What is the purpose of earnest money in a sale transaction?
What is the key difference between earnest money and option money?
What is the key difference between earnest money and option money?
When does a contract of sale become demandable?
When does a contract of sale become demandable?
In a contract of sale, when does the seller's obligation arise?
In a contract of sale, when does the seller's obligation arise?
When can an affirmation of the value of the thing be construed as a warranty?
When can an affirmation of the value of the thing be construed as a warranty?
What is required for an express warranty to be valid according to the text?
What is required for an express warranty to be valid according to the text?
In the context of warranties, what should a consumer do to avail of their rights according to the text?
In the context of warranties, what should a consumer do to avail of their rights according to the text?
When do written warranties issued by manufacturers become operative based on the text?
When do written warranties issued by manufacturers become operative based on the text?
What should a seller do to give a valid express warranty as per the text?
What should a seller do to give a valid express warranty as per the text?
Under what conditions shall an affirmation of value be construed as a warranty according to the text?
Under what conditions shall an affirmation of value be construed as a warranty according to the text?
When can actual cancellation take place according to the text?
When can actual cancellation take place according to the text?
How much refund is the seller obligated to provide to the buyer after 5 years of installments?
How much refund is the seller obligated to provide to the buyer after 5 years of installments?
What can the buyer do in order to reinstate the contract before actual cancellation according to the text?
What can the buyer do in order to reinstate the contract before actual cancellation according to the text?
What are included in the computation of the total number of installment payments made as per Section 3?
What are included in the computation of the total number of installment payments made as per Section 3?
What right does the buyer have regarding full payment of the purchase price, as stated in Section 6?
What right does the buyer have regarding full payment of the purchase price, as stated in Section 6?
How long is the grace period given for payments before actual cancellation for less than 2 years of installments?
How long is the grace period given for payments before actual cancellation for less than 2 years of installments?