FORMAT ON THE ANSWER

A. LAW

B. the facts as stated in the problem in RELATION TO THE LAW CITED

C. ANSWER

Choose the correct statement and explain

Problem 1: Ms. Shrimp has a rice field covered by certificate of Title No. 1691. She offers to sell whatever may result or whatever may be harvested from the particular rice field to Mr. Macho in the amount of Php 400 on January 1, 2021. On January 2, 2021 Mr. Macho promises to buy the harvest for Php 1000 from Ms. Shrimp. On January 3, 2021 the parties reduced the contract in writing. On January 4, 2021, they have the contract notarized. Payment is demandable on January 8, 2021. Harvest is expected the latest on January 8, 2021.

On January 5, 2021 Ms. Shrimp offers to sell whatever may result or whatever may be harvested from the particular rice field for Php 400 to Mr. Gwapo. Mr. Gwapo signifies that he will decide within 2 days whether he accepts the offer or not and pays Ms. Shrimp Php 5.00 as consideration which was accepted by the latter. On January 6, 2021 Mr. Gwapo accepts the offer. The contract of sale was reduced in writing and signed by Ms. Shrimp and Mr. Gwapo on January 7, 2021. Payment is demandable on January 8, 2021. Harvest is expected the latest on January 8, 2021.

On January 8, 2021 the rice field yields 1000 sacks of rice. Fair market value of the rice as of that time is Php 1,000 per sack.

1. Chose the correct statement:

a. a contract of sale between Ms Shrimp and Mr. Macho is perfected on January 1, 2021

b. a contract of sale between Ms Shrimp and Mr. Macho is perfected on January 2, 2021

c. a contract of sale between Ms Shrimp and Mr. Macho is perfected on January 3, 2021

d. there is no perfected contract of sale between Ms Shrimp and Mr. Macho

2. Chose the correct statement: As between Ms. Shrimp and Macho

a. this is a conditional contract of sale

b. this is a pure contract of sale

c. this a voidable contract of sale

d. there is no contract of sale

3. Chose the correct statement: As between Ms. Shrimp and Macho the object of the contract as of January 4, 2021

a. has potential existence

b. mere hope

c. vain hope

d. existing

4. Chose the correct statement: As between Ms. Shrimp and Macho as of January 4, 2021 the status of the contract

a. void because of gross inadequacy of price

b. voidable because of gross inadequacy of price

c. rescissible because of gross inadequacy of price

d without defect

5. Chose the correct statement: As between Ms. Shrimp and Macho as of January 4, 2021

a. There is a contract

b. there is no contract

c. the contract is void

d. the contract is voidable