Statement 1: If a contract of sale of real property by installments is cancelled due to failure to pay, the seller shall refund the cash surrender value of the payments equivalent to at least 50% of the total payments and after 5 years plus 5% every year but no case exceed 90% of the total payments made. Statement 2: In a contract of sale of real property by installments and 2 years of installment payments have been made, the buyer has one month grace period to pay, without additional interest, the unpaid installments due.*

Both statements are true

Both statements are false

Only statement 1 is true

Only statement 2 is true

Ginny buys a 500 square meter parcel of land from Hermione at a price of P2,000 per square meter or a total of P1,000,000. Later it was discovered that the land being delivered by Hermione contains 550 square meters only. What is/are the available remedy/ies of Ginny?*

Ginny can rescind the sale.

Ginny can accept the whole area and pay at the contract rate

Ginny can have the contract be declared void because the object is not determinate.

All of the above

A and B only

Ginny, a resident of Cebu, wrote and offered to sell her house and lot for P3,000,000 to her friend Harry, a resident of Baguio, who was interested in buying the same. In the letter, Ginny gave Harry one month within which to raise the amount & as soon as he is ready, they will sign the deed of sale. One week before the expiration of the one month period, Ginny went to Harry and told him that she is no longer willing to sell the property unless the price is increased to P5,000,000. What is/are the available remedy/ies of Harry?*

Harry can demand and compel Ginny to sell the property for P3,000,000 in accordance with their agreement

Harry can opt for specific performance because there is already a perfected contract of sale.

Harry can sue Ginny for damages because of the breach of the obligation

All of the above

None because the unilateral promise of Ginny to sell, even if accepted by Harry, is not binding on Ginny because there is no consideration.

Ginny buys a parcel of land from Hermione at a full purchase price of P1,000,000. The contract states the boundaries of the land and the area, 500 square meters. Later it was discovered that the land within the boundaries contains only 450 square meters. Which of the following statements is legally correct?*

The contract of sale is void because the object is not determinate.

There should be a proportionate reduction in the price because the area is lesser.

Ginny has no remedy because of the nature of their contract

A and B

Sam sold his dog to Jeremy for P5,000. No stipulation was made as to the date of delivery. If the dog gives birth to puppies before the delivery and payment of the price, which is correct?

Sam is entitled to the puppies because they were born before the obligation to deliver arose

Sam is entitled to the puppies because the price for the dog has not yet been paid

Jeremy is entitled to the puppies because they were born after the perfection of the contract

Jeremy should pay an additional amount for the puppies to be entitled to get them

Judicial process whereby the vendee is deprived of the whole or part of the thing purchased by virtue of a final judgment based on a right prior to the sale or an act imputable to the vendor

Accion Redhibitoria

Legal Redemption

Pre-emption

Eviction