Integration Ice Breaker

One which reveals an intent to make the property a security, even if the contract lacks the proper formalities of a real estate mortgage.

• Voluntary mortgage

• Conventional mortgage

• Legal mortgage

• Equitable mortgage

I. Realty Installment Buyer Act applies to some transactions or contracts involving the sale or financing of real estate on installment payments, including residential condominium apartments but excluding industrial lots, commercial buildings and sales to tenants.

II. Down payments, deposits or options on the contract shall be included in the computation of the total number of installment payments made.

• Only I is true

• Only II is true

• Both are true

• Both are false

The Recto Law applies to which of the following sale?

• Sale of a car on straight term

• Sale of house and lot on installment

• Sale of car on installment where the buyer constituted a mortgage on his truck

• Sale of a piano on installments where the buyer constituted a chattel mortgage on the piano

I. The owner or developer of a subdivision project or condominium project shall initiate the organization of a homeowners' association among the buyers and residents of the projects for the purpose of promoting and protecting their mutual interest and assist in their community development.

II. The owner or developer may divide the development and sale of the subdivision into phases, each phase to cover not less than five hectares.

• Only I is true

• Only II is true

• Both are true

• Both are false

I. The pledgee can deposit the thing pledged with a third person, unless there is a stipulation authorizing him to do so.

Il. The pledgee is not responsible for the acts of his agents or employees with respect to the thing pledged.

• Only I is true

• Only II is true

• Both are true

• Both are false

S sold to B a specific car for P200,000 payable in four equal installments. S delivered the car to B but required B to mortgage it back to S to answer for the unpaid installments. B paid the first and second installments but he failed to pay the balance. S foreclosed the mortgaged property and sold it at public auction for P80,000. As a result:

• S can recover from B the balance of P20,000.

• S can recover from B the balance of P20,000 if there is stipulation to that effect.

• S cannot recover the deficiency any more even if there is stipulation to that effect.

• S cannot recover the deficiency except if there is stipulation.

A borrowed P100,000 from B with A's ring given to B by way of pledge. It was stipulated that in case of non-payment on due date, the ring would belong to B. This forfeiture is:

• Cession in payment

• Dacion en pago

• Pactum Commissorium

• Condonation

X, 17 years old, sold to Z, of legal age, her necklace worth P20,000 for P15,000. Later, Z sold the necklace to Y for P20,000. Which of the following statements is correct?

• X has got a voidable title because at the time of sale, she is a minor.

• X can ask for rescission of the sale to Y because she suffered a lesion of more than ¼ of the value of the property.

• If Y is in bad faith, Y becomes the owner of the necklace upon delivery to him buthis title is voidable.

• X can ask for the annulment of the sale to Y because at the time of sale she is a minor.

I. If two or more animals are sold together, whether for lump sum or for a separate price foreach of them, the redhibitory defect of one shall give rise to the redhibition of the others.

II. There is no warranty against hidden defects of animals sold at fairs or at public auctionsor of livestock sold as condemned.

• Only I is true

• Only II is true

• Both are true

• Both are flase

X, the guardian of V, sold V’s house and lot worth P480,0000 for P430,000

 

• The contract can be rescinded because of inadequacy of price.

• The contract cannot be rescinded because there is no fraud, mistake or undue influence.

• The contract cannot be rescinded because all the elements of a contract are present.

• The contract can be rescinded by X.