Read each question carefully. The answers should demonstrate your ability to analyze the facts, apply the pertinent laws and jurisprudence, and arrive at sound and logical conclusions. Always support your answers with the pertinent laws, rules, and/or jurisprudence. A mere "yes" or "no" answer without any corresponding explanation or discussion may not be given full credits

1. Furniture and tobacco were being sold by A. The furniture was sold at 90% of the price that is shown in a subsequent inventory. The tobacco was sold with the price indicated in the invoice. Was the price considered certain? Explain.

2. MNO is the owner and developer of Town & Country Hills Executive Village. It entered into a Contract to Sell with K, a contract worker in the Middle East, whereby the latter agreed to buy a 515 sq. m. lot forP224,000,000.00 in MNO's subdivision. The contract to sell stipulated that K shall pay the initial amount upon execution of the contract and the balance in monthly installments. K was in default in three amortizations and by this MNO sent him a notice of cancellation of their contract to sell, to take effect thirty (30) days from receipt of the letter. It does not appear from the records, however, when K received the letter. Nonetheless, when K offered to pay for the balance of the contract price, MNO refused as it has allegedly sold the lot to another buyer. Can MNO validly refuse to accept the payment? Explain.

3. A and B executed an instrument entitled "Option to Purchase," whereby B agreed, promised and committed to sell to A the sum of P1,500,000.00, a parcel of land situated within two (2) years from said date with the understanding that said option shall be deemed "terminated and elapsed," if "A shall fail to exercise his right to buy the property" within the stipulated period. Inasmuch as several tenders of payment of the sum of Pl,500,000.00, made by A within said period, were rejected by B. Should a promise to buy or to sell be supported by a consideration distinct from the price? Explain.

4. A contract of sale of a lot stipulates that the "payment of the full consideration based on a survey shall be due and payable in 5 years from the execution of a formal deed of sale". Is this a conditional contract of sale? Explain.

5. G married H in 2000. The spouses bought several pieces of land and the lands were divided into three lots. Afterwards, H sold the lots to the spouses K and L. The sale was made without the consent of her husband, G. Later on, the heirs of G, namely his widow H and their children E and F, filed a complaint against spouses K and L. The heirs of G asserted that they had orally mortgaged the same to K and L; and an offer to redeem the mortgage had been refused so they filed the complaint in order to recover the three parcels of land. On the other hand, K and L asserted that they had acquired the lots from H by purchase and subsequent delivery to them. What is the status of the contract of sale in this case? Explain.

6. A executed a document entitled "Receipt of Downpayment" in favor of B for P50,000 downpayment of the amount of P1.24M as purchase price for an inherited house and lot, without reservation to withhold the transfer of such property until full payment. The purpose of such downpayment was for the heirs to transfer the title to their name. Upon the registration of the property to name of the heirs, A sold the same property to C for P1.58M. A rescinded the contract with C by depositing the downpayment amount in a bank account in favor of C. C filed a complaint for specific performance. Is the "Receipt of Down payment" embody a perfected contract of sale or a contract to sell? Explain.

7. P purchased a condominium unit in Makati City from the C Corporation for a price of P10 Million, payable P3 Million down and the balance with interest thereon at 14% per annum payable in sixty (60) equal monthly installments of P198,333.33. They executed a Deed of Conditional Sale in which it is stipulated that should the vendee fail to pay three (3) successive installments, the sale shall be deemed automatically rescinded without the necessity of judicial action and all payments made by the vendee shall be forfeited in favor of the vendor by way of rental for the use and occupancy of the unit and as liquidated damages. For 46 months, P paid the monthly installments religiously, but on the 47th and 48th months, he failed to pay. On the 49th month, he tried to pay the installments due but the vendor refused to receive the payments tendered by him. The following month, the vendor sent him a notice that it was rescinding the Deed of Conditional Sale pursuant to the stipulation for automatic rescission, and demanded that he vacate the premises. He replied that the contract cannot be rescinded without judicial demand or notarial act pursuant to Article 1592 of the Civil Code. Can the vendor rescind the contract? Explain.

8. D leased his house to I for a period of 2 years, at the rate of P25,000.00 monthly, payable annually in advance. The contract stipulated that it may be renewed for another 2-year period upon mutual agreement of the parties. The contract also granted I the right of first refusal to purchase the property at any time during the lease, if D decides to sell the property at the same price that the property is offered for sale to a third party. 23 months after execution of the lease contract, D sold breach of her right of first refusal. D said there was no breach because the property was sold to his mother who is not a third party. I filed an action to rescind the sale and to compel D to sell the property to her at the same price. Alternatively, he asked the court to extend the lease for another 2 years on the same terms. Can I seek rescission of the sale of the property to D's mother? Explain.

9. Spouses A and B offered to sell to C the subject land through their agent D. D agreed to buy the property and gave them 20K as 'earnest money'; A and B signed a receipt and gave D a 10-day option period to buy the property. C learned that the property is subject to negotiation between the spouses and XYZ Realty Development Corporation. C filed an Affidavit of Adverse Claim which was annotated to the title. A Deed of Sale executed between spouses and XYZ and a title was issued to XYZ with the annotation of adverse claim. Was there a perfected contract to sell between spouses A and B and C? Explain.

10. Spouses A and B were the owners of a 274-square-meter residential lot, which they mortgaged in order to secure a loan from the JKL Investments Corporation. Since the couple needed money to redeem the property and to prevent a foreclosure, they executed a Deed of Absolute Sale over the property on January 1, 2021 in favor of C. Of the P85,000.00 purchase price, P59,000.00 was paid to the JKL Investments Corporation, while the P26,000.00 difference was retained by the spouses. Thereafter, C, as lessor and B as lessee, executed a two-year contract of lease dated January 1, 2021, effective February 1, 2021. However, B refused to vacate the premises upon the expiration of the period and stopped paying the monthly rentals, despite demands from C. Is the contract of sale entered into by spouses A and B and C an equitable mortgage? Explain.