1. S and B entered into a contract whereby S transferred to B a specific piano for the price of P80,000.00, while B gave to S cash of P30,000.00 and a diamond ring worth P50,000.00. What kind of contract was entered into between S and B. Explain.
2. P, who was in Hong Kong, made an overseas call to A, his friend, to sell P's lot in Pasay City immediately as P needed cash. Accordingly, A sold the lot to B. The deed of sale was in a public document. What is the status of such sale? Explain.
3. When goods are delivered to the buyer on "sale or return" for a period of 15 days, ownership of the good passes to the buyer upon expiration of 15 days. True or False. Explain.